(Bloomberg) -- Payments startup Bolt Financial Inc. is cutting staff, its chief executive officer, Maju Kuruvilla, said in a message to employees on Wednesday. 

“It’s no secret that the market conditions across our industry and the tech sector are changing,” Kuruvilla said in the message reviewed by Bloomberg. “In an effort to ensure Bolt owns its own destiny, the leadership team and I have made the decision to secure our financial position.” They began holding meetings with employees Wednesday morning. 

Bolt was most recently valued by investors at $11 billion. The startup’s software aims to provide retailers with one-click online checkout options. Its co-founder, Ryan Breslow, made waves recently with a series of tweets about how Silicon Valley’s elite is a “boys club” full of “mob bosses.”

But Bolt has run into trouble recently and was sued by its most prominent customer, which claimed that its technology did not work as promised. 

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