Bold has raised $50m in Series C funding led by existing investor General Atlantic. International Finance Corporation (IFC), a member of the World Bank Group is another notable investor. Existing investors InQLab and Amador also participated in the round. With this new funding, Bold plans to bolster its product roadmap and offerings. It will 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). Specifically, it is on a mission to foster financial inclusion through the democratisation of Colombia’s digital economy. Bold says that it currently offers low-cost payment terminals. These enable businesses to accept link payments and other local payment methods. The seamless enrolment process allows merchants to enrol in minutes, providing immediate access.
Bold: over 170,000 active monthly users
The latest investment follows Bold’s February 2022 $55m Series B round. Since then, Bold has scaled from 380 to over 800 employees and currently boasts more than 170,000 monthly active users.
José Vélez, co-founder, CEO of Bold, said: “Our work continues to empower small businesses by breaking payments barriers in Colombia. 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 IFC as we transform and simplify how businesses accept payments in the digital era.”
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Bold: ‘at the forefront of Colombia’s emerging economy’
Luiz Ribeiro, MD, and co-head of the Brazil Office, General Atlantic, added: “Bold is positioned at the forefront of Colombia’s emerging economy. It is 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 both Colombian merchants and consumers alike. 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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