Bourgeois Boheme (BoBo), a fintech trailblazer tailored for modern entrepreneurs, has successfully closed a €6.5 million seed round led by investment firm Graphit Lifestyle. This substantial investment highlights BoBo’s potential to transform the way high-net-worth individuals (HNWIs) manage and execute large transactions across borders.
BoBo distinguishes itself in the fintech arena by being the first to digitize family cash flow management. Leveraging proprietary security systems enhanced with AI database analysis, BoBo ensures secure, seamless high-value transactions. Unlike other digital banks, BoBo excels in facilitating unlimited wire transfers and card transactions up to €1,000,000, while efficiently managing geographically dispersed assets for ultra-high-net-worth individuals (UHNWI) families.
The wealth landscape is evolving, with an estimated 65% of young HNWIs expected to grow their wealth significantly in 2024. This surge is driven by tech-savvy individuals such as tech founders, creators, and self-made entrepreneurs. There is a rising demand for simplified high-volume cash flow management. Traditional private banking and family offices, focused on asset multiplication, are lagging in adopting advanced transactional technologies, resulting in prolonged compliance processes.
BoBo addresses these challenges by offering a secondary-account management system. This feature allows authorized third parties to conduct transactions on behalf of the primary account holder, manage invoices, and reconcile family and household expenses. Additionally, BoBo’s innovative approach includes embedding a payment chip into various devices or accessories like classic watch straps, car gloves, key fobs, and jewelry.
BoBo’s membership packages—Debutant, Star, and Legend—cater to different levels of service, providing premium metal or solid 18k gold cards powered by Mastercard. Members also enjoy exclusive 24/7 lifestyle assistance and a dedicated relationship manager from a Swiss-based private membership club. These features not only enhance convenience but also add a touch of luxury to the financial management experience.
Founded by a team of seasoned entrepreneurs from banking, family office, and IT sectors, BoBo’s leadership brings a wealth of experience and a proven track record with institutions like HSBC and UBS. This foundation solidifies BoBo’s position as a reliable and innovative fintech solution.
“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 BoBo. “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.”
Operating under EEA and UK Electronic Money Institution (EMI) licenses, BoBo is approved by Mastercard, ensuring a high level of regulatory compliance and secure transactions. The company’s sophisticated technological monitoring system employs AI-powered algorithms to recognize unusual customer behaviors, immediately flagging any suspicious activities to identify potential fraud risks. The platform also issues secondary cards and payment devices for authorized third parties, with preinstalled limits on amounts and usage schedules for staff and family members.
BoBo’s innovative approach to high-volume cross-border transactions and family cash flow management positions it as a leader in the fintech industry. By addressing the unique needs of modern HNWIs and providing a secure, seamless transaction experience, BoBo is set to revolutionize how wealth is managed and transferred globally. With the recent funding round, BoBo is poised to enhance its services further, making it an indispensable tool for the new generation of entrepreneurs.
