Bold Raises $50M in Series C Funding Round Led by General Atlantic and IFC

Source: www.gulfoilandgas.com 2/14/2024, Location: South America

Bold, a financial technology company enabling access to electronic payments in Colombia, announced that is has raised $50 million in Series C funding led by existing investor General Atlantic, a leading global investor, with participation from the International Finance Corporation (IFC), a member of the World Bank Group. Existing investors InQLab and Amador also participated in the round. With this new funding, Bold plans to bolster its product roadmap and offerings, as well as continue its focus on business expansion while deepening its position as a leading merchant acquirer in Colombia.

Bold was founded in 2019 to serve small and medium-sized businesses (SMBs) with a mission of fostering financial inclusion through the democratization of Colombia's digital economy. Bold currently offers low-cost payment terminals that enable businesses to accept link payments and other local payment methods. The seamless enrollment process allows merchants to enroll in just minutes, providing immediate access.

This latest investment follows Bold's February 2022 $55M Series B round. Since then, Bold has scaled from 380 to more than 800 employees and currently boasts more than 170,000 monthly active users.

José Vélez, Co-Founder and CEO of Bold, said, "Our work continues to empower small businesses by breaking payments 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."

"Bold is positioned at the forefront of Colombia's emerging economy and playing a key role in bringing widespread accessibility to digital financial services," added Luiz Ribeiro, Managing Director and Co-Head of the Brazil Office at General Atlantic. "Since our initial investment in 2022, we've seen Bold provide significant value to both Colombian merchants and consumers alike, and we look forward to continuing our efforts with José and his team to further scale Bold's offerings."

"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," said Elizabeth Martínez de Marcano, IFC's Regional director for Colombia, Mexico, Central America and the Caribbean. "We are pleased to support Bold as they advance their mission to bring economic flexibility to small businesses."


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