Open Banking platform Belvo closes $10m round led by Founders Fund and Kaszek Ventures

Belvo has raised $10m to further grow its developer-first financial API platform across Latin America. 

The round was led by Founders Fund (an early backer of Facebook, SpaceX, Stripe, Airbnb, Spotify and Twilio) and Kaszek Ventures (an early backer of Nubank, Konfio, QuintoAndar, Creditas, Kavak and NotCo).

Currently live in Mexico and Colombia, Belvo works with fintechs in the region across all verticals, including neobanks, credit providers and personal finance.

Belvo says its API platform can be used to access and interpret end-user financial data to build financial products that can be more inclusive as well as more efficient via Open Banking.

With the new funding, the company says it will invest in product development in order to expand coverage of its API as well as develop new verticals and developer tools. 

Belvo is currently operating in Mexico and Colombia. Since going live in January 2020, Belvo has onboarded hundreds of developers onto its platform and is working with dozens of the leading fintechs across its markets of operation and - in  under three months -  has already processed hundreds of thousands of API calls.

Oriol Tintoré and Pablo Viguera, Co-Founders at Belvo (pictured), say they want to build more “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.”

Prior to this round, Belvo had raised $3m in pre-seed funding and was part of YCombinator’s Winter 2020 batch. Earlier backers include MAYA Capital, Venture Friends, Latinia, David Vélez (Founder and CEO of Nubank), Unpopular VC and STARTegy.