'Fired HR, Problems Disappeared': Bolt CEO Claims HR Was Creating Problems That 'Didn't Exist'

Bolt, the fintech startup that once commanded an £8.6 billion ($11 billion) valuation, has shed its entire human resources department. Its co-founder and chief executive, Ryan Breslow, told Fortune's Workforce Innovation Summit on 19 May that the team was 'creating problems that didn't exist.'

'Those problems disappeared when I let them go,' Breslow said.

The 31-year-old co-founded the San Francisco-based payments firm with Eric Feldman in 2014 while both were studying computer science at Stanford. From a peak of £8.6 billion ($11 billion) during a January 2022 Series E funding round backed by BlackRock, Bolt's worth plummeted to approximately £234 million ($300 million) in secondary stock sales by 2024 — a collapse of roughly 97 per cent, according to Payments Dive.

Breslow stepped down as CEO in early 2022 and returned to the role in March 2025, inheriting what he described as a culture of complacency.

Bolt CEO Breslow Says 'Entitlement' Drove Mass Layoffs

Beyond gutting HR, Breslow cut roughly 30 per cent of Bolt's remaining workforce in April 2026. Payments Dive confirmed the layoffs affected fewer than 40 people, marking the fourth round of staff reductions since 2022. Earlier rounds had struck in May 2022 (roughly 250 jobs), January 2023 (10 per cent) and December 2023 (29 per cent). At its peak, Bolt employed around 800 people. It now operates with roughly 100.

Breslow blamed what he called a sense of 'entitlement' that took hold during the boom years. 'People who felt empowered, felt entitled — but weren't actually working hard,' he told Fortune editorial director Kristin Stoller. 'And this is the number one thing that I had to battle.'

He said he gave legacy employees 60 days to adjust to a leaner operating style after his return. By his estimate, '99%' failed to adapt, and he ended up replacing nearly the entire leadership team.

'They had gotten used to working at a company where they didn't have to get their hands dirty, and could spend a lot of money, and we just didn't have that money to spend anymore,' Breslow said.

From Unlimited PTO to 'Wartime' at Bolt

The HR elimination is one piece of a wider cultural overhaul. Breslow had previously written on LinkedIn that 'HR is the wrong energy, format, and approach,' adding that Bolt replaced the department with a smaller people operations team focused on compliance and employee support. Fortune first detailed the shift in July 2025.

Bolt also scrapped unlimited paid time off and four-day working weeks, perks Breslow himself had championed during the company's flush period. He described himself at the summit as 'someone who was a pioneer of conscious leadership' who 'had to bring a company back to a very gritty place.'

Financial strain had been building before the latest cuts. In January 2026, Bolt circulated an internal email inviting staff and contractors to swap cash pay for equity, widely interpreted as a sign the company was struggling to meet payroll. Rumours also surfaced that some contractors went unpaid. Breslow denied withholding funds from staff at the Fortune event.

Bolt originally built its name on one-click checkout technology for online retailers, competing with the likes of PayPal and Stripe. It has since pivoted to marketing itself as a financial 'SuperApp' offering peer-to-peer payments, rewards and cryptocurrency trading. The company has raised nearly £760 million ($1 billion) in venture capital across 10 funding rounds to date.

'We have a team a quarter of the size, who are much more junior, who work a lot harder, who have better energy,' Breslow said. 'And our customers are telling us, "We haven't had this type of attention in four years."'