Colombian paytech Bold secures $55m Series B to boost financial inclusion
Colombian e-payment fintech Bold has raised $55 million in a Series B investment round.
The round was led by Tiger Global and saw participation from General Atlantic and Endeavour Catalyst, with existing investors Piton Capital, GFC, InQLab, Kingsway Capital, Solid Ventures, Grupo Auteco, Amador and Condor Inverlink also pitching in.
The paytech intends to use the money to expand its suite of products for merchants, moving into working capital financing, lending, deposit accounts, debit cards and credit cards.
The new funds will also be spent on growing Bold’s geographic footprint and expanding its already 380-strong workforce.
Founded in 2019, the SME-focused start-up says it wants to improve financial inclusion in a country where cash still makes up more than 80% of transaction volume.
Bold CEO and co-founder José Vélez says Colombia is at an “inflection point” in its transition from cash to a digital payments economy.
He says Bold unlocks the growth potential of small business, “and we see a unique opportunity to accelerate the change to digital payments for the benefit of merchants and consumers alike”.
Bold claims it can enrol merchants onto its platform in minutes rather than the 15-day average associated with legacy banks.
Its zero-monthly-fee payment terminals get independent businesses hooked up and plugged in easily, ready to accept link payments and other local payment forms.
The Bogotá-based Bold claims the 100,000 merchants it has helped begin to accept digital payments subsequently see sales grow around 25% on average.