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Embattled Payments Startup Bolt Is Cutting One-Third of Staff

CEO Maju Kuruvilla told workers that the company needs to restructure.

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Photographer: Andrew Harrer/Bloomberg

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Payments startup Bolt Financial Inc. is eliminating about 250 employees, according to a person familiar with the company. That number is equivalent to about one-third of Bolt’s workforce, the person said. 

In a message to staff on Wednesday, Bolt Chief Executive Officer Maju Kuruvilla wrote that the company was making cuts as part of a broader restructuring. “It’s no secret that the market conditions across our industry and the tech sector are changing,” Kuruvilla wrote in the message, which was also posted to the company’s blog. “In an effort to ensure Bolt owns its own destiny, the leadership team and I have made the decision to secure our financial position.” The company began holding meetings with employees Wednesday morning.