Colombian fintech Bold has secured a COP 37.45 billion (approximately $11.3 million) loan from BBVA Spark to expand business lending in Colombia. The funds will increase its capacity to provide credit to micro, small, and medium-sized enterprises through its financial services platform. Announced on October 21, 2026, the agreement advances Bold's shift from payment terminals toward a broader range of financial products.
Financing Structure and Banking Partnership
The transaction was structured as a bilateral loan between Bold and BBVA Spark, rather than an equity fundraising round. Cuatrecasas advised Bold, while PPU represented BBVA Spark during the negotiation and documentation process. The companies did not publicly disclose the interest rate, repayment schedule, or other detailed terms of the facility.
BBVA Spark specializes in banking services for innovative, high-growth companies and is supporting Bold's expansion into merchant lending. Eduardo González, its country manager for Colombia and Argentina, said the financing should help smaller businesses access additional credit options. He also highlighted the contribution of Colombian technology companies to the country's business ecosystem.
From Payment Terminals to Financial Services
Bold began by offering affordable point-of-sale terminals to help small merchants accept electronic payments. Over roughly six years of operations, its offering has grown to include deposits, credit, and products that generate returns. The new financing supports that expansion by increasing the funds available for business lending.
According to the announcement, Bold has connected more than 700,000 merchants across Colombia and Peru. It currently processes approximately COP 20 trillion annually in card and QR code payments, reflecting the scale of its payment operations. That activity supports the company's strategy of building a wider financial services offering around merchant needs.
Assessing Credit Through Merchant Sales
Bold's credit assessment system uses merchants' sales performance to evaluate their ability to repay loans. Rather than relying only on credit bureau histories, it considers transaction activity as an additional indicator of business performance. This approach is intended to provide a more complete picture of businesses whose sales records may be more informative than their borrowing histories.
Access to transaction data allows Bold to incorporate merchants' commercial activity into lending decisions. Combining payment processing with credit services also connects two financial functions that smaller businesses often need to manage together. The announcement did not specify the number of additional merchants expected to receive loans or the anticipated increase in lending volume.
Growth Strategy and Market Implications
José Vélez, Bold's founder and chief executive, has described becoming a digital bank for SMEs in northern Latin America as the company's long-term goal. In his remarks, he identified credit as its current priority and said BBVA Spark's financing would help advance that ambition. The arrangement fits Bold's strategy of expanding beyond payments into banking-related services for merchants.
For BBVA Spark, the transaction establishes a lending relationship with a fintech that has built a substantial merchant network. It also demonstrates how commercial bank financing can support technology companies that extend credit to other businesses. The effect on credit availability will depend on how Bold deploys the funds and the demand among eligible merchants.
Bold's COP 37.45 billion loan from BBVA Spark provides fresh financing for its SME lending activities in Colombia. The agreement adds bank funding to a platform that has expanded from payment terminals into payments, deposits, and credit services. Its longer-term significance will depend on whether Bold can use the additional lending capacity to reach more businesses with sustainable credit options.