Latin American open banking startup Belvo raises $10m

Mexico City-based Belvo has raised $10 million from Founders Fund and Kaszek Ventures to grow its developer-first financial API platform across Latin America.

Founded a year ago, Belvo has built an API platform that it says can be used to access and interpret end-user financial data to build better, more efficient and more inclusive financial products in Latin America.

Currently operating in Mexico and Colombia, the startup says developers of popular neobank apps, credit providers and personal finance tools are already using its API to connect bank accounts to their apps to unlock the power of Open Banking.

With the new funding, the company will invest in product development to expand coverage of its API as well as develop new verticals and developer tools. To accomplish this, in the next 12 months the team of 25, based in Mexico City and Barcelona, will grow to 75.

Oriol Tintoré and Pablo Viguera,co-founders, Belvo, say: "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."