Colombia-based financial technology company Bold has raised $55m in Tiger Global Management-led series B investment.

The growth investment will be used by the company to support the expansion of its product and service offering and geographic footprint, as well as strengthen its team with new talent.

The funding round also saw the participation of global growth equity firm General Atlantic and Endeavor Catalyst.

Piton Capital, GFC, InQLab, Kingsway Capital, Solid Ventures, Grupo Auteco, Amador and Condor Inverlink are existing investors of Bold. They also took part in the investment.

Bold was established by José Vélez, Ana María Sandoval, Enríque Ramírez, Jorge Ulloa, and Sergio Vergara in 2019. It employs more than 380 employees.

As an independent merchant-acquirer, Bold offers over 100,000 merchants of small and medium-sized businesses (SMBs) in Colombia opportunity to access electronic payments.

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It offers low-cost point-of-sale payment terminals and free app to them.

Currently, cash represents over 80% of transaction volume in Colombia.

Tiger Global Management Partner John Curtius said: “Despite the fact that small and medium sized businesses are the engine of the Colombian economy, they haven’t had the opportunity to access electronic payments because they are constantly overlooked by established banks. Bold offers small merchants a much-needed opportunity to access digital payments.

“What stands out at Bold is their mission to help small and medium businesses succeed by creating great products which are affordable and easy to use. We are happy to support Bold´s plans to scale and expand its financial services.”