Bolt just cut 29% of its staff, and I can't say I'm surprised. They were the San Francisco fintech that everyone talked about because of their four-day workweek. Turns out that's not enough to build a sustainable business.

Back in late 2021 and early 2022, Bolt looked unstoppable. They raised nearly $750 million and hit an $11 billion valuation. Then Ryan Breslow, the co-founder and CEO, left in early 2022. That was the first red flag. The New York Times investigation that questioned their tech capabilities and business practices? That was the second.

They've gone from around 800 employees to roughly half that. The crazy thing is they're still trying to maintain the four-day workweek. I know some former colleagues who joined Bolt specifically for that perk. At least one of them has already left and gone back to their old company - probably saw the writing on the wall.

What bothers me is that I still don't understand what makes Bolt different from Adyen. Adyen's got a stable business in the payments sector. Bolt? They're still searching for their niche. In fintech, if you can't clearly articulate your competitive advantage, you don't have one.