Bolt Financial abandons a $1.5 billion acquisition of Wyre Payments due to falling crypto and fintech values. Bolt, located near San Francisco, was recently valued at $11 billion following a fundraising round in January.
High-flying tech values have come under pressure as investor mood has weakened due to concerns about an impending recession. Stripe Inc and Klarna Bank AB, both payment processors, have reduced their valuations significantly.
During the recent price drop in the crypto sector, industry values have also plummeted dramatically. Bolt stated in a statement that it will continue to work with Wyre, but that being independent will allow it to focus on its core competencies.