Bold, a fintech aiming to boost financial access to electronic payments in Colombia, has completed a US $55 million series B investment round.
Investment firm Tiger Global Management led the round, with participation from General Atlantic and Endeavor Catalyst. Existing investors including Piton Capital, GFC and InQLab also participated in the round.
Bold, which provides small and medium-sized businesses with electronic payment services that the fintech claims allow for much quicker onboarding of merchants compared to legacy banks, will use the capital to fund an expansion of its product and service offering into adjacent financial services for merchants, including working capital financing, lending, deposit accounts, and debit and credit cards
The fintech, headquartered in Bogotá, also plans to enter new markets and hire new talent. Bold currently employs more than 380 employees, serving over 100,000 merchants since 2019.
José Vélez, co-founder and chief executive of Bold, says that Colombia is “at an inflection point in the transition from a cash to a digital payments economy” that requires the fintech to expand in order to better serve a market where cash still represents more than 80% of transaction volume.
Vélez continues: “At Bold, we are passionate about unlocking the growth potential of small business by providing easy to use and affordable financial services, and we see a unique opportunity to accelerate the change to digital payments for the benefit of merchants and consumers alike. We look forward to the support of both Tiger and General Atlantic as we focus on growth and deepening the value that we provide to our customers.”