Newt, an integrated platform for digital financial services, has signed a service agreement with the open banking API platform Belvo.

Canada’s Newt will use Belvo’s technology to service its lending-as-a-service (LaaS) offering across North America.

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As per the agreement, Belvo will provide bank data aggregation software to Newt along with access to standardised transactional data from individuals and bank accounts and the ability to pull out account holder information.

The partnership is aimed at boosting Newt’s risk assessment and underwriting capabilities using the data acquired from Belvo’s technology.

Newt expects the partnership to simplify new client onboarding using the financial data for verification.

Newt Latin America CEO Sergio Maya Aleman said: “This is an exciting collaboration for Newt as we continue to integrate top-of-the-line control systems into our new lending processes.

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“Compliance and transparency with all of our business verticals is paramount, and Belvo’s platform enables us to have vital reconciliation capabilities.

“The integration process with Belvo has been highly efficient, and we are confident that this partnership will provide better financial services to our clients across North America.”

Belvo Co-CEO Pablo Viguera said: “We are very pleased with this new collaboration. For us, it is crucial to be the enabler of financial innovations in Latin America, and we are confident that Open Banking will be a vital tool to provide better financial services in this region.”

In June 2021, Belvo raised $43m through Series A funding round to further the development of open finance products and solutions in key Latin American markets.