Bourgeois Boheme (BoBo), a trailblazing FinTech firm based in Vilnius, has successfully closed a seed funding round of €6.5m, according to a report from EU Startups.
The investment round was spearheaded by Graphit Lifestyle, marking a significant milestone for the company.
BoBo is redefining financial management for a new generation of wealthy entrepreneurs by digitizing family cash flow management. The company has introduced innovative security systems enhanced with AI database analysis to enable seamless, high-value transactions securely.
Distinctively, BoBo specializes in facilitating unlimited wire transfers and card transactions up to €1m, managing assets across various geographical locations. This capability is particularly crucial as an estimated 65% of young high-net-worth individuals are expected to increase their wealth in 2024, highlighting a shift towards tech-savvy stakeholders in the wealth accumulation sector.
The funds from this round will be utilized to expand BoBo’s platform capabilities, including the development of an administrative panel for third-party transaction management and the expansion of services to the MENA region. This expansion aims to accommodate the increasing demand for sophisticated transactional solutions among younger, affluent individuals.
BoBo also offers a secondary-account management system that allows authorized parties to handle transactions, manage invoices, and reconcile family expenses efficiently. Another innovative feature is the integration of payment chips into personal accessories, enabling transactions through devices like watch straps, car gloves, or jewelry, tailored to the lifestyle of the ultra-wealthy.
BoBo CEO Hugo Gomez said, “Private banks have traditionally catered to old money, but today, a new generation of wealth has emerged, with 75% of them operating businesses beyond their national borders. Our goal is to provide them with a modern payment-based solution so they can safely and easily execute large transactions directly through an app.
“The round we just raised will help us make the service even more convenient by expanding the functionality for managing high-volume payments, including the addition of an administrative panel for third-party management and opening the MENA region for our clients.”
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