Bold, a Bogotà, Colombia-based financial technology company enabling access to electronic payments in Colombia, raised $50M in Series C funding.
The round was led by General Atlantic, with participation from the International Finance Corporation (IFC), and existing investors InQLab and Amador.
The company intends to use the funds to bolster its product roadmap and offerings, as well as continue its focus on business expansion while deepening its position as a merchant acquirer in Colombia.
Led by CEO José Vélez, Bold is a payment services provider (PSP) in Colombia whose mission is to work with small entrepreneurs by providing secure financial services specifically designed to the needs of SMBs. With its card readers and free app, Bold currently empowers more than 150,000 monthly active merchants across Colombia to grow their businesses by accepting a wide variety of payment methods, both offline and online. It was granted Colombian regulatory approval as a financial institution in 2023, which enabled the company to offer its merchants payment terminals, accounts, debit cards, and short-term working capital loans.
This latest investment follows Bold’s February 2022 $55M Series B round. Since then, the company has scaled from 380 to more than 800 employees.
Commenting on the news, José Vélez said: “Our work continues to empower small businesses by breaking payment barriers in Colombia. Now, thousands of merchants have access to digital financial services and can focus on the growth and success of their businesses. We’re thrilled to continue our work with General Atlantic and proud to partner with the IFC as we seek to transform and simplify how businesses accept payments in the digital era. We are also excited by our forthcoming product offering that will deliver even greater value to merchants, following Bold’s recent regulatory approval as a financial institution in Colombia.”
FinSMEs
14/02/2024