Belvo Secures $15M to Accelerate Growth of Open Finance Solutions in Latin America
Belvo, a prominent Latin American FinTech platform specializing in Open Finance solutions, has successfully raised $15 million in its latest funding round. This investment is set to boost the company’s product offerings and enhance its artificial intelligence capabilities.
Funding Round Overview
The recent funding round attracted significant interest, with Quona Capital, a venture capital firm focused on emerging market FinTech, joining as a new investor. Returning investors such as Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator also participated, as reported by FF News.
Belvo’s Product Suite and Services
Belvo offers a comprehensive Open Finance platform that empowers financial institutions and businesses to access, understand, and utilize end-user financial data. The platform also facilitates account-to-account payments.
- Operating in Brazil and Mexico
- Supports over 150 clients, including major banks like BBVA, Banamex, Bradesco, and Santander
- Works with digital companies such as Mercado Libre and Creditas
Expansion Plans
The newly acquired funding will be allocated towards:
- Expanding Belvo’s access to various financial data sources, both regulated and unregulated
- Launching next-gen pay-by-bank solutions, including Pix Automático in Brazil
- Enhancing AI capabilities for more personalized and inclusive financial services
Impact on Financial Inclusion
Belvo plays a crucial role in promoting financial inclusion across Latin America, facilitating connections for over 50 million individuals and businesses to share their financial data. The platform handles nearly 2 million account-to-account payment transactions monthly, with an impressive annual payment volume exceeding $500 million.
Product Offerings
Among Belvo’s key products are:
- Direct Debit services in Mexico
- Pix-based payment solutions in Brazil
Statements from Leadership
Belvo’s co-founders and co-CEOs, Pablo Viguera and Oriol Tintoré, stated, “Open Finance signifies a transformative shift in Latin America, evolving into a concrete reality. Our goal at Belvo is to construct the most advanced platform to maximize the potential of Open Finance for financial institutions and innovators.”
Rafa de la Guia, a partner at Quona Capital, remarked, “The most impactful Open Finance platforms will seamlessly integrate data and payments. Belvo is uniquely positioned to pioneer the next wave of financial innovation in Latin America.”
Nicolás Szekasy, co-founder and managing partner at Kaszek, added, “Belvo is not just creating technological advancements; it is redefining access to financial services for millions. The regulatory momentum and growing digital adoption in Brazil and Mexico position Belvo well for future growth in the Open Finance sector.”
For more insights about the evolution of Open Finance and its implications for the financial sector, visit Finextra.
