The fintech company Bold, founded by José Fernando Vélez, co-founder of PayU, and Ana María Sandoval, was selected to become part of Endeavor, with which this prestigious network consolidates a portfolio of 48 companies and 87 entrepreneurs in the country.
“Endeavor’s global movement is transforming economies, one entrepreneur at a time,” said Edgar Bronfman, Jr., General Partner, Accretive LLC; Chairman, Endeavor Global
According to Endeavor, the decision was made after the organization’s Board of Directors in Colombia approved Bold’s entry into the network and Sandoval’s entry into the list of entrepreneurs, to which Vélez had belonged since 2010. Back then, he was selected in the 30th International Selection Panel (ISP) with PayU Latam, a company which was later acquired by South African multinational Naspers.
“Endeavor Colombia will support and drive the growth and market positioning of this company so that it becomes a high impact enterprise that contributes to the economic development of the country and inspires the next generation of entrepreneurs,” said the network.
José Fernando Vélez is one of Colombia’s most prominent entrepreneurs. He was one of the founders of PayU, is an angel investor and passionate about creating companies in the fintech world.
The fintech sector is developing at a rapid pace and new tools and platforms are launched on the market. You can read more about the latest developments in the fintech sector and find the most important business news with our companion app, Born2Invest. Our mobile app is available for free, for both Android and iOS devices.
Born was created to offer financial tools for SMEs in Colombia
Vélez recently founded, together with Ana María Sandoval, the fintech company that specializes in offering financial tools for small and medium businesses in Colombia, Bold. The company was created after these two entrepreneurs with extensive experience in the financial sector decided to partner to rethink electronic payments in the country.
In fact, Vélez and Sandoval consider that the procedures that most financial entities requested to specifically provide a dataphone were excessive. They also knew that more and more people were accessing debit and credit cards, but the vast majority of companies did not accept electronic payments.
Thus, Bold seeks to help Colombian entrepreneurs grow by offering them modern, easy-to-use and affordable financial solutions like the dataphone. Through this device, customers can receive payments with debit and credit cards in less than 24 hours allowing them to check their earnings and expenses from a smartphone and own their own dataphone.
The company prosmises no fees for Bold users
Bold promises to eliminate contracts and monthly fees, as well as provide an affordable price for merchants who, in times like these, are looking for solutions that fit their core business, so the device is available from $99,000.
The use of the tool is quite simple. According to the founders, merchants must have a smartphone or tablet, download an application, and register as a user. Then, with the dataphone, which has a bluetooth connection, they will be able to make and record national and international credit and debit card contactless transactions.
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Dinero, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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