Payments firm scraps $1.5b deal


US online checkout company Bolt Financial Inc said on Friday it scrapped its $1.5 billion deal to buy cryptocurrency infrastructure provider Wyre Payments Inc, amid plunging valuations in crypto and fintech businesses.

San Francisco-based Bolt was last valued at $11 billion after a funding round in January. However, high-flying tech valuations have come under pressure this year as investor sentiment took a hit from fears of a looming recession and a chill in the equity markets.

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

Published in The Express Tribune, September 11th, 2022.

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