Visa and Belvo Combine Efforts To Develop New Open Finance Capabilities in LataAm
By Francis Bignell
Belvo, the open finance API platform in Latin America has partnered with Visa, the global paytech, to drive open finance in the region. The announcement follows Visa’s investment in Belvo’s Series A funding round which saw $43million raised.
Belvo already provides connections through its API platform with over 50 financial institutions and works with over 125 clients including leading fintech and financial companies in Mexico, Brazil, and Colombia like Jeeves, Rappi, Mobills, Ferratum, and Higo. These companies use Belvo’s technology to build reliable and secure connections with their end-users financial data, as well as interpret and enrich this information to build innovative financial services.
This investment is part of a wider collaboration among both companies. Visa and Belvo recently announced a strategic partnership under which they are already working together to help financial institutions and issuers across the region leverage and implement open finance solutions. Additionally, both companies are exploring ways to develop new open finance capabilities, such as richer consumer experiences and new payment flows.
With this investment, Visa joins Belvo’s line-up of investors including Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital, and FJ Labs, among others.
Source: The Fintech Times (link opens in a new window)