Belvo has raised $45m in a Series A funding round to expand the reach of its financial API platform across Latin America.

The financing round saw participation from new and previous investors, including Future Positive, Kibo Ventures, FJLabs, Kaszek and MAYA Capital.

Business angels such as Rappi co-founder and president Sebastián Mejía and Wise CTO Harsh Sinha also joined the round.

Referring to Crunchbase data, Belvo said the round represents the largest Series A funding raised by a Latin American fintech.

The open banking firm raised $10m in a seed funding round co-led by Founders Fund and Kaszek in May 2020.

Commenting on the Series A round, the firm said: “This milestone demonstrates that open finance represents a truly transformational opportunity for Latin America’s financial sector in the next decade.

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“And that Belvo is poised to continue building category-defining infrastructure and API tools to power this next generation of financial services.”

Belvo started operations in 2020 and currently has more than 60 clients across Mexico, Brazil and Colombia.

It works with fintechs in Latin America across verticals such as the neobanks, credit providers, wallets and personal finance products.

The fresh funds will help boost the firm’s product development and geographical reach. The plan is to expand its open finance platform to new Latin American markets.

Belvo will also launch its bank-to-bank payment initiation offering in Mexico and Brazil. It will double its staff by the end of this year from current 70 employees.