Bold, a financial technology company, has secured $50 million in Series C funding to expand its electronic payments infrastructure in Colombia. The funding round was led by existing investor General Atlantic, with participation from International Finance Corporation, InQLab, and Amador. This latest investment brings Bold’s total funding to $130 million, as confirmed by company co-founder and CEO José Vélez.
Key Takeaway
Bold, a fintech company in Colombia, has raised $50 million in Series C funding led by General Atlantic to further develop its electronic payments infrastructure and expand its user base.
Bold’s Mission and Growth
Bold specializes in providing low-cost payment terminals, known as dataphones, which enable small and medium businesses to accept digital payments and other local payment methods. According to Vélez, the company has experienced significant growth, with the accelerated transition towards electronic payments in Colombia due to the impact of COVID-19. Bold has seen a substantial increase in its user base, with an additional 50,000 monthly active merchants, bringing the total to 150,000 merchants utilizing its services per month.
Market Share and Future Plans
Bold currently holds approximately 3% of the market share in terms of current volume in Colombia. Vélez expressed optimism about the company’s future prospects, citing the potential to triple its volume over the next three to five years. He emphasized the company’s efforts to solidify its position as a significant player in the market and achieve further scale.
Strategic Differentiation and Expansion
One of Bold’s key strategies for differentiation involves offering additional layers of services on top of payments. Luiz Ribeiro, managing director and co-head of General Atlantic’s Brazil office, highlighted the potential to integrate financial products, services, and software solutions to provide a more comprehensive offering for merchants. With the new funding, Bold aims to enhance its product roadmap and expand its business, transitioning from a payments provider to a more holistic solution for merchants.
Future Outlook
Bold has obtained its financial institution license, enabling the company to offer merchants a bank account. Over the next 12 months, Bold plans to cross-sell the account to its merchants, further diversifying its offerings and solidifying its position in the market.
