Visa has invested in Mexico City-headquartered open finance API platform Belvo through its US$43 million Series A.
The two companies have also signed a strategic partnership to jointly develop open finance solutions in Latin America, a statement from Belvo said.
Visa joins other investors in Belvo with this investment, including Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital, and FJ Labs.
The investment comes under a wider collaboration between Visa and Belvo as well. This includes another strategic partnership to support financial institutions and issuers in Latin America to leverage and implement open finance solutions.
The two companies are also looking at new open finance capabilities, including richer consumer experiences and new payment flows.
Belvo’s API platform provides connections to over 50 financial institutions.
The company’s client base includes fintech and financial companies in Mexico, Brazil, and Colombia, such as Jeeves, Rappi, Mobills, Ferratum, and Higo.
“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,”
said Pablo Viguera, co-founder and co-CEO at Belvo.
“At Visa, 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,”
said Romina Seltzer, Senior Vice President of Products and Innovation for Visa Latin America and the Caribbean.
This article first appeared on Fintech News Switzerland.
Featured image: Belvo