Bold Revolutionizing Digital Payments in Colombia
February 20, 2024, 10:57 am
Bold, a financial technology company based in Bogotà, Colombia, recently secured $50 million in Series C funding led by General Atlantic, with participation from the International Finance Corporation (IFC) and existing investors InQLab and Amador. This investment will fuel Bold's mission to simplify electronic payments for small businesses in Colombia.
Bold, under the leadership of CEO José Vélez, is a payment services provider (PSP) that empowers over 150,000 monthly active merchants across Colombia to accept various payment methods both online and offline. The company's innovative card readers and free app have revolutionized the way small entrepreneurs conduct business by providing secure financial services tailored to their needs.
Since its previous $55 million Series B round in February 2022, Bold has experienced exponential growth, expanding its workforce from 380 to over 800 employees. This growth is a testament to the company's commitment to breaking payment barriers and enabling thousands of merchants to access digital financial services.
With the recent regulatory approval as a financial institution in Colombia, Bold can now offer its merchants payment terminals, accounts, debit cards, and short-term working capital loans. This strategic move further solidifies Bold's position as a leading merchant acquirer in Colombia, driving the company's focus on business expansion and product innovation.
José Vélez expressed his excitement about the partnership with General Atlantic and the IFC, emphasizing Bold's dedication to transforming how businesses accept payments in the digital era. The company's forthcoming product offerings aim to deliver even greater value to merchants, reinforcing Bold's commitment to empowering small businesses and driving economic growth in Colombia.
Bold's success story reflects the growing trend towards electronic payments in Latin America, with the company holding a significant market share in Colombia. As the region embraces digital transactions, Bold's innovative approach to adding financial products and software solutions on top of payments sets it apart from competitors.
With the new funding, Bold plans to enhance its product roadmap and expand its business offerings, transitioning from a payments provider to a comprehensive solution for merchants. The company's recent financial institution license will enable it to offer bank accounts to merchants, further solidifying its position as a key player in Colombia's digital payment ecosystem.
Bold's journey exemplifies the transformative power of fintech in driving financial inclusion and economic growth in Latin America. As the company continues to revolutionize digital payments in Colombia, its impact on the region's banking penetration and economic development is undeniable.
Bold, under the leadership of CEO José Vélez, is a payment services provider (PSP) that empowers over 150,000 monthly active merchants across Colombia to accept various payment methods both online and offline. The company's innovative card readers and free app have revolutionized the way small entrepreneurs conduct business by providing secure financial services tailored to their needs.
Since its previous $55 million Series B round in February 2022, Bold has experienced exponential growth, expanding its workforce from 380 to over 800 employees. This growth is a testament to the company's commitment to breaking payment barriers and enabling thousands of merchants to access digital financial services.
With the recent regulatory approval as a financial institution in Colombia, Bold can now offer its merchants payment terminals, accounts, debit cards, and short-term working capital loans. This strategic move further solidifies Bold's position as a leading merchant acquirer in Colombia, driving the company's focus on business expansion and product innovation.
José Vélez expressed his excitement about the partnership with General Atlantic and the IFC, emphasizing Bold's dedication to transforming how businesses accept payments in the digital era. The company's forthcoming product offerings aim to deliver even greater value to merchants, reinforcing Bold's commitment to empowering small businesses and driving economic growth in Colombia.
Bold's success story reflects the growing trend towards electronic payments in Latin America, with the company holding a significant market share in Colombia. As the region embraces digital transactions, Bold's innovative approach to adding financial products and software solutions on top of payments sets it apart from competitors.
With the new funding, Bold plans to enhance its product roadmap and expand its business offerings, transitioning from a payments provider to a comprehensive solution for merchants. The company's recent financial institution license will enable it to offer bank accounts to merchants, further solidifying its position as a key player in Colombia's digital payment ecosystem.
Bold's journey exemplifies the transformative power of fintech in driving financial inclusion and economic growth in Latin America. As the company continues to revolutionize digital payments in Colombia, its impact on the region's banking penetration and economic development is undeniable.