Visa was among the investors in Latin American open finance API platform Belvo during the recent Series A fundraising round that brought in $43 million for the company.
Belvo works with more than 50 financial institutions and more than 125 clients — including FinTech and financial companies in Mexico, Brazil and Colombia, such as Jeeves, Rappi, Mobills, Ferratum and Higo — through its API platform.
They use Belvo’s technology to build secure connections with their end users’ financial data and interpret the information to build more comprehensive financial services.
“As we’ve built our product and team and grown as a company, we’re now entering a new phase where market expansion and collaboration with several strategic partners is key to providing reliable and secure capabilities at scale to our clients,” Belvo Co-founder and Co-CEO Pablo Viguera said in the company announcement Tuesday (Dec. 7).
Visa and Belvo have been working together through their recently announced strategic partnership to help financial institutions and issuers implement open finance solutions. The companies are looking into new open finance capabilities, including better consumer experiences and new payment flows.
In addition to Visa, Belvo’s other investors include Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital and FJ Labs.
“We believe open finance has the potential to unleash great collaboration across all payment’s ecosystem participants, while ultimately driving greater financial inclusion and empowering consumers with more choice in how and where they share their financial data,” Visa Senior Vice President of Products and Innovation for Latin America and the Caribbean Romina Seltzer said in the announcement.
“We have been an open payments player since our creation, more than 60 years ago, opening and facilitating interoperable payments for everyone,” she said. “This reflects our commitment to fostering digital inclusion in Latin America and the Caribbean region, where we are focused on designing and deploying innovative and accessible digital payment solutions that help individuals, businesses and governments to participate in the digital economy, enabling them to thrive socially and economically.”
Belvo announced the conclusion of its $43 million Series A funding round in June, saying it would use the money to accelerate the company’s expansion of its open finance platform in Latin America and double the size of its team as well as offering a bank-to-bank payment initiation solution in Mexico and Brazil.