An innovative financial technology company in Latin America, Belvo, has secured a significant funding boost of $15 million to propel its product innovation and broaden its service spectrum. This investment will focus on enhancing data and payment solutions, ensuring that Belvo remains at the forefront of technological advancement within the region. By integrating advanced artificial intelligence and expanding infrastructure, Belvo aims to revolutionize how financial institutions operate and interact with their clients.
The round was joined by Quona Capital, a leading venture capital firm specializing in emerging markets fintech, along with existing investors such as Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator. Co-founders Pablo Viguera and Oriol Tintoré emphasize that Open Finance represents a fundamental transformation in Latin America, transitioning from a concept into an operational reality. They highlight Belvo’s mission to create an advanced platform enabling financial entities and innovators to harness the full potential of Open Finance for unprecedented business growth.
This influx of capital will empower Belvo to develop cutting-edge infrastructure and scale AI capabilities, fostering inclusive access to financial services across Latin America. Since 2019, there has been a remarkable increase in digitally banked individuals in Brazil and Mexico, driven by regulatory advancements like Pix in Brazil and platforms similar to Belvo. With over 150 customers, including major banks and enterprises, Belvo processes nearly two million account-to-account payment transactions monthly, representing an annualized total payment volume exceeding $500 million. Partnerships with global firms such as JP Morgan Payments further enhance Belvo’s offerings, positioning it as a pivotal player in transforming the financial landscape.
Innovation in finance is not merely about adopting new technologies but also about redefining accessibility and user experience. Belvo exemplifies this through its commitment to democratizing financial services, ensuring millions gain equitable access to modern banking solutions. As the company continues to expand its reach and influence, it solidifies its role as a catalyst for positive change in Latin America's financial ecosystem, paving the way for a more inclusive and technologically advanced future.