BoBo claims to be the first fintech to digitise family cash flow management and allow secure seamless high-value transactions by using its proprietary security systems enhanced by AI database analysis. The Lithuania-headquartered startup focuses on streamlining unlimited wire transfers, card transactions of up to €1 million, and managing geographically dispersed assets for ultra-high-net-worth individuals (HNWIs).It is hoping to cash in on the rising number of young HNWIs, currently served, it says, by private banking and family offices which prioritize asset multiplication but lag in adopting advanced transactional technologies.The platform has a secondary-account management system which 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,” says Hugo Gomez, CEO, 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.”