By FintechNews staff
–Belvo and Visa have partnered to support the acceleration of Open Finance products and solutions in LatAm, according to the official press release.
–Visa is one of the investors that participated in Belvo’s $43 million Series A funding round.
-Connectivity between financial institutions and developers has become increasingly important to facilitate consumers’ ability to use fintech applications.
–Belvo already provides connections through its API platform with over 50 financial institutions and works with over 125 clients including leading fintech and financial companies in Mexico, Brazil, and Colombia like Jeeves, Rappi, Mobills, Ferratum, and Higo.
-They use Belvo’s technology to build secure connections with their end users’ financial data and interpret the information to build more comprehensive financial services.
“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,” Belvo Co-founder and Co-CEO Pablo Viguera said in the company announcement Tuesday (Dec. 7).
–This investment is part of a wider collaboration among both companies. Visa and Belvo recently announced a strategic partnership under which they are already working together to help financial institutions and issuers across the region leverage and implement open finance solutions.
–“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,” said Romina Seltzer, Senior Vice President of Products & Innovation for Visa Latin America and the Caribbean.
