Bolt to Lay Off Third of Workforce Following AI Investments

Fintech firm Bolt is reportedly laying off around one third of its staff, according to Fintech Business Weekly. 

The company, which says it “provides businesses with best-in-class customer conversion through seamless and secure one-click checkout,” alongside its finance and crypto “SuperApp,” may have made the decision to lay off workers because of investments in AI, according to Bolt.

CEO and co-founder Ryan Breslow described the decision as “unavoidable,” in the company’s Slack channel, as reported on by Fintech Business Weekly, saying: “Going forward, Bolt will be operating as a much leaner organisation and leveraging AI at our core. 

“Developing products and operating in 2026 is very different than it was in prior years and we need to adapt as an organisation to be leaner and more AI-centric than ever to keep up with competition.”

Layoffs at Bolt

Bolt has already gone through several rounds of layoffs.   

In May 2022, the company reported that it was laying off around 250 employees due to restructuring challenges, with former CEO Maju Kuruvilla sharing in a message to employees: “It’s no secret that the market conditions across our industry and the tech sector are changing, and against the macro challenges, we’ve been taking measures to adapt our business.”

He continued: “To laser focus on our core business and products, we will be prioritising our roadmap and making several structural changes.

“Unfortunately, this includes reducing the size of our workforce and parting ways with some incredibly talented people on our team as of today.”

The move followed the fintech firm raising US$355m in a Series E funding round. 

In January 2023, the company laid off a further 10% of its workforce – reducing its total headcount by more than half since May 2022. The cuts were reportedly due to key company projects not working out.

More layoffs were announced in December of the same year, with the company confirming in a statement that it had laid off 29% of its workforce because it needed to "reduce layers and roles across the company – setting ourselves up with the speed and agility required for the next phase of our business".

Ryan Breslow’s return as CEO

The announcement of these layoffs marks around a year since Ryan Breslow was reinstated as CEO of Bolt. 

In early 2022, Ryan stepped down as CEO of Bolt, after holding the leadership position for seven years – transitioning into a role as Executive Chairman. 

Ryan commented on the move on X, saying it would allow him to “focus on my superpowers all day every day – like driving culture, landing deals, and thinking big. This change will allow me to be even more involved in the areas I care most about."

Maju Kuruvilla, who had previously held the role of Chief Product and Technology Officer at Bolt, was appointed the company’s new CEO. 

Ryan returned as CEO in March 2025, following a 97% valuation drop from the company’s peak of US$11bn.

He shared the news at the Fintech Meetup conference, saying that the company had “learned a lot through the last three years of what doesn’t work,” and that he was “all in on Bolt for the long run".