Belvo, a Mexico-based next-generation startup that has built an open finance API platform recently announced that they have raised $43 million in its Series A funding round. According to media reports, the money received from the Series A funding by Belvo will be used to continue scaling its product development efforts in order to meet the high market demand and to support its exponential customer growth.
The Belvo Series A funding round included participation from various new global investors like Future Positive, Kibo Ventures, FJ Labs, Kaszek, MAYA Capital, Venture Friends, along with Rappi co-founder and president Sebastián Mejía, and Nubank CEO and founder David Vélez.
Fred Blackford, Founding Partner of Future Positive told the media, “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.”
Belvo started operating in 2020 and has added more than 60 companies as customers in Mexico, Brazil, and Columbia. During last year, the company has also added more application programming interface (API) coverage which has made it possible for the companies to connect to over 90 percent of personal and business bank accounts in Latin America, along with other popular platforms such as Uber and Rappi.
Incidentally, the pandemic has also accelerated the open banking initiatives that had already started picking up pace in the past several years in the Latam region