Visa and Belvo also announced a strategic partnership aiming to develop joint solutions to drive open finance forward in the region, with Belvo already providing connections through its API platform in Latin America.
Belvo has already raised USD 43 million in a Series A funding round from Visa, FJ Labs, Founders Fund, and others, and enters a new phase of market expansion and collaboration with other strategic partners. In the long term, the company wishes to enable fintechs, financial institutions, and large enterprises to get on board with the open finance models and leverage financial data in LATAM.
The benefits of open finance include a better collaboration across all the participants of a payment’s ecosystem, financial inclusion, transparency, and empowered consumers who can choose how to share their financial data.
Headquartered in LATAM and Spain, Belvo is already present on the financial markets of Mexico, Brazil, and Colombia, aiming to expand its dominance in LATAM by joining other emerging markets in the future.
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