Citi Ventures is now the latest big name to invest in Mexico City-based open finance API platform Belvo. Citi now joins Visa as an investor in Belvo, which closed a $43 million Series A funding round in June. This investment also sees Belvo work with Citi’s Mexican business, Citibanamex to spread open banking services in the Latin American region.
Belvo has developed an API platform that it states can be used to access and interpret end-user financial data to create better, more efficient and highly inclusive financial products in Latin America.
Launched in 2019, the startup already has links with more than 60 financial institutions and works with more than 125 clients including the biggest fintech and financial firms in Brazil, Mexico, and Colombia like Rappi, Jeeves, Ferratum, Mobills, and Higo.
The co-CEO of Belvo, Pablo Viguera, said:
“This investment is yet another great sign of the increasing collaborative efforts that are taking place between fintechs and traditional financial players in Latin America in the context of Open Finance.
As regulation quickly moves forward in countries like Brazil, Mexico, and Colombia, we believe that working together with financial institutions is key to bringing the benefits of these new models to more and more businesses and end-users, and that these collaborations will have a great impact on increasing access to better financial services across the region.”
Buy Crypto NowThe corporate director, consumer banking, Citibanamex, Sinead O´Connor, commented:
“Citi Ventures’ investment in Belvo will get Citibanamex closer to Belvo, accelerating our path to develop Open Banking capabilities while creating omnichannel, and deeply personalized, digital experiences and products for the benefit of our customers.”
