A new $355 million round propels online checkout business Bolt into decacorn territory.

Bolt, a checkout technology firm, is making rapid work of obtaining more financing. According to sources close to the firm, the company disclosed $355 million in Series E fundraising on Friday, giving Bolt a $11 billion value.

Bolt’s one-click payment solution seeks to provide companies with the same technology that Amazon has been renowned for since 1997, while also including payment and fraud services to verify transactions are legitimate and payments may be processed. Furthermore, customers may register an account once and then utilise their credentials across hundreds of Bolt network companies.

This latest round of investment comes only three months after Bolt received a massive $393 million in Series D capital. Bolt’s total financing to date, including the Series E, is close to $1 billion. According to Ryan Breslow, founder and CEO, the company’s value is roughly twice what it was in the Series D round.

Breslow said that Bolt works in a field with rivals worth hundreds of billions of dollars when describing the company’s journey to the $1 billion level. According to the source, this includes firms such as Stripe, Shopify, and Checkout.com.

“It may seem to be a large sum of money collected, but this is capital for us to remain competitive,” he continued. “We don’t simply want to be on par with competition; we want to outperform them.” The funding will allow us to hire top personnel, make smart acquisitions, and grow throughout Europe, which is vital to us.”

On the global side, the firm got a head start in November when it signed deals with both Benefit Cosmetics and PrestaShop, as well as when Bolt completed its first-ever purchase of Tipser, a Swedish-based technology company that enables instant checkout on any digital surface.

“We recognised how important Tipser might be for Bolt,” stated Breslow at the time. “They had spent a decade honing their embedded commerce technology and were the sole serious participant.” In places where we were weaker, they were stronger than us. Having them on our team is highly crucial.”

He notes that two months later, the integration of Bolt’s native checkout and shopper experience with Tipser’s integrated commerce technology is still ongoing, and that the two companies are already signing up some significant clients.

However, BlackRock funds and accounts led the Series E investment, which included new investors Schonfeld, Invus Opportunities, CreditEase, and H.I.G. Growth, as well as current investors Activant Capital and Moore Strategic Ventures.

According to Ben Tsai, partner at Invus Opportunities, the e-commerce market offers “a significant potential to enhance the online checkout experience, and merchants are recognising that they are losing consumers as a consequence.”

“Bolt has an increasing network of millions of consumers who benefit from the convenience of one-click checkout across Bolt’s expanding network of businesses,” he said. “We’re excited to work with Ryan and the Bolt team, and we see significant potential in the market that Bolt is disrupting.”

Bolt boosted its gross merchandise value per merchant by 80% in the last year and expanded accounts by 180% over 2020, while transactions soared by 200%. The business also claims that within the following 18 months, 100 million consumers will join the Bolt network.

Ultimately, it now has roughly 80 firms and hundreds of clients in its collective after releasing Conscious Culture, a playbook aimed at helping organisations develop people-first work environments, last May.

Bolt presently employs over 550 people working remotely in over 200 places. In addition to talent, acquisitions, and international growth, the additional cash will help Bolt meet its objective of releasing a slew of new products this year.

Key investments are being made in areas such as social commerce, where native integrated commerce will be able to go on any channel: websites, chat bots, in-venue, video streams, games, you name it. Breslow anticipates that this transaction will spread Bolt’s checkout capabilities across the industry. Funding will also be directed toward the growth of consumer items, allowing customers to purchase more effectively throughout Bolt’s network.

Breslow seems to see Bolt unbundling the “Amazon gold standard” buying experience as it launches new products in the future, so that any business can have not only one-click checkout, but also seamless order tracking, fast returns, fast shipping, and membership benefits — all technologies that gave Amazon an early advantage.

Whenever asked whether becoming a public business was on the horizon, Breslow said that it was neither on the horizon nor the final aim.

“We have one aim in mind, and that is to establish the best business ever,” he continued.