Bold’s Series C funding hits $50m to revolutionise digital payments in Colombia

Bold's Series C funding hits $50m to revolutionise digital payments in Colombia

Bold, a pioneering financial technology company headquartered in Colombia, has successfully secured a substantial $50m in Series C funding.

This significant financial injection was led by the company’s existing investor, General Atlantic, with notable participation from the International Finance Corporation, a member of the World Bank Group, alongside other returning investors InQLab and Amador, according to a report from TechCrunch.

To date, Bold has amassed a remarkable $130m in funding, a feat proudly announced by the company’s co-founder and CEO, José Vélez, in a conversation with TechCrunch.

At its core, Bold is dedicated to revolutionising Colombia’s electronic payments landscape. The company has made strides in offering affordable payment solutions, specifically through its low-cost payment terminals, known as dataphones. These devices are instrumental in enabling small and medium-sized businesses across the country to accept link payments along with various local payment methods, marking a significant milestone in Colombia’s journey towards a digital economy.

With the newly acquired Series C funds, Bold is setting its sights on further expanding its product offerings and enhancing its infrastructure. The company aims to leverage this investment to bolster its roadmap, focusing on business expansion and the transition from a mere payment link provider to a comprehensive merchant service offering.

In addition to its technological advancements, Bold has recently been granted a financial institution license, enabling it to offer bank accounts to merchants. This development is part of the company’s strategy to cross-sell these accounts to its merchant base over the next year, thereby broadening its financial services and reinforcing its commitment to the financial empowerment of local businesses.

Bold’s journey has been marked by rapid growth and expansion. From a team of 380 in 2022, the company has scaled to over 800 employees, with its revenue seeing a sixfold increase since then. Currently, Bold boasts a 3% market share in Colombia’s payment volume, with ambitions to significantly increase this figure in the coming years, inspired by similar successes in other Latin American markets.

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