Latin American open banking platform Belvo has secured $10m in a funding round to grow its financial API platform across the region.
The funding round was led by Founders Fund, an early backer of Facebook, SpaceX, Stripe, Airbnb, Spotify and Twilio.
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It was also led by Kaszek Ventures, who backed Nubank, Konfio, QuintoAndar, and more.
The latest funding round brings the total amount raised by the company to date to $13m.
Belvo co-founders Oriol Tintoré and Pablo Viguera said: “We are delighted to be partnering with such high-calibre 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.”
Belvo, which is currently live in Mexico and Colombia, teams up with fintechs in the region such as credit providers, personal finance companies and neobanks.
The company claims that its API platform can be leveraged to understand the end-user financial data for creating more inclusive and efficient financial products via open banking.
Belvo will use the latest capital to develop its products and expand its API coverage, foray into new verticals and tap new developer tools.
Belvo went live in January this year and onboarded hundreds of developers onto its platform so far.
It has partnered with dozens of fintechs and processed hundreds of thousands of API calls in less than three months.
Tintoré and Viguera added: “Efficient and 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.”
Belvo currently works with a team of 25 people in Mexico City and Barcelona. It aims to grow its team to 75 people by next year.
