Bold Secures $50M Series C for Payment Expansion in Colombia

This latest funding round, which also welcomed contributions from the International Finance Corporation alongside repeat backers InQLab and Amador, brings Bold’s total capital raised to an impressive $130 million,
Bold Secures $50m Series C For Payment Expansion In Colombia
Bold founders, from left, Sergio Vergara, José Vélez, Ana Sandoval and Jorge Ulloa:

In the wake of COVID-19, the shift towards digital payments has accelerated, placing Bold at the forefront of this transformation. The company’s innovative dataphones provide an affordable solution for small and medium-sized businesses to accept link payments and other local payment methods, facilitating the transition to digital commerce.

Since its last funding milestone—a $55 million Series B round in 2022—Bold has seen remarkable growth, now serving 150,000 monthly active merchants, up from 100,000 a year prior. This expansion is mirrored in its workforce, which has more than doubled to over 800 employees from 380 in the same timeframe. Moreover, Bold’s revenue has surged sixfold since last year, claiming approximately 3% of Colombia’s market share in electronic payment volume.

Vélez is optimistic about Bold’s potential for further growth, drawing parallels with similar successes in Brazil, and anticipates significantly increasing Bold’s market presence in the coming years. While the valuation remains undisclosed, it reportedly aligns with figures from the Series B round.

Despite cash still reigning supreme in Latin America’s payment landscape, a shift towards electronic payments is evident, particularly among the younger demographic. Bold, along with other fintech innovators like Pomelo, Liquido, and Mattilda, is strategically positioned to capitalize on this trend.

What sets Bold apart, according to Luiz Ribeiro, managing director and co-head of General Atlantic’s Brazil office, is its comprehensive approach to services. Beyond payment processing, Bold aims to integrate financial products such as insurance and software solutions to assist merchants in managing finances and operations, envisioning a future where it can offer combined banking and software services.

The fresh capital injection will fuel Bold’s product development and market expansion efforts, transitioning from a payment link provider to a holistic merchant service platform. Additionally, having recently obtained a financial institution license, Bold plans to offer bank accounts to merchants, further diversifying its suite of services over the next year.

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