Why LatAm’s fintech boom is more than hype and superlative venture investment ![]() In fact, he noted that in Colombia, cash still represents over 80% of transaction volume versus 35% in Brazil and 30% in the United States. ![]() “We are excited about the opportunities ahead for the business as Colombia transitions from a cash-based economy to a digital payments ecosystem,” added Vélez, who is the former co-founder and CEO of PayU Latam, an online and cross-border payments technology platform. In order to realize that vision, Bold has incorporated a financial institution in Colombia and is in the process of setting it up to expand its offering, including the addition of a bank account, a debit card and cash advances, among other things. ![]() “Our vision is to go beyond payments, and become their banking and tech partner to help them grow and thrive.” ![]() If you go to Cartagena, you also will see that many of the tourist operators are using Bold to receive their payments,” Vélez said. “If you go to any flea market in the main cities of the country, you will see that many of the sellers are using Bold to receive payments.
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