Ryan Breslow is raising up to $27M in pay-to-play bridge funding to keep Bolt alive.

The checkout startup once valued at $11 billion is running a bridge with Breslow putting in $5 million of his own money (TechCrunch). Pay-to-play punishes existing investors who do not participate, which is the clearest available signal that the cap table stopped believing the last valuation. A useful marker for how the 2021 fintech cohort is landing while capital concentrates in AI.