Bolt Cuts One-Third of Workforce Amid Cash Crisis, CEO Cites AI as 'Driving Force'

PYMNTS·medium signal

Once-$11B checkout startup Bolt laid off roughly one-third of its workforce, with CEO Ryan Breslow citing AI as the driving force behind the restructuring. Multiple sources indicate the cuts stem from acute cash shortages — Bolt has reportedly fallen behind on payments to AWS and some contractors haven't been paid since January. The layoff follows Block's 40% reduction earlier this year, establishing a pattern of fintech companies using AI-centric restructuring to justify deep workforce cuts.