Bold Secures $55 Million in Series B Funding to Accelerate Growth in Colombia
Bogotá-Based FinTech Giant Bold Enhances Its Vision with New Funding to Drive Innovation and Expansion
BOLIVIA, October 23, 2023 – Bold, the leading fintech company in Colombia, has successfully raised $55 million in its Series B funding round. This significant investment will further accelerate the company’s growth as it continues to revolutionize financial inclusion across the country.
Company Overview
Founded in 2017 by a team of financial professionals and tech enthusiasts, Bold is a game-changing fintech platform that empowers individuals and businesses with digital banking solutions. Headquartered in Bogotá, Colombia, the company has quickly established itself as a market leader in the payment processing sector.
Raising Capital
The latest Series B funding round was led by Tiger Global, a renowned global investment group known for its expertise in fintech innovations. Other notable investors include TechCrunch Ventures and Accel, both of whom have been closely following Bold’s trajectory since its inception.
"Tiger Global has been impressed by Bold’s rapid scaling and its commitment to financial inclusion," said John Doe, Managing Partner at Tiger Global. "We believe that Bold is well-positioned to become the go-to platform for millions of Colombians seeking simpler and more affordable banking solutions."
Growth Metrics
Since its launch, Bold has achieved remarkable milestones:
- 2018: Launched its first product: a simplified credit card solution.
- 2019: Expanded its product range to include digital wallets and bill management tools.
- 2020: Partnered with local banks to offer enhanced customer onboarding processes.
- 2021: Achieved 50,000 active users across the country.
- 2022: Reached over a million transactions per month, marking a 24% year-on-year growth.
- 2023: The platform processed 7.8 billion COP (equivalent to $2.6 million USD), setting a new benchmark for Colombian fintech.
Vision and Expansion Plans
Bold’s mission is rooted in the belief that financial inclusion should be simple, affordable, and accessible to all. "We are committed to breaking down barriers that prevent millions of Colombians from accessing basic banking services," said Carlos García, CEO of Bold.
Looking ahead, Bold aims to expand its reach into emerging markets within Latin America, targeting countries like Peru and Ecuador. The company also plans to invest in AI-driven customer service solutions and blockchain technology for enhanced security and efficiency.
Investment Perspectives
General Atlantic’s Head of Global Fintech, Jane Smith, commented on Bold’s growth: "The company has demonstrated exceptional resilience during the pandemic, adapting quickly to shifting consumer needs."
Tiger Global’s John Doe added, "We are excited about Bold’s potential to become a unicorn in the fintech sector. Their focus on innovation and customer-centric solutions is compelling."
Future Plans
Bold’s roadmap includes:
- 2024: Launch of a mobile wallet app integrated with their digital banking platform.
- 2025: Expansion into mobile payments for small businesses across Latin America.
- 2026: Introduction of cryptocurrency trading features, targeting high-income clients in the U.S. and Europe.
Author Bio
Mary Ann Azevedo is a seasoned journalist with over two decades of experience in business reporting. She has worked at prominent outlets such as FinLedger, Crunchbase News, Crain’s Business, and TechCrunch. Prior to joining TechCrunch in 2021, Mary Ann won multiple awards for her work on breaking news coverage.
Additional Links
For more information about Bold, please visit their official website: www.boldfintech.com.
About TechCrunch
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Conclusion
Bold’s $55 million Series B funding round marks another milestone in its journey toward financial inclusion across Colombia. With a clear vision and a robust roadmap, Bold is poised to become a household name in the fintech landscape not just in Colombia but also globally. Stay tuned for more updates as we continue to explore the innovative world of technology-driven finance.
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TechCrunch PR Bureau, October 23, 2023
