Bolt CEO Maju Kuruvilla joins Yahoo Finance Live to discuss his company's decision to permanently have 4-day workweeks and Bolt's $1.5B merger with Wyre.
- Bolt is the first tech unicorn to implement the four day workweek and says it's never going back. Joining me now to discuss that and how it fits in with the company's longer term plans is Maju Kuruvilla, Bolt's CEO. Thank you for joining me today.
So I first want to start with this move to the four day work week. Why did it make sense for Bolt and what are the key differences that you saw from the study and as a result?
MAJU KURUVILLA: Thanks, Rachel. Bolt is a one click checkout company-- really helping online merchants to solve their trillion dollar conversion problem. Bolt is a very conscious company, and we are always trying to make sure that we can do employee friendly things. We are so proud of our culture, we have made it even public-- called conscious.org-- where other companies can follow it as well.
One of the initiatives we came up with was the four day workweek. We piloted it for around three to four months last year. We saw amazing results, and we decided to continue. I'm happy to speak a lot more about it.
- Let me hear more about that, and also how you expect that to still work as the company does continue to grow and add more partners as well. As the company grows, will that four day work week still hold?
MAJU KURUVILLA: Yeah. That's the interesting part. 95% of our employees really said they want to continue this process. My managers were a little bit more skeptical about it. It was interesting to see that even managers came back-- 91% of the managers came back and said, this works.
What they are seeing is when we give that free time for people, the productivity is actually going up. People are able to deliver the same amount of work they were able to do before, but now they are able to do it on their own terms.
For example, we make our Fridays-- it's the same day for everybody. We take Fridays off, and nobody is expected to work on that day or meet on that day or collaborate on that day. But people are adjusting their time. They are reducing unnecessary meetings. They are being much more disciplined about how they spend their time and able to achieve the same level of productivity while managing their own personal well-being.
- It really does go to show what's possible-- what we didn't think was possible, certainly, before the pandemic. Certainly seeing that mindset shift.
I want to talk about some of this growth, because obviously Bolt recently acquired crypto startup Wyre. Why now? What does that give you, in terms of leverage, for things like conversion rates between customers as well as more options for retailers as well?
MAJU KURUVILLA: Bolt has more than tens of millions of shoppers already on our network. We allow merchants with a conversion problem and also to connect with all kind of payment options. All of the Bolt shoppers are able to use whatever payments they want to use to make their transactions.
What we are seeing is there is a high demand for crypto payments. However, it's not easy for the merchant to turn that on today, and it's not easy for a shopper to use it today. So Bolt-- with Wyre, we are able to bring the crypto payment as an option for merchants out of the box, and we are able to bring one click crypto purchase for all the shoppers.
- It's interesting, because it's not just having more crypto users on board. In your notes, you also find that crypto users spend nearly twice as much as credit card users. What sort of edge does this Wyre acquisition give you over some of this competition, when you look at your Amazons, your Googles, your Shopifys, and others in this e-commerce and payment space?
MAJU KURUVILLA: Rachel, if you see an e-commerce, you see that Amazon has to lead with all the innovation. Every other company is trying to meet that. We would love to invert that, and payments in crypto is one of that ways. We do that with the payments in crypto. We also do the same thing in social commerce.
On payments on crypto, you just mentioned about the numbers, which is fascinating to see that people who use crypto as a payment spend twice as much as people who spend on credit cards, or use credit card as a payment.
Also, for merchants, when they turn on crypto as a payment option on their site, they are seeing 40% net new shoppers on their site. You've got to remember-- there's only 4% of people today use crypto in the world. So simplifying this process for merchants and also making it a one click purchase for this high value net new shopper segment, we believe we can accelerate adoption of crypto into mainstream while giving a boost for merchants to show innovation and engage with this net new customers.
- Well, certainly a lot of room to grow, then. We do appreciate you joining us. Bolt CEO Maju Kuruvilla, thank you so much for joining me today.