September 12, 2022
It's Monday, fintech friends. We hope you had a great weekend.
Situational awareness: We're on the road this week. Ryan is in Huntington Beach, California, at the Future Proof Festival, while Lucinda is in San Francisco for the Goldman Sachs Communacopia + Technology Conference.
- If you're at either event, feel free to say hello!
1 big thing: Bolt bolts from deal
One-click checkout company Bolt has said it will no longer acquire Wyre, the crypto payments company that it agreed to buy for about $1.5 billion back in April, Brady Dale and Lucinda wrote on Friday.
Why it matters: This would have been the largest-ever crypto merger not involving a SPAC. Now it's just part of 2022's growing scrapheap of broken deals, and another false start for the crypto-as-payment movement, our colleague Dan Primack writes today. More from Dan below:
Backstory: The official line is a mutual termination, but a source close to the deal says the final call was made by Bolt CEO Maju Kuruvilla, who was hired shortly before the original deal was announced. The source said Bolt wasn't required to pay a termination fee.
Cap table: Bolt backers include Activant Capital, BlackRock, General Atlantic, WestCap Group and Tribe Capital. Wyre has raised around $55 million from firms like Samsung NEXT Ventures, Great Oaks VC, Ether Capital and the Stellar Development Foundation