Airbnb quietly acquired payments startup Bold Financial Technologies in 2016
- Airbnb bought payments startup Bold Financial Technologies in November 2016 in a previously unreported deal, a spokesperson confirmed to Business Insider.
- Bold aimed to make international payments easier and more secure for large marketplaces like Airbnb and Uber.
- Airbnb did not disclose the price or terms of the deal, or what happened to Bold's team or product.
- Airbnb has acquired more than two dozen startups in its journey toward becoming a public company, which it said it plans to do in 2020.
- Visit Business Insider's homepage for more stories.
In November 2016, continuing its under-the-radar buying spree, Airbnb acquired Bold Financial Technologies, a startup that aimed to make international payments safer and more convenient, an Airbnb spokesperson confirmed to Business Insider.
Bold, started in 2014 by Sean Safahi and Noah Spirakus, targeted clients like Airbnb, Uber, Lyft, and eBay that facilitate payments to lots of recipients, Safahi told the Phoenix Business Journal. Airbnb, whose platform had just surpassed two million listings earlier in 2016, had a growing need for managing payments to hosts across the globe.
Airbnb did not disclose how much it paid for the company or what the terms were, though Safahi now works on "payments partnerships" at Airbnb, according to his LinkedIn profile. The domain for Bold's website now showcases a company called Velo Payments, which says it's "making the payouts process accurate, reliable and easy." Business Insider could not confirm whether there is any connection between the companies.
Bold is among several acquisitions made by Airbnb that the company has been relatively quiet about, in contrast to its purchases of companies like HotelTonight and Luxury Retreats. With Airbnb preparing to go public in 2020, investors will be paying close attention to how each of its more than 20 past purchases have paid off.
Axel Springer, Insider Inc.'s parent company, is an investor in AirBnB.
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