TechCrunch (May 28, 2020).- Belvo, a Latin American fintech startup that launched just 12 months ago, has already snagged funding from two of the biggest names in North and South American venture capital.
The company is aiming to expand the reach of its service that connects mobile applications in Mexico and Colombia to a customer’s banking information and now has some deep-pocketed investors to support its efforts.
If the business model sounds familiar, that’s because it is. Belvo is borrowing a page from the Plaid playbook. It’s a strategy that ultimately netted the U.S. startup and its investors $5.3 billion when it was acquired by Visa in January of this year.
Belvo and its backers, who funneled $10 million into the year-old company, want to replicate Plaid’s success and open up an entire new range of financial services companies in Latin America.
The round was co-led by Silicon Valley’s Founders Fund and Argentina’s Kaszek. With the new arsenal of capital complemented by the Founders Fund’s network and Kaszek’s deep knowledge of the Latin American market, Belvo hopes to triple its current team of 25 that is spread across operations in Mexico City and Barcelona.
Since its initial establishment in May 2019, the company has raised a total of $13 million from Y Combinator (W20) along with some of the biggest players in Latin America’s startup scene. Those investors include David Vélez, the co-founder of Brazil’s multibillion dollar lending startup, Nubank; MAYA Capital and Venture Friends.
The company’s co-founders, Pablo Viguera and Oriol Tintoré are no stranger to startups themselves. Viguera served as COO at European payments app Verse, and is a former general manager of one of the big European neobanks, Revolut. Tintoré is a former NASA aerospace engineer, and while working for his Stanford MBA, founded Capella Space, an information collection startup that went on to raise over $50 million.
The company said it aims to work with leading fintechs in Latin America, spanning across verticals like the neobanks, credit providers and personal finance products Latin Americans use every day.
Belvo has built a developer-first API platform that can be used to access and interpret end-user financial data to build better, more efficient and more inclusive financial products in Latin America. Developers of popular neobank apps, credit providers and personal finance tools use Belvo’s API to connect bank accounts to their apps to unlock the power of open banking.
Viguera says the capital will be used to open a new office in Sao Paulo and invested in new product and business development hires. Notably, Belvo is only one year old, having launched in January 2020 and operative in Mexico and Colombia.
more recommended stories
25 year-old man choked to death in restaurant in northern Merida
A young man, 25 years old,.
Yucatan, the state with the second highest number of active Covid cases
Yucatan has the second highest number.
Volaris cancels departure of flight to Mexico City from Merida airport
Shortly before 10:00 a.m., Volaris personnel.
Motorcyclists skid on Merida’s Periferico and narrowly escape death
This Friday morning, two motorcyclists who.
Motorcycle taxi driver who raped a 13-year-old boy in Yucatan, finally received sentence
After three years have passed since.
Yucatecan businessmen continue to reinforce their confidence to invest and generate jobs in the state
Yucatecan businessmen contribute to continue driving.
Weapon seized on Merida college campus
A heavy security operation was set.
Accelerated increase of Covid-19 in Yucatan could favor the risk of a double epidemic
In Yucatan there is a high.
Renan Barrera inaugurates training and digital inclusion classroom for seniors
In an atmosphere of joy for.
Man found guilty of femicide in Umán, Yucatán
After evaluating the evidence provided by.