E-commerce and financial technology company BoltThe company, which was at one time the subject of a federal investigation, confirmed it had laid off 29% of its employees, according to a company spokesman.
In an emailed statement, a Boltt spokesperson said the one-click payment company made the cuts to bring Boltt to an “optimized operating model for sustainable growth and efficiency.”
“We have made the difficult but important decision to reduce layers and roles across the company, equipping ourselves with the speed and agility required for the next phase of our business,” the statement read.
This latest round of layoffs, which the spokesperson said occurred last week, comes on the heels of a handful of other layoffs the company has made since 2022. One of them was in May 2022 when it was reported to be down at least 185 employees, or a third of its strength Worker, leave him. It was another Earlier this year.
It is not clear how many employees were at the company at the time of the layoffs or which roles were affected.
The company, which provides software to retailers to speed up the checkout process, raised about $1 billion in total venture-backed funding and was at one point valued at $11 billion.
In October, CEO Magu Kuruvilla told TechCrunch that Boltt was working on profitability and had some features, such as improving merchandise returns and providing personalized experiences around its global network of shoppers, in the pipeline. The company announced partnerships with retailers, including Saks OFF 5TH, Shinola, Filson, Lafayette 148 and Toys “R” Us, in November.