BoBo funding news – Vilnius-based Bourgeois Boheme Raises €6.5 Million in Seed Funding
Aug 1, 2024 | By Team SR
Bourgeois Boheme (BoBo), a fintech company for the new generation of successful entrepreneurs, raises €6.5 million in seed funding led by investment firm Graphit Lifestyle.
SUMMARY
- Bourgeois Boheme (BoBo), a fintech company for the new generation of successful entrepreneurs, raises €6.5 million in seed funding.
- Bourgeois Boheme is a lifestyle company offering a unique mobile banking software (App) including unique and innovative payment devices.
The startup claims to be the first fintech business to use AI database analysis to improve its patented security solutions, which digitize family cash flow management and enable safe, frictionless, high-value transactions.
BoBo is different from other digital banks in that it streamlines (U)HNWI families' geographically scattered asset management, card transactions up to €1,000,000, and unlimited wire transfers.
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There's an increasing demand to simplify high-volume cash flow management, as an estimated 65% of youthful high-net-worth individuals (HNWIs) are anticipated to enhance their fortune in 2024 due to a spike in digital-savvy individuals, including tech founders, inventors, and self-made entrepreneurs.
A secondary-account management mechanism included into the platform enables approved third parties to handle bills, perform transactions on behalf of the primary account holder, and balance family and household spending.
An additional feature is the ability to include a payment chip for transaction processing into a gadget or accessory of choosing, including jewelry, car gloves, key fobs, or traditional watch bands.
BoBo offers premium metal or solid 18k gold cards, powered by Mastercard, exclusive 24/7 lifestyle help, and a dedicated relationship manager from a private membership club situated in Switzerland, depending on the card membership package—Debutant, Star, or Legend.
A group of accomplished businesspeople with a track record of accomplishment in prestigious firms like HSBC and UBS, as well as many exits from the banking, family office, and IT sectors, created the company.
Hugo Gomez, co-founder and CEO of Bourgeois Bohème said, “Private banks have traditionally catered to old money, but today, a new generation of wealth has emerged, with 75% of them operating businesses beyond their national borders. Our goal is to provide them with a modern payment-based solution so they can safely and easily execute large transactions directly through an app, The round we just raised will help us make the service even more convenient by expanding the functionality for managing high-volume payments, including the addition of an administrative panel for third-party management and opening the MENA region for our clients.”
Mastercard has approved BoBo and it operates under EEA and UK Electronic Money Institution (EMI) licenses. The company has created a sophisticated technological monitoring system that, among other things, uses its own databases and AI-powered algorithms to recognize unusual customer behaviors and flag any suspicious activity immediately to identify potential fraud risks. This is done in order to comply with regulations and ensure secure transactions.
In order to allow authorized third parties to make purchases on behalf of the primary account holder, the platform also provides supplementary cards and payment devices. All of these have pre-installed usage timelines and limitations for employees and family members.
About Bourgeois Boheme
Bourgeois Boheme is a lifestyle company offering a unique mobile banking software (App) including unique and innovative payment devices. Its purpose is to combine traditional banking services (accounts, payments, cards and luxury items) with innovative solutions.