Bourgeois Boheme scores €6.5M for financial management platform

Posted by Admin August 1, 2024 Tech

Bourgeois Boheme has raised a €6.5M seed round led by investment firm Graphit Lifestyle. The company digitises family cash flow management and allows secure seamless high-value transactions by utilizing its proprietary security systems, which are enhanced by AI database analysis.

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. 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 prioritize asset multiplication, lag in adopting advanced transactional technologies, leading to lengthy compliance processes.

Within the platform, there is a secondary-account management system which allows authorized 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.

The company was founded by a team of successful entrepreneurs from the banking, family office, and IT industries, with several exits in the past and a proven track record with institutions such as HSBC and UBS.

“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,” says 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.”

BoBo operates under EEA and UK Electronic Money Institution (EMI) licenses, and is approved by Mastercard. To comply with regulations and ensure secure transactions, the company has developed a sophisticated technological monitoring system that uses, among other features, its own databases and 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 to enable authorized third parties to conduct transactions on behalf of the primary account holder, all with preinstalled limits on amounts and usage timetables for staff and family members.