Belvo, the open finance API platform in Latin America has partnered with Visa, the global paytech, to drive open finance in the region. The announcement follows Visa’s investment in Belvo’s Series A funding round which saw $43million raised.
Belvo already provides connections through its API platform with over 50 financial institutions and works with over 125 clients including leading fintech and financial companies in Mexico, Brazil, and Colombia like Jeeves, Rappi, Mobills, Ferratum, and Higo. These companies use Belvo’s technology to build reliable and secure connections with their end-users financial data, as well as interpret and enrich this information to build innovative financial services.
This investment is part of a wider collaboration among both companies. Visa and Belvo recently announced a strategic partnership under which they are already working together to help financial institutions and issuers across the region leverage and implement open finance solutions. Additionally, both companies are exploring ways to develop new open finance capabilities, such as richer consumer experiences and new payment flows.
“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. That’s why we’re excited to continue working with a strategic partner and investor such as Visa, with whom we share a common long-term vision to enable not only fintech companies but also larger enterprises and financial institutions to embrace open finance models and leverage financial data in Latin America,“ said Pablo Viguera, Belvo’s co-founder and co-CEO.
“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. “Looking back at our core, we have been an open payments player since our creation, more than 60 years ago, opening and facilitating interoperable payments for everyone. 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. We couldn’t be more excited to partner with Belvo on our open finance efforts in the region,” she added.