Belvo

Customer stories

How Nibo uses Belvo to help small companies improve their finances

Belvo

CountryBrazil

Case of useAccounting

ProductData aggregation

GoalOptimize processes

About Nibo

Nibo makes financial tasks more efficient for companies and accountants

Nibo is a tech company founded in 2012 that has already helped over 300 thousand small businesses and accountants to manage their finances in an integrated way. The platform offers online management systems that are secure and intuitive, making it easier for SMBs to accomplish their financial tasks. 

Using Nibo’s software, companies can organize their income flow, and manage payments and invoices through automation.

Challenge

Decrease manual labor and operational errors

Nibo’s operation is key for accountants and companies to fulfill their fiscal and financial obligations, especially in a country with a high bureaucracy such as Brazil. Customers can manage their finances in an intuitive way through the platform, which offers reports in real-time.

To make this possible, Nibo needs to access an immense amount of company information. Before Open Finance, all this work was up to business owners, who had to connect to their banking platform, emit invoices, see transactions coming and going, and only then enter the platform and replicate what they had found manually at the bank.

This was not just a huge time investment for the customer, but meant errors were common, such as duplicates or typos. And many owners did not have the time to pay attention to this process in addition to their other obligations. “The worst scenario for a small business is to end up not doing their accounting due to lack of time, and then the company is run in the dark”, says Gabriel Gaspar, CEO and founder of Nibo.

Solution

Automating tasks through Open Finance connections 

All of these challenges were overcome thanks to Open Finance and the possibility to connect directly to businesses’ bank accounts in reading mode. Now, Nibo can feed its platform automatically with updated financial information, raising the bar for its software.

Nibo entered the Open landscape with an in-house solution, but it soon became clear that it would be too costly and laborious to create new integrations for each new bank, as well as adapt each of their connections to the constant changes in banks’ APIs.

That’s where Belvo comes in. Through Belvo’s aggregation services, the most comprehensive in Brazil, Nibo can connect to banks and financial institutions in the country without having to keep a dedicated team working towards connecting to APIs. Now, their employees can focus on Nibo’s core solution while Belvo does the heavy lifting of maintaining connections.

Additionally, Belvo allowed Nibo to connect to a wider scope of financial institutions, helping the platform upgrade its services and increase its customer base.

How does it work

Inside Nibo’s platform, the user selects the option to add their bank account information and then is directed to Belvo’s Connect Widget. 

The user then fills in their bank credentials and consents to Belvo having access to their data in read-only mode and transferring it securely to Nibo’s platform.

Once the connection is established, all data is aggregated directly into Nibo. The user can then connect several accounts and have a comprehensive view of their finances in a single interface.

Results

Gaspar is greatly optimistic about other Open Finance possibilities. In a long-term partnership, aside from having access to transactions inside Nibo, customers will be able to connect their whole banking operations to the platform, and then perform transactions and other tasks. “The benefit we get from Belvo today is already very interesting, but the future holds even better possibilities with a whole variety of Open Finance solutions that will be powerful and disruptive for the Brazilian business owner”, he adds.

Less error, avoiding redundant work, and optimizing the experience

Faster processes through automatic access to financial information in real-time

More control, gathering information from different sources in a single interface

What does Nibo say

“We now have access to banks we couldn’t connect to before through our internal solutions. This has been a huge gain, and we have thousands of accounts connected through Belvo”

Gabriel Gaspar CEO at Nibo