Bold raises USD 50 million in Series C funding

This Series C round was led by existing investor General Atlantic, with the International Finance Corporation, a part of the World Bank Group, joining hands with current investors InQLab and Amador. According to Bold's co-founder cited by TechCrunch, this latest round brings the total raised by the company to USD 130 million. 

The same source reveals that Bold specialises in offering cost-effective payment terminals, known as dataphones, that enable small and medium-sized enterprises to accept link payments and other local payment methods. Bold officials noted that the company has seen a surge in demand for electronic payments, particularly accelerated by the COVID-19 pandemic. 

Previously, Bold attracted attention when it secured a USD 55 million Series B round in 2022. At that time, it served around 100,000 merchants monthly. A year later, the company has expanded its user base, with an additional 50,000 active merchants per month, and has grown its workforce from 380 to over 800 employees according to TechCrunch. 

Bold's revenue has witnessed a six-fold increase since 2022, capturing approximately 3% of the market share in terms of current volume in Colombia. Representatives from Bold emphasised the company's ambitious growth plans, aiming to triple or more its volume over the next three to five years to achieve a more substantial market share, similar to other players in countries like Brazil.

Digital payments in Latin America and Bold's future plans 

Although cash remains predominant in Latin America, electronic payments are gaining popularity, especially among the younger demographic. Bold collaborates with other startups such as Pomelo, Liquido, and Mattilda to strengthen its market presence.  

Bold's strategy involves focusing on providing additional services beyond payments, including financial products such as insurance and software solutions aimed at aiding merchants in managing their finances. 

With the latest funding, Bold intends to enhance its product offerings and expand its business operations, transitioning from a payment link provider to a comprehensive solution provider for merchants. The company has recently obtained its financial institution licence, allowing it to offer bank accounts to merchants, which it plans to cross-sell over the next year.