Bold secures $50m in Series C Funding led by General Atlantic

By Gloria Mathias

Bold, a FinTech company enabling access to electronic payments in Colombia, has raised $50 million in Series C funding led by existing investor General Atlantic, a global growth investor, with the International Finance Corporation (IFC), a member of the World Bank Group.

With this new funding, Bold plans to bolster its product roadmap and offerings, as well as continue its focus on business expansion while deepening its position as a merchant acquirer in Colombia. The capital will support the expansion of Bold’s product offerings and SMB access to digital payments in Colombia.

Bold was founded in 2019 to serve SMBs with the mission of fostering financial inclusion through the democratisation of Colombia’s digital economy. Bold currently offers low-cost payment terminals that enable businesses to accept card-present and card-not-present payments and support other local payment methods.

This latest investment follows Bold’s February 2022 $55 million Series B round. Since then, Bold has scaled from 380 to more than 800 employees and currently boasts more than 150,000 monthly active merchants.

José Vélez, Co-Founder and CEO of Bold said, “Our work continues to empower small businesses by breaking payment barriers in Colombia. Now, thousands of merchants have access to digital financial services and can focus on the growth and success of their businesses. We’re thrilled to continue our work with General Atlantic and proud to partner with the IFC as we seek to transform and simplify how businesses accept payments in the digital era. We are also excited by our forthcoming product offering that will deliver even greater value to merchants, following Bold’s recent regulatory approval as a financial institution in Colombia.”

“We believe Bold is positioned at the forefront of Colombia’s emerging economy and playing a key role in bringing widespread accessibility to digital financial services,” added Luiz Ribeiro, Managing Director and Co-Head of the Brazil Office at General Atlantic. “Since our initial investment in 2022, we’ve seen Bold provide significant value to Colombian merchants, and we look forward to continuing our efforts with José and his team to further scale Bold’s offerings.”