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US payment solution specialist Bolt enters Europe
American one-click payment app Bolt has announced it is making a first foray into Europe, striking partnerships with e-commerce site creation platform Prestashop and cosmetics brand Benefit Cosmetics, owned by LVMH. Users of various websites will be able to tap the easy check-out options offered by Bolt.
The partnership with Benefit Cosmetics covers the British, French and German markets, while the link with Prestashop is active in the UK, France, Italy, Spain and Portugal.
In addition to one-click payments via the details submitted in advance to the app, Bolt notably takes care of translating the web pages, emails and text messages related to online purchases, and is able to automatically fill in payment information across multiple e-tail sites.
“Whether we're based in Mannheim, Marseilles or Miami, we like to be able to pay for our online purchases with a single click, in the language and currency we are most familiar with,” said Ryan Breslow, founder and CEO of Bolt. “We couldn't be prouder to launch in Europe for the first time, in partnership with Benefit Cosmetics and PrestaShop, enabling their end-users to pay for their purchases in one click. Merchants like Benefit Cosmetics and PrestaShop will be able to reach new shoppers through our network, convert one-time guest buyers into loyal customers, and strengthen their customers’ trust and loyalty in several European markets,” added Breslow.
Bolt's European deployment is taking place within a fast-growing payment solutions market. In addition to gradually reducing the number of payment steps, maximising the chances of transforming browsers into buyers, payment solution providers are rushing to introduce instalment plan options, for which the EU is set to establish a new legal framework soon.
Bolt was founded in 2014, and is currently working with hundreds of retail partners, among them Forever 21, Badgley Mischka and Burt's Bees Baby. Bolt has offices in New York, Salt Lake City, Seattle and Toronto. In December 2020, it raised $75 million, bringing the total amount of capital raised to $125 million.
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