Belvo has reportedly secured $15 million in new round of funding to power the next phase of Open Finance growth in Latin America.
The investment round included participation from new investors Quona Capital and existing ones Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator.
The funds raised will accelerate product development “across data and payments as well as fuel Belvo’s AI strategy to continue powering the next generation of financial services in Latin America.”
This round sees Quona Capital, a VC fund focused “on emerging markets fintech, join our mission as a new investor.”
The Belvo team is also grateful for the continued support from their existing partners: Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator.
These new funds will be instrumental in accelerating the expansion of our Open Finance product suite “across data and payments, and significantly advancing our AI capabilities.”
Their mission remains clear: to democratize access to financial services in Latin America by powering ‘more inclusive and personalized offerings for millions of individuals and businesses.
According to the update from Belvo, the momentum behind Open Finance in Latin America is “undeniable.”
What was once a vision when Belvo got started in 2019 is “now a structural shift and a tangible reality transforming the financial landscape.”
This new investment underscores “the role Belvo plays in this transformation and our pivotal role in the future growth of the sector in the years to come.”
They’re pleased to be one of Open Finance platforms in the region.
- Reach: Over 50 million individuals and businesses have connected their accounts via Belvo-powered apps, sharing financial data (banking, fiscal, employment) securely.
- Payment volume: They now process close to 2 million account-to-account payment transactions monthly, translating into an annualized Total Payment Volume (TPV) of over $500 million.
- Trusted by professionals: They serve over 150 customers, including industry giants like BBVA, Banamex, Bradesco, Santander, Mercado Libre, and Creditas, alongside the most innovative financial institutions and fintechs in Mexico and Brazil.
Their platform empowers financial innovators to “create better credit underwriting models, seamless payment experiences, and optimized onboarding flows.”
Lenders are offering fairer credit by “analyzing real-time transactional data to assess risk more accurately and serve previously excluded populations.”
For example, Mercado Libre uses Belvo’s employment data “to increase credit lines by 20% in Mexico.”
Onboarding and credit decisions are becoming “faster and safer.”
In Brazil, Facio streamlined user onboarding and cut credit risk “by 50% using Belvo’s bank data aggregation to verify identity and income.”
And on the payments front, Open Finance is enabling “faster, cheaper, and safer account-to-account payments.”
Rayo, a lending platform, boosted collection rates “by 20% in Mexico thanks to our Direct Debit product.”
These and other use cases, combined with regulatory advancements like Pix in Brazil, have “boosted financial inclusion.”
Since 2019, the number of digitally banked individuals “has more than doubled in Brazil and Mexico – a change we’re proud to have substantially contributed to.”
This new capital injection allows them to double down on scale and innovation:
- Expanding connectivity: We’ll expand our connections across all relevant financial data sources, both regulated and unregulated to help our customers continue to better understand their end-users through better financial data and powerful insights.
- Payments: We’ll roll out highly-anticipated pay-by-bank products, like Pix Automático, our variable recurring payments solution in Brazil, We’ll also further enhance our existing products, such as Biometric Pix in Brazil and Direct Debit in Mexico, with the goal of offering cost-effective account-to-account payment experiences with better conversion and faster settlement times
- AI capabilities: We will continue to invest heavily in AI. By applying sophisticated models to the billions of financial data points on our platform, we transform fragmented information into powerful, structured insights for critical applications like underwriting, user segmentation, anti-fraud, payment acceptance, and more.
Co-Founders and Co-CEOs, Pablo Viguera and Oriol Tintoré, said:
“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. This new investment will enable us to continue to innovate, develop cutting-edge infrastructure, scale our AI capabilities, and work on our mission to democratize access to financial services to millions of people and businesses in Latin America.”