Citi Ventures is the latest big name to invest in Belvo, the Mexico City-based open funding API platform.
Citi Ventures joins Visa as an investor in Belvo, which closed a $43 million Series A funding round last June. The investment also sees Belvo working with Citi’s Mexican business, Citibanamex, to promote open banking in the country.
Belvo has built an API platform that it says can be used to access and interpret end-user financial data to create better, more efficient and more inclusive financial products in Latin America.
Founded in 2019, the startup already has relationships with over 60 financial institutions and works with over 125 clients, including leading financial and fintech companies in Mexico, Brazil and Colombia like Jeeves, Rappi, Mobills, Ferrata and Higo.
Pablo Viguera, co-CEO of Belvo, said: “This investment is another great sign of the growing collaborative efforts taking place between fintechs and traditional financial players in Latin America within the framework of open finance.
“As regulations move rapidly in countries like Brazil, Mexico and Colombia, we believe working with financial institutions is key to bringing the benefits of these new models to more and more businesses and users. end results, and that these collaborations will have a great impact on improving access to better financial services in the region.”
Sinead O’Connor, Corporate Director, Consumer Banking, Citibanamex, added, “Citi Ventures’ investment in Belvo will bring Citibanamex closer to Belvo, accelerating our path to building Open Banking capabilities while creating experiences and omnichannel and deeply personalized digital products for the benefit of our customers.”