Belvo, an Open Finance platform based in Mexico, has secured US$15 million in a new round of funding.
The round saw participation from new investor Quona Capital, alongside existing investors Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator.
The funds will support product development across data and payments, while also driving the company’s AI strategy to enhance financial services across the region.
“This investment will help us accelerate the expansion of our Open Finance product suite and further our mission of democratizing access to financial services in Latin America,”
said Belvo’s Co-Founders and Co-CEOs, o.
The company’s Open Finance platform enables financial institutions and innovators to access secure financial data, streamlining processes such as credit risk assessment, onboarding, and payments.
Since its founding in 2019, Belvo has seen significant growth, with over 50 million individuals and businesses in the region connecting their financial accounts through Belvo-powered applications.
Key figures include processing nearly two million account-to-account payment transactions monthly, contributing to an annualised Total Payment Volume (TPV) of over US$500 million.
Belvo’s platform has supported over 150 customers, including major players like BBVA, Banamex, Bradesco, Santander, Mercado Libre, and Creditas.
The company has played a role in improving financial inclusion across Latin America.
For instance, the use of Belvo’s data by Mercado Libre has led to a 20% increase in credit lines in Mexico.
In Brazil, Facio has reduced credit risk by 50% through the use of Belvo’s bank data aggregation for identity and income verification.
With the new funding, Belvo plans to focus on expanding connectivity to more financial data sources and advancing payment solutions.
The company is set to roll out new products, including Pix Automático, a variable recurring payments solution in Brazil, and enhance existing offerings like Biometric Pix and Direct Debit in Mexico.
Belvo is also investing in deepening its AI capabilities, aiming to harness financial data to provide insights for applications in areas such as underwriting, user segmentation, anti-fraud, and payment acceptance.
Previously, Visa invested in Belvo through its US$43 million Series A.
Featured image credit: edited from freepik
