Belvo is turning two years old!
We’re super excited to be celebrating our two-year anniversary today. It’s been a while since we first got started on this adventure in coffee shops between CDMX and Barcelona. And what a ride it’s been so far!
When starting out a startup –and if you’re anything like us–, you typically have the wildest dreams and ambitions. We started out with the vision to power the next generation of financial services in Latin America by enabling more inclusive, efficient, and empowering offerings through tech and data.
Back then, people thought we were crazy – maybe for all the right reasons. But we took that as an indication of the potential to radically change the infrastructure financial innovators used across the region and to create an Open Finance movement from the ground up.
Fast forward to today and a lot of things have happened across the board, especially over the last 12 months.
Non-stop improvements 💻
On the product front, we have expanded our capabilities to new levels to meet with our customers’ needs:
- We expanded our Open Banking API coverage to Colombia and Brazil.
- We launched our fiscal (SAT in Mexico) and gig economy (Uber and Rappi across all countries) integrations and developed dozens of integrations for our banking data aggregation product. This included numerous retail and business banks and we now have +45 integrations in our API providing coverage for +90% of the banked population in Mexico, Brazil, and Colombia.
- We have built the largest Open Finance API in Latin America in record time, less than 18 months of development!
- We shipped new tools to help developers build on top of our API. We released a quickstart app to allow integration and deployment into production in under 10 minutes, revamped our developer portal, and did dozens of iterations to our Connect Widget to factor conversion and UX best practices
- On the infrastructure front, we built a completely self-scalable solution and we started our ISO 27001 certification process which should be deployed very soon.
Team growth 💪
In the last 12 months we have grown the team 270%. In May 2020, we were 18 and are now 67. Back then we would comfortably fit at a dinner table and mostly everyone in the team had met in real life at some point.
We also count 15 nationalities within our team and have brought onboard amazing and top-caliber teammates from companies such as Revolut, N26, Konfio, Rappi, Ebanx, Mercado Libre, and Gympass, among others. While we have grown the team considerably this past year, we won’t stop anytime soon and will continue to hire the best talent across all teams in the months to come.
Building the leading Open Finance platform in Latin America is a tough endeavor and you need the best people to accomplish it: we are always looking for those who dream big and share our passion of completely re-shaping the financial infrastructure of the region.
Trusted by leading innovators 🚀
Since May 2020 we’ve also dramatically expanded the number of innovators we serve across markets. Back then we’d been in the market, only in Mexico, for no more than a couple of months and we were working with a handful of clients. Companies that trusted us and that were bold enough to partner with us. Today we work with dozens of companies across Mexico, Brazil, and Colombia, process over 2 million API calls per month and find it hard to onboard the growing demand we’re experiencing day in and day out.
We are very proud to partner with some of the leading financial innovators including Minu, Mobills, Yave, askRobin, Enconta, Celero, Nelo, Tributi, and Tranqui Finanzas to name a few. It’s amazing to see the impact our Open Banking and Open Finance solutions are having on how they can build better products and, thus, better serve their customers.
In the last 12 months, we also stepped it up a notch by raising our $10m seed round co-lead by Kaszek and Founders Fund. We feel very fortunate to have the backing and continued support of such high-caliber investors as we continue to grow and write the next chapters of the Open Banking and Open Finance movement in Latin America.
Thank you! 🥰
As we look back on the last 12 months and as we brace ourselves for the next few years, we also wanted to take a moment to say thank you… Thank you to all our customers, teammates, investors, and everyone we have crossed paths with over the past two years and who have, in some shape or form, helped us get to where we are today. Without you, we wouldn’t be where we are today.
As to what to expect from us in the future, we can only say that we’ll keep hustling to materialize our vision. Our second year was unbelievable but we will keep taking Open Finance in Latin America to new heights. We can’t wait to see what year three and beyond have in store. And we can’t wait to share it with all of you.