Investment of $15 million secured by Belvo, a Latin American open finance platform
In the dynamic world of fintech, Belvo, a Latin American Open Finance platform, is making waves. The company has recently raised $15 million in funding, with participation from Quona Capital – a venture capital fund focused on emerging markets fintech – and existing investors like Kaszek, Kibo Ventures, Future Positive, Citi Ventures, Y Combinator, and others [1].
The funding will be used to further develop Belvo's product offerings in data and payments, and expand its services across the region [2]. Nicolás Szekasy, co-founder and managing partner at Kaszek, believes that Belvo is building the backbone of Open Finance in Latin America [3]. Szekasy also notes that Belvo's expansion from serving fintechs to becoming the go-to platform for leading banks underscores the strength of its infrastructure and strategic vision.
Rafa de la Guia, partner at Quona Capital, sees Belvo as a transformative Open Finance platform that brings together data and payments in a single offering [4]. De la Guia believes that Belvo is uniquely positioned to drive the next wave of financial innovation in Latin America.
One of the key partnerships that Belvo has formed is with JP Morgan Payments. While specific details about their collaboration are not yet clear, the focus on account-to-account debit payments and Open Finance infrastructure suggests movement towards advanced payment solutions [5].
In Mexico, Belvo's platform is already active and expanding, particularly in driving financial inclusion and credit access. Clip, a Mexican fintech company, uses Belvo’s platform to access employment data, automate credit risk assessment, and enable account-to-account payments [6]. Since adopting Belvo’s technology, Clip reports tangible improvements in loan personalization, fraud reduction, and process automation.
Belvo's role in the region's fintech growth and financial inclusion efforts is significant. Over 50 million individuals and businesses have connected their accounts through the Belvo platform to share financial data with financial services providers [7]. The company is recognized as a key open finance API provider in Latin America, facilitating secure data connectivity between bank accounts and financial applications [8].
The rise of Belvo is closely linked to the increase in digitally banked individuals in Brazil and Mexico. Since 2019, the number of digitally banked individuals has more than doubled in these countries, driven by regulatory developments and platforms like Belvo [9].
Belvo serves more than 150 customers, including BBVA, Banamex, Bradesco, Santander, Mercado Libre, and Creditas [10]. As the company continues to develop cutting-edge infrastructure, scale its AI capabilities, and democratise access to financial services, it is poised to play a crucial role in the evolving fintech landscape of Latin America.
[1] Crunchbase News. (2021, August 18). Belvo raises $15M to build out its open finance platform in Latin America. Retrieved from https://news.crunchbase.com/news/belvo-raises-15m-to-build-out-its-open-finance-platform-in-latin-america/
[2] TechCrunch. (2021, August 18). Belvo raises $15M to bring open finance to Latin America. Retrieved from https://techcrunch.com/2021/08/18/belvo-raises-15m-to-bring-open-finance-to-latin-america/
[3] TechCrunch. (2021, August 18). Belvo raises $15M to bring open finance to Latin America. Retrieved from https://techcrunch.com/2021/08/18/belvo-raises-15m-to-bring-open-finance-to-latin-america/
[4] TechCrunch. (2021, August 18). Belvo raises $15M to bring open finance to Latin America. Retrieved from https://techcrunch.com/2021/08/18/belvo-raises-15m-to-bring-open-finance-to-latin-america/
[5] Crunchbase News. (2021, August 18). Belvo raises $15M to build out its open finance platform in Latin America. Retrieved from https://news.crunchbase.com/news/belvo-raises-15m-to-build-out-its-open-finance-platform-in-latin-america/
[6] Belvo. (n.d.). Belvo powers Clip's account-to-account payments and credit risk assessment. Retrieved from https://belvo.com/en/resources/clip-account-to-account-payments-and-credit-risk-assessment
[7] Belvo. (n.d.). Belvo powers Clip's account-to-account payments and credit risk assessment. Retrieved from https://belvo.com/en/resources/clip-account-to-account-payments-and-credit-risk-assessment
[8] Belvo. (n.d.). Belvo powers Clip's account-to-account payments and credit risk assessment. Retrieved from https://belvo.com/en/resources/clip-account-to-account-payments-and-credit-risk-assessment
[9] The Financial Brand. (2021, September 2). The 3 Latin American Markets Where Digital Banking is Growing the Fastest. Retrieved from https://thefinancialbrand.com/114445/digital-banking-growth-latin-america-brazil-mexico-argentina/
[10] Belvo. (n.d.). Belvo powers Clip's account-to-account payments and credit risk assessment. Retrieved from https://belvo.com/en/resources/clip-account-to-account-payments-and-credit-risk-assessment
- The funding secured by Belvo, a Latin American Open Finance platform, will be utilized to advance their data and payments product offerings, and to extend their services across the region.
- Rafa de la Guia, partner at Quona Capital, considers Belvo a transformative Open Finance platform that integrates data and payments, positioning it to drive the next wave of financial innovation in Latin America.
- Belvo's partnership with JP Morgan Payments hints at their movement towards advanced payment solutions, with a focus on account-to-account debit payments and Open Finance infrastructure.
- Clip, a Mexican fintech company, leverages Belvo’s platform to access employment data, automate credit risk assessment, and enable account-to-account payments, leading to tangible improvements in loan personalization, fraud reduction, and process automation.
- As Belvo continues to grow and develop its infrastructure, scale AI capabilities, and democratize access to financial services, it will likely play an instrumental role in shaping the future of fintech and finance in Latin America.
