Lithuania-based fintech Bourgeois Boheme (BoBo) has secured a EUR 6.5 million seed round to digitise family cash flow management and enable seamless high-value transactions. Unlike other digital banks, BoBo focuses on streamlining unlimited wire transfers, card transactions of up to EUR 1,000,000, and managing geographically dispersed assets for high-net-worth individuals (HNWIs).

Responding to needs in high-volume cash flow management With an estimated 65% of young 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 prioritise asset multiplication, lag in adopting advanced transactional technologies, leading to lengthy compliance processes. Within the BoBo’s platform, there is 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. Secures transactions with AI and EMI compliance 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 behaviours, immediately flagging any suspicious activities to identify potential fraud risks. The platform also issues secondary cards and payment devices to enable authorised 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. Officials from BoBo said that private banks have traditionally catered to ‘old money,’ but currently, a new generation of wealth has emerged, with 75% of them operating businesses beyond their national borders.

Their goal is to provide them with a modern payment-based solution so they can safely and easily execute large transactions directly through an app. The round they just raised will augment their service 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 their clients. .