bold announced its US$55 million Series B investment round led by Tiger Global Management, a global technology investment firm, with the participation of General Atlantic, a global growth capital firm, and Endeavor Catalyst. According to the fintech, current investors InQLab, Condor Inverlink, Grupo Auteco, Piton Capital, GFC, Kingsway Capital, Solid Ventures, also participated in the round.
Bold plans to use the new funds to scale faster, launch new financial products, and hire and retain new talent. The company focuses on micro, small and medium enterprises; offering them a low-cost dataphone so they can receive payments with cards, without contracts or monthly payments. People can sign up and buy it in just five minutes (compared to traditional players where the process can take up to 15 days). The dataphone connects to an app via Bluetooth and also allows you to accept payment links. Bold customers typically increase their sales by 25% by starting to receive digital payments.
In Colombia, where cash still accounts for more than 80% of transaction volume, compared to 35% in Brazil and 30% in the United States, Bold is laying the groundwork for small and medium-sized businesses to start accepting debit and credit cards and entering the next generation of payments.
José Vélez, co-founder and CEO of Bold, said that “Colombia is at a turning point in the transition from a cash economy to one of digital payments. At Bold, we’re passionate about unlocking the growth potential of small businesses by providing easy-to-use and affordable financial services, and we see a unique opportunity to accelerate the shift to digital payments for the benefit of merchants and consumers alike. We are proud to have the support of Tiger and General Atlantic as we focus on growth and deepen the value we bring to our customers.”
“Despite the fact that small and medium-sized companies are the engine of the Colombian economy, they have not had the opportunity to access electronic payments because they are constantly ignored by traditional banks. bold offers small businesses a much-needed opportunity to access digital payments,” said John Curtius, Partner at Tiger Global Management. “What stands out at Bold is their mission to help businesses succeed by creating great products that are affordable and easy to use. We are happy to support Bold’s plans to scale and expand its financial services.”
“Bold is the gateway for small businesses in Colombia to start accepting digital payments,” continued Luiz Ribeiro, CEO of General Atlantic. “With increasing access to credit and growing demand for electronic payments, Colombia is poised for innovation and Bold has the opportunity to lead the change. We are proud to support Bold’s experienced management team as they move forward.”
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Bold announced that it managed to raise US$55 million in a round with global firms
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