In a significant financial move, Belvo, an open finance API platform based in Mexico City, has raised $15 million in a funding round led by Quona Capital and supported by Citi Ventures. This investment, announced on April 21, 2025, marks a pivotal moment for Belvo as it seeks to bolster its Open Finance product suite across both data and payments while advancing its artificial intelligence capabilities.
The funding round also saw participation from prominent investors such as Kaszek, Kibo Ventures, Future Positive, and Y Combinator. The capital will be utilized to improve services that enable financial institutions and enterprises to access and interpret end-user financial data seamlessly.
Belvo’s platform plays a crucial role in the financial technology landscape of Latin America, allowing for direct access to financial data and the facilitation of account-to-account payments. With over 150 customers, including notable names like BBVA, Banamex, and Mercado Libre, Belvo is becoming a key player in the region's financial ecosystem.
"Open Finance represents a structural shift in Latin America and has evolved into a tangible reality across the region," said Pablo Viguera, co-CEO of Belvo. He continued, emphasizing the potential impact of their services: “At Belvo, we’re building the most advanced platform to help financial institutions and innovators make the most out of Open Finance to power their businesses in unprecedented ways."
Along with a partner network that includes significant banks and digital companies throughout Mexico and Brazil, Belvo aims to facilitate improved credit underwriting processes, streamline account-to-account payment experiences, and optimize user onboarding flows.
Belvo’s growth strategy can be attributed to the increasing demand for open finance solutions in Latin America. By harnessing the power of open APIs, the company is positioned to drive further innovation and financial inclusion in the region.
Investors are optimistic about the implications of this funding round. As Oriol Tintoré, co-CEO of Belvo, stated, "With this funding, we’ll be able to expand our capabilities and offer even more tools to our clients, helping them thrive in the evolving financial landscape." The co-CEOs’ vision is clear, leveraging advanced technology to meet the burgeoning needs of financial institutions and their customers.
Belvo’s emergence signifies a broader trend within the Latin American fintech sector, where open finance is rapidly becoming a foundational component of financial services. The ongoing investment will likely enhance competition among financial providers, encouraging innovation and improving customer experience across the board.
Looking ahead, the successful fundraising efforts not only reinforce Belvo's market position but highlight the increasing recognition of open finance solutions as a vital component of the financial system in Latin America. As the landscape continues to evolve, companies like Belvo will be pivotal in shaping the future of finance in the region.