Bold, which helps Colombian businesses accept electronic payments, has collected $55m in its Series B funding round.
Tiger Global Management served as the lead investor, with commitments also coming from General Atlantic and Endeavor Catalyst. Existing Bold investors Piton Capital, GFC, InQLab, Kingsway Capital, Solid Ventures, Grupo Auteco, Amador and Condor Inverlink also committed capital to the round.
With the funds, the FinTech company plans to expand its product and service offering into adjacent financial services for merchants. This growth includes tools for working capital financing, lending, deposit accounts, debit and credit cards.
To aid its growth, the company plans to hire more staff and grow internationally.
Founded in 2019 by José Vélez, Ana María Sandoval, Enríque Ramírez, Jorge Ulloa, and Sergio Vergara, Bold is a merchant acquirer with the mission of promoting financial inclusion in Colombia.
It serves small and medium-sized businesses, providing them with low-cost payment terminals that can accept link payments and other local payment methods. The solutions can be implemented within minutes and have no point-of-sale fees.
Bold claims its clients experience sales growth of around 25%.
Bold co-founder and CEO José Vélez said, “Colombia is at an inflection point in the transition from a cash to a digital payments economy. 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.”
Vélez is the former co-founder and CEO of PayU Latam.
Earlier in the week, Betterfly became the first “social” unicorn in Latin America. It reached a $1bn valuation following the close of its Series C round on $125m. The company offers a variety of insurance and financial wellbeing products designed to help people live better.
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