Lithuanian fintech for (U)HNWIs BoBo secures €6.5M: Exclusive interview with co-founder and CEO Hugo Gomez

Vilnius-based Bourgeois Boheme (BoBo), a fintech company tailored for the new generation of successful entrepreneurs, announced that it has closed a €6.5M seed round led by Graphit Lifestyle, an Austria-based VC firm.

Hugo Gomez, co-founder and CEO of Bourgeois Bohème, says, “Private banks have traditionally catered to “old money”, but today, a new generation of wealth has emerged, with 75 per cent 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.”

“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.”

What does BoBo offer?

BoBo aims to transform family cash flow management for modern, wealthy entrepreneurs. It claims to be the first fintech company to digitise family cash flow management and enable secure, high-value transactions using its proprietary security systems, enhanced by AI database analysis.

The company streamlines unlimited wire transfers, card transactions up to €1,000,000, and manages geographically dispersed assets for Ultra High-Net-Worth Individual (U)HNWI families. With 65 per cent of young High-Net-Worth Individuals (HNWIs) projected to increase their wealth in 2024, there’s a growing demand for simplified high-volume cash flow management. Traditional private banking lags in adopting advanced transactional technologies.

BoBo’s platform includes a secondary-account management system for authorised third parties to handle transactions, manage invoices, and reconcile expenses. It also offers payment chip embedding into devices like watch straps and key fobs. 

The company also provides premium metal or solid 18k gold cards, 24/7 lifestyle assistance, and a dedicated relationship manager from a Swiss-based private membership club, depending on the membership package—Debutant, Star, or Legend.

BoBo, operating under EEA and UK EMI licenses and approved by Mastercard, uses advanced AI and proprietary databases to monitor and secure transactions. The platform also issues secondary cards and payment devices with preinstalled limits and usage schedules for authorised third parties, ensuring compliance and fraud prevention.

How was BoBo born?

BoBo was founded in 2018 by the Würms family and co-founded by Gregor Anton Piëch, Hugo Gomez (HSBC and Bancolombia Group), and IT expert Simon Isaev.

In an exclusive interview with Silicon Canals, Hugo Gomez, co-founder and CEO of Bourgeois Bohème, discusses the story of starting BoBo, challenges faced, future plans and more. 

Gomez says, “I started my career in HSBC’s private banking department while still completing my studies and excelled at forging significant relationships within the HNWI segment, consistently setting high personal and professional standards.”

“My career continued at Banistmo after its acquisition of HSBC’s operations in Panama, now part of the Bancolombia Group. This role offered me extensive opportunities to delve into various banking domains, including private banking administration, banking products, client segments, finance, and corporate management.”

“Despite this, I found myself yearning for innovation beyond the traditional corporate confines, and this is where my journey with BoBo begins.”

According to Gomez, the inspiration to innovate financial services for HNWIs came from deep discussions with the Würms family, who envisioned redefining luxury financial services. Driven by this vision, Gomez left his corporate career to co-found BoBo. 

Meeting Simon Isaev, an entrepreneur with challenges in the card industry, further fueled BoBo’s mission to address high-volume transaction needs.

BoBo as a concept was created and initiated by the Würms and Piëch families, known for their expertise in family office management and automotive innovation, respectively. These families now serve as strategic advisors, while Simon and Gomez handle the company’s day-to-day management.

Initial challenges faced while setting up BoBo

BoBo faced unexpected hurdles during its setup, including COVID-19, the Wirecard scandal, and Brexit. Founded in October 2018, the company had initially prepared for crowdfunding and EMI licenses, launching its first crowdfunding project in early 2020. 

However, the pandemic led to a restructuring of plans and delays, causing the EMI license application to be dropped in 2021. 

Despite these setbacks, BoBo developed its MVP, including an operational app and payment card, and conducted a soft launch with a closed beta phase. By early 2024, the company secured another round of investment.

Currently, BoBo serves over 220 B2C clients, with more than 1,000 leads and a network of over 25 partner companies. The platform has proven effective in handling large, fast cross-border transactions, such as those for real estate, luxury purchases, and family vacation expenses, resolving issues related to card limit restrictions.

BoBo’s business model and revenue generation streams

Co-founder Gomez says, “We operate as a private membership club on a subscription basis offering different tiers with different benefits. Additional revenue streams – transactional revenue and non-payment commissions from our partners.” 

Talking about the revenue projections, Gomez mentions, “It is a bit early to talk about our revenue projections, but I will gladly focus on our plans for the year. We plan to complete our marketing and commercial launch with a focus on UHNWIs.”

“Additionally, we aim to further develop our partnerships and add new revenue streams to boost the company’s growth in 2025.”

Expansion and hiring plans!

BoBo’s expansion strategy for this year and the next focuses on Europe, targeting family offices, yacht and jet companies, exclusive private clubs, and concierge services in the Netherlands. 

Currently, the platform is available across the EEA, UK, and Switzerland, covering 26 per cent of the global HNWI population. Additionally, BoBo also plans to enter markets in the UAE, Brazil, Mexico, and the US.

Co-founder Gomez mentions in the interview, “Our future plans also include developing partnerships and loyalty programmes, adding new features such as multi-currency transfers, and creating business accounts and corporate revenue streams to enhance our offerings.”

“This global strategy underscores our commitment to expanding our reach and enhancing our service offerings on a worldwide scale.”

BoBo core team of 15 professionals, with strategic partners, totals over 50 members. Currently, the company is seeking top talent in finance and hospitality, particularly for roles in data analysis and upholding ethical standards.

According to Gomez, ideal candidates should excel in leadership, teamwork, and data analysis, and align with BoBo’s vision of transforming financial and lifestyle services for UHNWI.