Belvo announces that it has raised $10m to further grow its developer-first financial API platform across Latin America. The round was led by Founders Fund (an early backer of Facebook, SpaceX, Stripe, Airbnb, Spotify and Twilio) and Kaszek Ventures (an early backer of Nubank, Konfio, QuintoAndar, Creditas, Kavak and NotCo).
Belvo has built a developer-first API platform that can be used to access and interpret end-user financial data to build better, more efficient and more inclusive financial products in Latin America. Developers of popular neobank apps, credit providers and personal finance tools use Belvo’s API to connect bank accounts to their apps to unlock the power of Open Banking.
With this funding, the company will invest in product development in order to expand coverage of its API as well as develop new verticals and developer tools. To accomplish that, in the next 12 months Belvo will look to triple its current team of 25, spread across HQs in Mexico City and Barcelona. The company will hire across technology, product and business development.
Belvo is currently operating in Mexico and Colombia. Since going live in January 2020, Belvo has onboarded hundreds of developers onto its platform and is working with dozens of the leading fintechs across its markets of operation. In just under three months, Belvo has already processed hundreds of thousands of calls via its API.
According to Oriol Tintoré and Pablo Viguera, Co-Founders at Belvo, “we are delighted to be partnering with such high-caliber investors such as Founders Fund and Kaszek Ventures. Their proven track-record in fintech and infrastructure as well as Kaszek’s deep knowledge of the Latin American market will be invaluable in helping us grow Belvo for the years to come. In addition, they very much share our vision that creating more efficient, empowering and inclusive financial products in Latin America should come from a radically new and developer-first infrastructure that innovators can build on top of.”
On the other hand, Nicolás Szekasy, Co-Founder and Managing Partner at Kaszek Ventures, said that “since their launch, the Belvo team has been executing on their vision of democratizing the access to financial information. They have resolved very complex technical challenges and developed a product that fits perfectly with a market deeply in need of more efficient financial services.”
In addition, Matias Van Thienen, Principal at Founders Fund, explain that “we are excited to partner with Belvo as they build out critical infrastructure to power a new generation of fintech applications across Latin America. Open Banking will be a transformational trend in the region and this team is best equipped to conquer the market.”
Prior to this round, Belvo had raised $3m in pre-seed funding and was part of YCombinator’s Winter 2020 batch. Earlier backers include MAYA Capital, Venture Friends, Latinia, David Vélez (Founder and CEO of Nubank), Unpopular VC and STARTegy.