Bolt Financial, a fintech firm that specializes in cloud-based checkouts and payments, has unveiled its plan to acquire Wyre Payment Inc., a crypto payment firm. The Wall Street Journal confirmed that Bolt will use USD 1.5 billion for the acquisition.
The acquisition is one of the largest in the fast-growing crypto space, but not involving a Special Purpose Acquisition Company (SPAC). It comes amidst the growing interest in the industry, which has hit new highs, with the total value increasing three folds.
The main Bolt clients are apparel retailers Juicy Couture, Forever 21, and Lucky Brand. The acquisition is expected to be concluded by the close of the year.
Bolt Financial and Wyre Payments: What are They?
Bolt Financial offers checkout and other financial services for individual customers and merchant clients. This is a crypto payment service that facilitates different services, such as fiat-to-crypto transfers.
Why Buy Wyre?
Bolt indicates that this acquisition will allow its clients to start accepting cryptos for payment of physical goods and services.
Payment firms are in a race, competing furiously in the crowded fintech startup space. With the acquisition being one of the largest in the history of the industry, Bolt is expected to emerge as an industry leader.