Visa has revealed that it is one of the investors that joined the open finance API platform Belvo’s $43m Series A funding round.
The digital payments giant’s investment is part of a collaboration among companies, which was announced last month.
Visa and Belvo joined forces to develop and support the acceleration of open finance products and solutions across key markets in Latin America.
Founded in 2019, the technology provider has operations in Mexico, Brazil, and Colombia.
The investment will see Visa join the team of Belvo’s backers such as Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital, and FJ Labs, among others.
Belvo’s clients use its API technology to gain access to their end-users financial data and build financial services.
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It has connections with more than 50 financial institutions and works with over 125 clients including fintech and financial institutions such as Jeeves, Rappi, Mobills, Ferratum, and Higo.
Visa Latin America and the Caribbean senior vice president of products & innovation Romina Seltzer said: “At Visa, we believe open finance has the potential to unleash great collaboration across all payment’s ecosystem participants, while ultimately driving greater financial inclusion and empowering consumers with more choice in how and where they share their financial data.”
Belvo co-founder and co-CEO said: “As we’ve built our product and team and grown as a company, we’re now entering a new phase where market expansion and collaboration with several strategic partners is key to providing reliable and secure capabilities at scale to our clients.”