Colombian payments fintech Bold secured $50 million in a Series C funding round led by private equity firm General Atlantic, marking the latest in a series of venture capital investments in 2024. This influx of fresh capital raises hopes among regional fintechs that the worst may be behind in available funding.
Founded in 2019, Bold caters to small and medium-sized enterprises in the country, South America’s third-largest economy. SMEs are often underserved throughout the region, and some fintechs have made a specific case of providing digital collection services to this segment in addition to account and lending products.
Bold specializes in marketing affordable point-of-sale devices tailored for businesses to accept online and offline credit and debit card payments. The firm now reports over 150,000 monthly active merchants nationwide and 800 employees. Its previous funding round, a series B, took place in early 2022 for $55 million.
“Our work continues to empower small businesses by breaking payment barriers in Colombia,” said José Vélez, Co-Founder and CEO of Bold. “Now, thousands of merchants have access to digital financial services and can focus on the growth and success of their businesses. We seek to transform and simplify how businesses accept payments in the digital era.”
Fintech Bold to accelerate product expansion with new funding
The Bogota-based fintech, a fast-growing merchant acquirer in Colombia, will apply the funding to accelerate the roadmap for its products. International Finance Corporation, a member of the World Bank Group, also participated in the round. Existing investors InQLab and Amador did so as well.
“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.
Bold’s founder is optimistic about expanding its product suite. In 2023, the company achieved a major milestone by gaining regulatory approval as a financial institution in Colombia. This accomplishment paves the way for Bold to diversify its offerings. The fintech has plans to introduce new products such as short-term working capital loans, debit cards, and virtual accounts.
Other LatAm deals in 2024
The Latin American fintech ecosystem got off to a decent start, with some million-dollar investments in recent weeks that bring hope to many entrepreneurs.
Argentine payments fintech Pomelo secured $40 million in a Series B funding round in January, led by Kaszek Ventures. Meanwhile, Uruguay’s Open Banking fintech Prometeo secured $13 million from Antler Elevate, while in Brazil, expense management fintech Conta Simples raised $41.5 million in a Series B round led by Base10 Partners.
Since 2022, the region has weathered a significant downturn in once-robust capital inflows, placing immense strain on enterprises that had previously experienced rapid growth. This challenging landscape has forced numerous layoffs and, in some unfortunate instances, even business closures.
