With significant seed funding led by Graphit Lifestyle, Vilnius-based Bourgeois Boheme aims to revolutionize financial services for the next generation of global entrepreneurs.
In a major leap forward for the financial technology sector, Bourgeois Boheme (BoBo), based in Vilnius, has successfully closed a €6.5 million seed funding round. This crucial funding round has been led by Austrian venture capital firm Graphit Lifestyle, placing BoBo at the forefront of transforming household cash flow management for Ultra High-Net-Worth Individuals (UHNWIs) and High-Net-Worth Individuals (HNWIs).
Hugo Gomez, Co-Founder and CEO of Bourgeois Boheme, enthused: “Private banks have traditionally catered to ‘old money’, but today a new generation of wealthy people has emerged, 75% of whom operate businesses beyond their national borders. Our goal is to provide them with a modern payment-based solution so they can execute large transactions safely and easily directly through an app.”
The innovative platform of BoBo is designed to revolutionise the way wealthy families manage their finances, offering unlimited bank transfers and card transactions of up to €1,000,000, and making it easier to manage geographically dispersed assets. The fintech company claims to be the first to digitise family cash flow management, leveraging proprietary security systems enhanced by AI database analysis.
BoBo’s platform is geared toward the new generation of wealthy entrepreneurs, offering services such as managing secondary accounts for authorized third parties, embedding payment chips into devices such as watch bands and key chains, and premium metal or 18-karat solid gold cards. Members also enjoy 24/7 support and a dedicated relationship manager from a private club based in Switzerland, with packages ranging from Debutante to Legend.
Operating under EEA and UK EMI licenses and approved by Mastercard, BoBo uses advanced AI to monitor and secure transactions. The platform also issues secondary cards and payment devices with pre-installed limits and usage schedules to authorized third parties, ensuring compliance and fraud prevention.
Origins and evolution of BoBo
Founded in 2018 by the Würms family, together with co-founders Gregor Anton Piëch, Hugo Gomez and IT expert Simon Isaev, BoBo was created to innovate financial services for HNWIs. The journey was not without its challenges, such as the COVID-19 pandemic, the Wirecard scandal and Brexit. Despite these obstacles, BoBo successfully developed its MVP and conducted a soft launch with a closed beta phase.
BoBo currently serves over 220 B2C clients, has over 1,000 potential customers and a network of over 25 partner companies, proving its effectiveness in handling fast and large-scale cross-border transactions.
Future plans and expansion
Looking ahead, BoBo is preparing to complete its commercial and marketing launch, with a focus on UHNWIs. The company plans to establish partnerships, introduce new revenue streams, and expand its services to markets in the UAE, Brazil, Mexico, and the United States. BoBo’s core team of 15 professionals, supported by strategic partners, is also on the lookout for top talent in finance and hospitality to drive its mission forward.
Gomez underlines: “Our future plans include developing partnerships and loyalty programs, adding new features such as multi-currency transfers, and creating corporate accounts and corporate revenue streams to enhance our offering. This global strategy underlines our commitment to expanding our reach and enhancing our service offering on a global scale.”
Impact of the financing round
The initial funding of €6.5 million is not only a financial boost for BoBo, but a significant endorsement of its vision and potential. This investment will enable BoBo to enhance its functionality for handling high-volume payments, introduce an administrative panel for third-party management, and expand its services to the MENA region.
The funding will also support the development of new features specifically targeted at UHNWIs, such as multi-currency transfers and business account creation. By enhancing its offering, BoBo aims to attract more high net worth customers looking for sophisticated, secure and seamless financial management solutions.
Challenges and market outlook
The financial services landscape for UHNWIs is highly competitive, with traditional private banks and new fintech startups vying for market share. However, BoBo’s focus on digitizing household cash flow management and its innovative features give it a competitive edge. The use of AI for security and transaction monitoring, along with the ability to issue secondary cards and payment devices, positions BoBo as a forward-thinking player in the market.
The company’s ability to overcome challenges such as the COVID-19 pandemic, the Wirecard scandal and Brexit has demonstrated its resilience and adaptability. These experiences have reinforced BoBo’s resolve to offer reliable and cutting-edge financial solutions to its customers.
With the significant initial funding of 6.5 million euros, BoBo is poised to redefine financial and lifestyle services for UHNWIs by addressing the unique needs of successful modern entrepreneurs. The company’s innovative platform, combined with its strategic expansion plans and commitment to security and compliance, positions it for significant growth in the years ahead.
As BoBo continues to evolve and expand its services, it remains dedicated to its mission of transforming household cash flow management for the next generation of wealth. With a solid foundation and a clear vision for the future, BoBo is poised to make a lasting impact on the fintech industry and the lives of UHNWIs around the world.
Fountain. Empirical
