Belvo, a Latin American fintech start-up which introduced just 12 months earlier, has actually currently snagged funding from two of the greatest names in North and South American equity capital.
The business is aiming to broaden the reach of its service that links mobile applications in Mexico and Colombia to a consumer’s banking info and now has some deep-pocketed investors to support its efforts.
Belvo is borrowing a page from the Plaid playbook.
Belvo and its backers, who funneled $10 million into the year-old business, wish to reproduce Plaid’s success and open up a whole brand-new series of financial services companies in Latin America.
The round was co-led by Silicon Valley’s Creators Fund and Argentina’s Kaszek. With the new arsenal of capital complimented by the Creators Fund’s network and Kaszek’s deep knowledge of the Latin American market, Belvo intends to triple its present group of 25 that is spread out across operations in Mexico City and Barcelona.
Given that its preliminary establishment in Might 2019, the business has actually raised a total of $13 million from Y Combinator (W20) together with some of the biggest gamers in Latin America’s start-up scene. Those investors include David Velez, the co-founder of Brazil’s multi-billion dollar providing start-up, Nubank; MAYA Capital and Venture Friends.
The business’s co-founders, Pablo Viguera and Oriol Tintoré are no stranger to start-ups themselves.
The company said it intends to deal with leading fintechs in Latin America, spanning across verticals like the neobanks, credit service providers and individual finance products Latin Americans utilize every day.
Belvo has actually developed a developer-first API platform that can be used to gain access to and translate end-user financial information to develop better, more efficient and more inclusive financial items in Latin America. Developers of popular neobank apps, credit providers and individual finance tools utilize Belvo’s API to link checking account to their apps to unlock the power of open banking.
Viguera says the capital will be used to open a brand-new workplace in Sao Paulo, and invest in brand-new product and company development works with. Notably, Belvo is only one years of age, having actually launched in January 2020 and operative in Mexico and Colombia.
Co-founders Pablo Viguera and Oriol Tintoré are a former Revolut GM and former NASA aerospace engineer.
Belvo’s latest financing also marks another instance of a U.S.-Latin America investment teamup for a Latin American business.
Nuvocargo, a logistics startup that wants to strengthen the Mexico– U.S. trade lane with its freight transport technology, also just recently raised a round co-led by Mexico’s ALLVP and Silicon Valley-based NFX. American investors may be starting to bear in mind of the co-investment chance of putting capital into start-ups serving the Latin American market in collaboration with successful new age domestic funds like Mexico’s ALLVP and Argentina’s Kaszek.
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