Financing platform Belvo in Latin America secures fresh $15 million investment
Belvo Raises $15 Million to Revolutionize Recurring Payment Automation in Latin America
Belvo, a leading Latin American Open Finance platform, has announced a significant $15 million funding round. This investment will enable Belvo to continue developing cutting-edge infrastructure, scale its AI capabilities, and democratize access to financial services.
The new funding round, which includes participation from existing investors Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator, as well as Quona Capital and JP Morgan Payments, marks a significant step forward for Belvo.
Nicolás Szekasy, co-founder and managing partner at Kaszek, stated that Belvo is building the backbone of Open Finance in Latin America. Szekasy added that Belvo's expansion from serving fintechs to also becoming the go-to platform for leading banks underscores the strength of its infrastructure and strategic vision.
Rafa de la Guia, partner at Quona Capital, stated that the most transformative Open Finance platforms bring together data and payments in a single offering. This is exactly what Belvo is doing with its next-generation Pay by Bank solution.
The solution involves a bank debit product that automates recurring payments by directly debiting users' bank accounts once authorized. This product aims to create a frictionless, predictable payment experience for sectors reliant on monthly payments, such as gyms, insurance, education, and subscription services.
The benefits of this solution are substantial. It significantly improves cash flow, reduces collection costs, raises payment success rates, and lowers customer churn for businesses across Latin America. Belvo's strategic partnership with Clip, a payment aggregator in Mexico, is helping to drive this innovation. Together, they are processing roughly two million account-to-account transactions monthly, totaling over USD 500 million annually.
The combined technology stack is built to scale from micro merchants to multi-branch enterprises, centralizing payment monitoring and operational decisions on one platform. This accelerates the digitization of critical business processes, enhancing operational efficiency and liquidity management for businesses.
Pablo Viguera and Oriol Tintoré, co-founders and co-chief executive officers of Belvo, called Open Finance a "structural shift" in Latin America. Since 2019, the number of digitally banked individuals has more than doubled in Brazil and Mexico. Belvo serves over 150 customers, including BBVA, Banamex, Bradesco, Santander, Mercado Libre, and Creditas.
Belvo is committed to building the most advanced platform to help financial institutions and innovators make the most out of Open Finance. With this new funding, they are one step closer to achieving that goal.
For further reading about Belvo's partnership to improve access to credit in Mexico, please visit [insert link].
References:
[1] Belvo. (n.d.). About Us. Retrieved from https://belvo.com/about
[4] Belvo. (n.d.). Pay by Bank. Retrieved from https://belvo.com/pay-by-bank
[5] Belvo. (n.d.). Partners. Retrieved from https://belvo.com/partners
- Belvo, a leading Open Finance platform in Latin America, has raised $15 million to further develop its infrastructure and AI capabilities, aiming to democratize financial services and revolutionize recurring payment automation.
- The new funding round involves participation from investors such as Kaszek, Kibo Ventures, Future Positive, Citi Ventures, Y Combinator, Quona Capital, and JP Morgan Payments, demonstrating significant support for Belvo's fintech innovation.
- Belvo's next-generation Pay by Bank solution brings together data and payments in one offering, creating a frictionless, predictable payment experience for sectors reliant on monthly payments like gyms, insurance, education, and subscription services.
- The combined technology stack of Belvo and its partner Clip, a payment aggregator in Mexico, is built to scale, centralizing payment monitoring and operational decisions on one platform, thereby enhancing operational efficiency and liquidity management for businesses.
- With this funding, Belvo is one step closer to achieving its goal of building the most advanced platform to help financial institutions and innovators make the most out of Open Finance and finance-related technology in Latin America.
