Investment Secured: Latin American Open Finance Platform Belvo obtains $15 million
Belvo, a leading Open Finance platform in Latin America, has announced a $15 million funding round. The investment will enable the company to continue developing cutting-edge infrastructure, scale its AI capabilities, and democratise access to financial services.
The new investor, Quona Capital, a venture capital fund focused on emerging markets fintech, participated in the round. Existing investors Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator also took part in the funding.
Rafa de la Guia, partner at Quona Capital, believes that the most transformative Open Finance platforms bring together data and payments in a single offering. He stated that Belvo is uniquely positioned to drive the next wave of financial innovation in Latin America.
Pablo Viguera and Oriol Tintoré, co-founders and co-chief executive officers of Belvo, called Open Finance a "structural shift" in Latin America. They believe that Belvo is building the most advanced platform to help financial institutions and innovators make the most out of Open Finance.
Product Development and Expansion
The new investment will be used for product development and expansion of the product range across data and payments. Belvo’s platform now offers advanced employment data tools that help fintechs like Clip verify income and employment status to build credit profiles for previously unbanked or thin-profile borrowers. This supports automated risk adjustments and payment collections, enabling credit access without traditional banking history.
Strategic Partnerships
The strategic partnership with Mexican payment aggregator Clip exemplifies Belvo’s collaborative approach to broadening financial services. Clip uses Belvo’s Open Finance platform to power its credit arm for SMB lending. There are also integrations underway to support automated loan processing and payment functionalities.
Regional Expansion
Belvo is deeply embedded in Mexico’s growing fintech ecosystem, powering services such as PrestaClip’s lending offering and working through partnerships with companies like Clip and data platform firms like Mutt Data. It is also part of the broader Latin American infrastructure focused on inclusive finance, with strong adoption in Mexico where venture capital and fintech innovation are flourishing.
Future Plans
Future plans appear focused on continuing to scale platform capabilities, deepen integration with financial institutions and fintechs, and expand infrastructure across Latin America to reach underserved markets and SMEs. By powering data-driven credit and payment solutions, Belvo aims to address financial inclusion challenges—particularly credit access in regions with high unbanked populations or lacking credit histories.
Since 2019, the number of digitally banked individuals has more than doubled in Brazil and Mexico. Belvo serves more than 150 customers, including BBVA, Banamex, Bradesco, Santander, Mercado Libre, and Creditas. Nicolás Szekasy, co-founder and managing partner at Kaszek, believes that Belvo is building the backbone of Open Finance in Latin America.
Belvo processes approximately two million account-to-account payment transactions monthly, representing an annualized total payment volume of over $500 million.
For more information about Belvo partnering to improve access to credit in Mexico, please visit this link.
[1] Belvo - https://www.belvo.com/ [2] Quona Capital - https://www.quonacapital.com/ [3] Kaszek - https://www.kaszek.com/ [4] Kibo Ventures - https://kiboventures.com/ [5] Future Positive - https://futurepositive.vc/ [6] Citi Ventures - https://www.citiventures.com/ [7] Y Combinator - https://ycombinator.com/
- Quona Capital, a venture capital fund focusing on emerging markets fintech, has invested in Belvo, a leading Open Finance platform in Latin America, as part of a $15 million funding round.
- The investment will support product development and expansion across data and payments for Belvo, including the advancement of its employment data tools that assist fintechs, like Clip, in verifying income and employment status to create credit profiles for previously unbanked or thin-profile borrowers.
- Belvo's strategic partnership with Mexican payment aggregator Clip is a testament to its collaborative approach, with Clip using Belvo's platform to power its credit arm for SMB lending, and integrations underway to support automated loan processing and payment functionalities.
- Expansion plans for Belvo include scaling platform capabilities, deepening integration with financial institutions and fintechs, and expanding infrastructure across Latin America to aid financial inclusion efforts, particularly in regions with high unbanked populations or lacking credit histories.
- By powering data-driven credit and payment solutions, Belvo aims to address financial inclusion challenges, leveraging technology to transform the finance sector in Latin America, ultimately positioning itself as the backbone of Open Finance in the region.
