Vilnius-based AI-enabled fintech startup Bourgeois Boheme (BoBo), has closed a €6.5 million seed round led by investment firm Graphit Lifestyle. The round will help the company make its service even more convenient by expanding the functionality for managing high-volume payments, including an administrative panel for third-party management and opening the MENA region for its clients.
What change does it bring?
With an estimated 65% of young high-net-worth individuals (HNWIs) projected to increase their wealth in 2024, driven by a surge in tech-savvy individuals, including tech founders, creators, and self-made entrepreneurs, there’s a growing demand to simplify high-volume cash flow management. Private banking and family offices, which prioritise asset multiplication, lag in adopting advanced transactional technologies, leading to lengthy compliance processes.
Unlike other digital banks, BoBo focuses on streamlining unlimited wire transfers, card transactions of up to €1,000,000, and managing geographically dispersed assets for (U)HNWI families.
Who is behind BoBo?
The fintech startup was founded in 2018 by the Würms family, co-founded by Gregor Anton Piëch and by entrepreneurs Hugo Gomez (HSBC and Bancolombia Group), and Simon Isaev, an IT expert.
What does the company do?
BoBo is touted to be the first fintech company to digitise family cash flow management and allow secure seamless high-value transactions by utilising its proprietary security systems, which are enhanced by AI database analysis.
Within the platform, there is a secondary-account management system that allows authorised third parties to conduct transactions on behalf of the primary account holder, manage invoices, and reconcile family and household expenses. Another feature is the possibility to embed a payment chip to enable transactions into a device or accessory of choice, such as classic watch straps, car gloves or key fobs, and jewelry.
Depending on the card membership package, Debutant, Star, or Legend, BoBo provides premium metal or solid 18k gold cards, powered by Mastercard, exclusive 24/7 lifestyle assistance, and a dedicated relationship manager from a Swiss-based private membership club.
“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,” said Hugo Gomez, co-founder and CEO of Bourgeois Bohème. “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.”
