Bold (a financial technology company enabling access to electronic payments in Colombia) announced that it had raised $50 million in Series C funding led by existing investor General Atlantic, with participation from the International Finance Corporation (IFC), a member of the World Bank Group. And existing investors InQLab and Amador also participated in the round. With this new funding, Bold plans to bolster its product roadmap and offerings and continue its focus on business expansion while deepening its position as a leading merchant acquirer in Colombia.
Bold was launched in 2019 to serve small and medium-sized businesses (SMBs) to foster financial inclusion through the democratization of Colombia’s digital economy. And Bold currently offers low-cost payment terminals that enable businesses to accept card present and card-not-present payments and also support other local payment methods. This seamless enrollment process allows merchants to enroll in just minutes, providing immediate access.
This latest funding round follows Bold’s February 2022 $55 million Series B round. And since then, Bold has scaled from 380 to more than 800 employees and currently boasts more than 150,000 monthly active merchants.
General Atlantic’s investment in Bold is subject to regulatory approval by the Superintendencia Financiera de Colombia.
KEY QUOTES:
“Our work continues to empower small businesses by breaking payment barriers in Colombia. Now, thousands of merchants have access to digital financial services and can focus on the growth and success of their businesses. We’re thrilled to continue our work with General Atlantic and proud to partner with the IFC as we seek to transform and simplify how businesses accept payments in the digital era. We are also excited by our forthcoming product offering that will deliver even greater value to merchants, following Bold’s recent regulatory approval as a financial institution in Colombia.”
- José Vélez, Co-Founder and CEO of Bold
“We believe Bold is positioned at the forefront of Colombia’s emerging economy and playing a key role in bringing widespread accessibility to digital financial services. Since our initial investment in 2022, we’ve seen Bold provide significant value to Colombian merchants, and we look forward to continuing our efforts with José and his team to further scale Bold’s offerings.”
- Luiz Ribeiro, Managing Director and Co-Head of the Brazil Office at General Atlantic
“Bold’s commitment to the prosperity of entrepreneurs and their businesses through reliable and affordable financial tools aligns with our strategy of boosting inclusion and productivity in Latin America. We are pleased to support Bold as they advance their mission to bring economic flexibility to small businesses.”
- Elizabeth Martínez de Marcano, IFC’s Regional director for Colombia, Mexico, Central America, and the Caribbean
