Colombia’s Bold bags $50m Series C for next phase of growth
Colombian fintech Bold has raised $50 million through a Series C funding round as the development of its e-payment solutions continues in good stead.
Colombia’s Bold raises $50m Series C
The funding round was led by US growth equity firm General Atlantic. However, its investment is still pending the approval of the Colombian financial regulator, Superintendencia Financiera de Colombia (SFC).
Existing investors InQLab and Amador returned for the latest raise, with International Finance Corporation (IFC), of the World Bank Group, also joining as a new participant.
The funding builds on the $55 million secured by Bold through its Series B of February 2022, when it committed to investing in its technology, talent and territory.
In the two years since, the Bogotá-based start-up, which was founded in 2019, has expanded its team from 380 to around 800 employees and has increased its number of active merchant customers by 50% to approximately 150,000.
The initial scope of its services, which enable small business merchants to accept electronic payments through payment terminals both online and offline, was extended last year after the SFC approved Bold as a financial institution.
With this, its offering now includes merchant accounts, debit cards and short-term working capital loans, and says that it plans to use its latest funding to “bolster its product roadmap and offerings”, and double down on its position as a merchant-acquirer in the country.
José Vélez, co-founder and CEO of Bold, says the start-up is “breaking payment barriers” in Colombia, where cash retained a 78.4% market share in 2023, according to that year’s figures from Banco de la República, the country’s central bank.
“Now, thousands of merchants have access to digital financial services and can focus on the growth and success of their businesses”.
