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News Summary

• The company’s co-founder and CEO Alex Bouaziz also confirmed the company’s valuation of $12 billion, which we reported on in May at the time of Deel’s $50 million raise.
• Overall, the company has cut its headcount by more than half since last May.When asked, a company spokesperson told me only that Bolt is “focused on the long-term success” of its business and its customers.
• And according to The Information, CEO Maju Kuruvilla “told an all-hands meeting … that ‘quite a few’ of Bolt’s recent moves, including partnerships, new products, and acquisitions, had not worked out.” Also according to The Information, about 50 employees were affected by the latest round of layoffs.
• But with rising debt and inflation, perhaps the focus should be on companies that help protect borrowers from digging themselves into a hole.”Reports Startup Weekly: “Bean, a Matchstick Ventures-backed digital accounting startup, announced it emerged from stealth to democratize the market for accounting services.
• This news creates the largest global cross-merchant network effect for e-commerce … Brands will now have control of the checkout experience and payment options they offer shoppers on third-party digital channels (such as social media, blogs, digital interfaces and QR codes).
• Later that day, it also came to light that Stripe had reportedly approached investors about raising more capital — at least $2 billion — at a valuation of $55 billion to $60 billion.