Colombian payment services provider Bold has secured $50m in Series C funding round to expand its product offerings and SMB access to digital payments in Colombia

The financing round was led by the company’s existing investor General Atlantic.

It also saw participation from the International Finance Corporation (IFC), a member of the World Bank Group and other existing investors InQLab and Amador.

General Atlantic Brazil office managing director and co-head Luiz Ribeiro said: “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.

“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.”

Bold aims to strengthen its product roadmap with the new capital.

The financial technology company also plans to continue its focus on business expansion along with consolidating its position as a leading merchant acquirer in Colombia.

Established in 2019, Bold caters to small and medium-sized businesses (SMBs) to foster financial inclusion through the democratisation of Colombia’s digital economy.

Currently, the firm provides low-cost payment terminals that allow businesses to accept card-present and card-not-present payments and support other local payment methods.

The frictionless enrolment process enables merchants to enrol quickly, offering immediate access.

Bold co-founder and CEO José Vélez said: “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.”

The new funding round comes after Bold’s Series B round in February 2022. The company raised $55m in the financing round.

General Atlantic’s investment in Bold is contingent upon regulatory approval by the Superintendencia Financiera de Colombia.