Bold Will Have a Debit Card and Will Start Pilot Testing of the Account in March

The fintech company Bold plans an expansion in the products it offers, after it sealed an investment round in which it managed to raise $50 million together with General Atlantic, InQLab and Amador, firms that were already among its investors.

The company focuses on micro, small and medium-sized businesses, offering them a dataphone and a low-cost payment link so they can receive payments with cards, without contracts or monthly payments. José Vélez, its founder, spoke with LR about the challenges and plans they will have for this year with this new injection of resources.

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In what will Bold invest the money raised in the financing round

The money will be invested in continuing to grow the customer base, achieving a larger portfolio and, on the other hand, in diversifying our product offering.

At the moment, Bold is characterized by its dataphones, but with the authorization of the financing company Bold wants to offer the account, the debit card, inclusion in the world of credit, so we are going to expand our product offering. Those are the two big focuses. Customers will be able to use it at any time and, indirectly, use the resources they are receiving from card payments.

When will the Bold Savings Account be accessible?

The fintech company is going to start pilot tests in March and more or less three months later it will open it to the general public, but the company has been preparing everything that is coming out these days for years.

Bold has linked 400,000 clients in its history, of which approximately 150,000 make transactions month after month and we want to grow that client base. It is estimated that in Colombia there are more or less five million microentrepreneurs, so there is still a long way to go.

The fintech company charges approximately 3% for the management of the dataphone that 3% is what Bold charges for receiving a card payment and that 3% also goes to pay the payment systems, what remains is basically what Bold uses to pay your monthly expenses.

“We work on greater financial inclusion so that people have more access to investment and we do not conceive any product that cannot be distributed digitally”

The Bold account is directed towards the microentrepreneur, since SMEs generally lose sales due to not receiving card payments.

Will there be more releases

No, mainly we are going to focus on making the Bold account work very well for clients, on the debit card and on our credit, let’s say, on our credit quota, which there is still a lot to do in this regard, so our purposes are to continue developing those products rather than making new ones.

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(Featured image by  AKuptsova via Pixabay)

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First published in LR LA REPUBLICA. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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