Fintech & Ecommerce

Payment Service Provider Bold Raises $50 Million

The fintech company Bold, which is based in Colombia, reported that it managed to raise investment funds for $50 million.

Payment Service Provider Bold Raises $50 Million

The mentioned firm intends to use the received funding to implement efforts aimed at expanding the offer of payment terminals. Last Wednesday, February 14, the company announced a Series C raising investment round. This process is carried out under the guidance of General Atlantic.

Bold believes that the received capital will allow it to strengthen its position in the market of merchant acquirers in Colombia. Jose Velez, co-founder and CEO of the company, says that the company’s activities allow representatives of small businesses in the mentioned country to overcome payment barriers. According to him, the firm’s efforts ensure that thousands of sellers in Colombia currently have access to digital financial services and can focus on the growth and success of their business.

Jose Velez also noted that the company will increase the number of product offerings after receiving regulatory approval as a financial institution in the specified country.

Bold was founded in 2019. The company interacts with representatives of small and medium-sized businesses. The firm offers consumers access to payment terminals. These terminals allow customers to accept payment transactions with and without cards. The company also provides consumers with other local payment methods.

In 2022, Bold conducted a $55 million Series B funding round. Since then, the number of employees of the company has increased from 380 to more than 800 people. The firm serves 150,000 active sellers every month.

In 2022, Bold stated that its activities form an important base for small businesses that need to expand their customer base and transition to next-generation payments.

Two years ago, in Colombia, the share of cash in total transactions was more than 80%. In Brazil, this figure was 35%. In the United States, the share of cash in total transactions in 2022 was fixed at 30%.

The central Bank of Colombia, Banco de la República, has presented the regulatory framework for its first single payment interface. As part of this solution, payment companies can interact with each other without using proprietary protocols. The mentioned interface is the first step on Colombia’s path to creating a nationwide real-time financial ecosystem. Probably, in this case, the successful experience of the Brazilian Pix network will be repeated.

Currently, new-generation payment solutions are scaling up and are increasingly being used by consumers. There are many B2B, B2C, C2C examples in the modern global financial services system.

In 2023, 21.5 million real-time payment transactions were made in Colombia.

Advanced solutions in the sphere of financial services are also being developed in the European Union. This week, fintech company Finom, specializing in digital banking, raised investments for $53.6 million to expand its functional offerings in the European market. Kos Stiskin, co-founder of this firm, said on LinkedIn that the brand is also improving web and mobile capabilities so that the relevant solutions become more powerful and faster.

As we have reported earlier, Nuvei Launches Omnichannel Payments Tool.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.