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Online checkout firm Bolt valued at US$11 billion after funding round: Source

Online checkout platform Bolt raised US$355 million in a late-stage funding round involving fund manager BlackRock Inc at a valuation of US$11 billion, according to people familiar with the matter.

Other investors who participated in the series E funding round include Schonfeld, Invus Opportunities, H.I.G. Growth and CE Innovation Capital, along with existing investors Activant Capital and Moore Strategic Ventures.

San Francisco-based Bolt said on Friday it intends to use the capital for product development, hire employees and expand into new international markets.

The company, founded in 2014, offers a checkout service to retailers and shoppers to ensure payments on its products are secure and hassle free.

Bolt also offers fraud protection and merchant analytics solutions on its checkout platform that is used by customers including apparel retailers Forever 21, Juicy Couture and Lucky Brand.

The new funding brings the total capital raised by the company to about US$1 billion.

Last year, Bolt raised US$393 million in fresh capital from investors including General Atlantic, Untitled Investments, Willoughby Capital and Soma Capital.

Source: Reuters

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