Belvo, a Latin American fintech, announced on Tuesday it secured $43 million through its Series A funding round, which saw participation from Future Positive and FJLabs. Founded in 2019, Belvo enables financial innovators to access and interpret data from their end-users in an easy and scalable way through a single API linked to hundreds of financial data sources. The company revealed:
“During the last year, we expanded our API coverage to over 40 financial institutions, now allowing companies to connect to over 90% of personal and business bank accounts in Latin America; as well as to tax authorities (like SAT, in Mexico) and gig economy platforms such as Uber and Rappi.”
Belvo also revealed the newly raised funds will help it to continue scaling its product development efforts to meet rapidly increasing market demand and support its exponential customer growth. The company’s focus will be on expanding our offering of data enrichment solutions across markets and launch our bank-to-bank payment initiation offering in Mexico and Brazil.
“The new funds will also be used to strengthen our team across functions and locations. Belvo currently employs 70 people and we plan to double our headcount by the end of the year. As part of this plan, the company envisages hiring more than 50 engineers in Mexico and Brazil in the upcoming months.”
Belvo then added it will continue to explore opportunities to expand its Open Finance platform to new countries within the Latin American market, and it expects to double its existing financial data providers’ connection coverage, reaching over 80 integrations by the end of the year.