Mexico City-based open finance API platform Belvo has raised $15 million in a round led by Quona Capital and joined by Citi Ventures.
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Kaszek, Kibo Ventures, Future Positive, and Y Combinator joined the round, the proceeds of which will be used to expand Belvo’s Open Finance product suite across data and payments and advance its AI capabilities.
Belvo’s platform enables financial institutions and large enterprises to access and interpret end-user financial data and initiate account-to-account payments in Latin America. The company works with top banks and digital players across Mexico and Brazil, with over 150 customers, including BBVA, Banamex, Bradesco, Santander, Mercado Libre, and Creditas.
The firm says its financial data, insights, and payments products empowers customers to create improved credit underwriting processes, simplified account-to-account payments experiences, and optimised user onboarding flows.
Over 50 million individuals and businesses have connected their accounts through its platform to share financial data – such as banking, fiscal, and employment – with financial services providers.
Pablo Viguera and Oriol Tintoré, co-CEOs, Belvo, say: “Open Finance represents a structural shift in Latin America and has evolved into a tangible reality across the region. At Belvo, we’re building the most advanced platform to help financial institutions and innovators make the most out of Open Finance to power their businesses in unprecedented ways.”
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