Payments firm scraps $1.5b deal | The Express Tribune


U.S. online payments firm Bolt Financial Inc announced on Friday that it has called off its $1.5 billion deal to buy cryptocurrency infrastructure provider Wyre Payments Inc, amid plummeting valuations at the companies. crypto and fintech.

San Francisco-based Bolt was last valued at $11 billion after a January funding round. However, lofty tech valuations have come under pressure this year as investor sentiment has been hit by fears of an impending recession and cooling stock markets.

Payments processor Stripe Inc and fintech Klarna Bank AB suffered significant valuation declines. Industry valuations have also fallen significantly in the crypto sector during a price crash over the past few months.

Published in L’Express Tribune, September 11e2022.

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