Belvo raises $43 million to accelerate the expansion of its Open Finance platform across Latin America
We are excited to announce that we have raised a Series A funding round with the support of new investors as well as those who have backed us since the beginning. The newly raised funds will help us scale and enhance our product offering, continue expanding our geographic footprint, and double the size of our team.
Today we announce that we have raised a $43 million Series A funding round. The round included participation from new global investors such Future Positive, the investment vehicle of Fred Blackford and Biz Stone (early investors in Pinterest, Square, Beyond Meat, and NotCo); Kibo Ventures (early investors in Flywire, Coverwallet, Clarity.ai, and CARTO); and FJLabs (early investors in Betterment, Checkr, and Recargapay).
Belvo has also brought onboard renowned business angels including Sebastián Mejía, co-founder and president of Rappi, and Harsh Sinha, CTO of Wise (former Transferwise). Existing investors such as Kaszek, MAYA Capital, Venture Friends, and David Vélez, founder and CEO of Nubank, among others, also participated in the round.
Open Finance: a transformational movement being built today 💥
The new round has been the result of Belvo’s rapid growth underpinned by the continued and unprecedented expansion of fintech in Latin America in the last 18 months. This is the largest ever Series A funding round for a fintech company recorded to date in Latin America, according to data from Crunchbase.
This milestone demonstrates that Open Finance represents a truly transformational opportunity for Latin America’s financial sector in the next decade. And that Belvo is poised to continue building category-defining infrastructure and API tools to power this next generation of financial services.
Since we started operating in 2020, our customer base has increased to over 60 companies across Mexico, Brazil, and Colombia and we now handle millions of monthly API calls. During the last year, we expanded our API coverage to over 40 financial institutions, now allowing companies to connect to over 90% of personal and business bank accounts in Latin America; as well as to tax authorities (like SAT, in Mexico) and gig economy platforms such as Uber and Rappi.
Some of the leading and fastest-growing fintechs and financial institutions across various verticals are already trusting us. Including credit providers, neobanks, wallets, online accounting & ERPs, and personal finance management (PFM) tools like Minu, Mobills, Nelo, Tributi, Celero, askRobin, Yave, Enconta, Aplazo, and Divibank.
Product, expansion, and team growth 🚀
The newly raised funds will help us to continue scaling our product development efforts to meet rapidly increasing market demand and support its exponential customer growth. Our focus will be on expanding our offering of data enrichment solutions (beyond our income verification product) across markets and launch our bank-to-bank payment initiation offering in Mexico and Brazil.
In addition, Belvo will continue to explore opportunities to expand its Open Finance platform to new countries within the Latin American market, and we expect to double our existing financial data providers’ connection coverage, reaching over 80 integrations by the end of the year.
The new funds will also be used to strengthen our team across functions and locations. Belvo currently employs 70 people and we plan to double our headcount by the end of the year. As part of this plan, the company envisages hiring more than 50 engineers in Mexico and Brazil in the upcoming months.
An opportunity to create a lasting and inclusive impact 💪
Fred Blackford, Founding Partner of Future Positive, commented: “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.”
Nicolás Szekasy, Co-Founder and Managing Partner of Kaszek, commented: “Demand for financial services in Latin America is growing at an exponential rate and Belvo is developing the infrastructure that will enable both the larger institutions and the emerging generation of younger players to successfully deploy their solutions. Oriol, Pablo, and the Belvo team have been leading the development of a sophisticated platform that resolves very complex technical challenges, and the company’s exponential growth reflects how it is delivering a product that fits perfectly with the requirements of the market.”
We are thrilled to have the support from such high-caliber new investors to help us achieve our vision of powering the next generation of financial services in Latin America through Open Finance infrastructure and APIs.