Vilnius-based fintech company Bourgeois Boheme (BoBo) has successfully closed a €6.5 million seed investment round led by investment firm Graphit Lifestyle. This investment will make a significant contribution to BoBo's goal of facilitating large volumes of cross-border transactions using proprietary security systems developed with AI database analytics.

BoBo 

BoBo is a fintech company that digitizes family cash flow management and supports it with AI-powered security systems. The startup focuses on unlimited remittances, card transactions up to €1,000,000 and managing geographically distributed assets for (U)HNWI families. These features were developed in response to the growing demand from young high net worth individuals (HNWI). BoBo's platform offers a secondary account management system that allows authorized third parties to transact on behalf of the primary account holder, manage bills and reconcile family and household expenses. There is also the possibility to embed a payment chip in a preferred device or accessory. Card membership packages, Debutant, Star or Legend, provide premium metal or solid 18-karat gold cards backed by Mastercard, exclusive 24/7 lifestyle assistance and a dedicated relationship manager from a private membership club based in Switzerland.

BoBo was founded by a team of successful entrepreneurs from the banking, family office and IT sectors who have exited multiple times in the past and have a proven track record with institutions such as HSBC and UBS. BoBo operates under licenses from the EEA and the UK Electronic Money Institution (EMI) and is approved by Mastercard. In order to comply with regulations and guarantee secure transactions, the company has developed a sophisticated technological monitoring system that uses its own databases and AI-powered algorithms to recognize unusual customer behavior and instantly flag suspicious activity to identify potential fraud risks. The platform also issues secondary cards and payment devices to enable authorized third parties to make transactions on behalf of the primary account holder, all of which come with pre-installed amount limits and usage schedules for staff and family members.

Private banks traditionally served 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 that they can securely and easily process large transactions directly through an app. The round we just raised will help us make the service even more convenient by expanding the functionality to manage high-volume payments, including the addition of an administrative panel for third-party management and opening up the MENA region to our customers.

Hugo Gomez, co-founder and CEO of BoBo