Belvo raises $43 mn Series A, accelerates the expansion of Open Finance API platform across Latin America
By Pavithra R
Belvo, powering the next generation of financial services in Latam through a financial data API platform, has announced securing a $43 mn Series A funding round to continue scaling its product development efforts to meet rapidly increasing market demand and support its exponential customer growth.
The investment round included participation from new global investors such Future Positive, the investment vehicle of Fred Blackford and Biz Stone (early investors in Pinterest, Square, Beyond Meat, and NotCo); Kibo Ventures (early investors in Flywire, Coverwallet, Clarity.ai, and CARTO); and FJLabs (early investors in Betterment, Checkr, and Recargapay). Existing investors such as Kaszek, MAYA Capital, Venture Friends, and David Vélez, founder and CEO of Nubank, among others, also participated in the round.
The firm has also welcomed renowned business angels including Sebastián Mejía, co-founder and president of Rappi, and Harsh Sinha, CTO of Wise (former Transferwise) to its board.
“Belvo is solving a complex and important problem by building the foundational infrastructure necessary for a new generation of financial services in Latin America. In addition to serving a fast-growing market opportunity, Belvo has the potential to make a real and enduring impact in the economies where it operates by providing broader access to better financial products and enabling inclusive economic growth. We’re excited to be supporting Pablo and Oriol as they work to lead the Open Finance movement in Latin America,” said Fred Blackford, Founding Partner of Future Positive.
The finance round has been the result of Belvo’s rapid growth underpinned by the continued and unprecedented expansion of fintech in Latin America in the last 18 months. The growth demonstrates that Open Finance represents a truly transformational opportunity for Latin America’s financial sector in the next decade.
The company is planning to use the finance to continue exploring opportunities to expand its Open Finance platform to new countries within the Latin American market, strengthen its team across functions and locations and expects to double its existing financial data providers’ connection coverage, reaching over 80 integrations by the end of the year.
Belvo’s client portfolio includes redit providers, neobanks, wallets, online accounting & ERPs, and personal finance management (PFM) tools like Minu, Mobills, Nelo, Tributi, Celero, askRobin, Yave, Enconta, Aplazo, and Divibank. The firm in its future roadmap plans to launch its bank-to-bank payment initiation offering in Mexico and Brazil.
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