Citi Ventures To Fund LatAm Open Finance Fintech Belvo
As per the latest news, Citi Ventures, the funding capital arm of one of the world’s largest investment banks, has recently provided funds to Belvo.
The unrevealed aforesaid investment into Belvo, an open finance API platform in Latin America, will support the co-advancement of an “Open finance ecosystem” in Mexico between banks and fintechs.
Pablo Viguera, co-CEO, and cofounder of Belvo explained that Belvo was elated to associate with Citi and was notified of the trend of improving open finance association between fintechs and traditional financial leaders in Latin America.
He said, “As guidelines rapidly shift ahead in nations like Brazil, Mexico, and Colombia, we think that operating together with financial institutions will help leverage the benefits of these new technologies to more & more businesses and end users and that these associations will put a great influence on increasing access to better financial services across the area.”
Recommended Read - How Fintech Is Driving Financial Growth To SMEs To Survive From Pandemic?
Belvo, which closed a $43m Series A round in which Visa also participated, is similar to Plaid in that it aids institutions and banks with safe transactions for end users’ financial information.
It currently supports connectivity through its API platform to more than 60 financial institutions and operates with over 150 clients, including financial institutions and fintechs in Mexico, Brazil, and Colombia such as Tribanco, Rappi, Mobills, and Mercado Libre.
Belvo was established in 2019 by Pablo Viguera and Oriol Tintoré and is supported by some of the Kaszek, Founders Fund, Future Positive, and Kibo Ventures, and has received a total of $56m.
Sinead O´Connor, Corporate Director of Consumer Banking, Citibanamex explained, “At Citibanamex, we are focused on offering the best banking experience in Mexico. Citi Ventures’ investment in Belvo will bring us closer to Belvo, encouraging our approach to develop Open Banking capabilities while making omnichannel, and profoundly customized, digital experiences and products to serve our clients.”
Recommended Read - Fintechs Are Proving To Be A Boon For Small Exporters