Bolt has built a $ 11 billion payments business with inflated metrics and eager investors

However, Mr. Breslow has become something of a legend in the Valley, due to his fundraising prowess and outspoken demeanor. Last summer he self-published a 58-page book on fundraising, described on Amazon as an “essential playbook” for start-ups. “Fundraising is purely a matter of momentum,” she wrote.

Jack Burlinson, an entrepreneur who attended Stanford, said Mr. Breslow advised him on fundraising and introduced him to investors. “The fact that I’m tangentially related to him in some way made it easy to raise money,” said Mr. Burlinson.

Mr. Breslow returned to Florida during the pandemic, where he “hacked” himself, said Traina, Bolt’s first investor. Often photographed in yoga poses, Mr. Breslow – who according to Forbes plays a buffalo skin drum before going to bed – told the magazine that he wants nothing to do with the “elite circle” of billionaires. .

Shortly after Bolt closed his January funding round, Mr. Breslow took to Twitter to accuse Stripe, Y Combinator and key investors of conspiring to block entrepreneurs like him out of fundraising. He said venture capitalists would express enthusiasm for his “game changing” product, only to go back “mysteriously” later.

Hence, Mr. Breslow has decided to step down as Bolt’s chief executive officer, but remains its executive chairman. Maju Kuruvilla, the former CEO, is now CEO. Mr. Breslow co-founded a new company in Miami to allow people to fund clinical trials, Ms. Snow said.

Some Bolt customers are still trying to understand the company’s unique proposition.

Chip Overstreet, CEO of Spiceology, began using Bolt last year to process payments at his Spokane, Washington-based spice company. Mr. Overstreet said he was satisfied with the service but was surprised that he could not process orders which are gifts. Bolt told him he plans to make the feature available by June, he added.

“They just don’t seem to be very innovative,” said Mr. Overstreet.