Belvo Raises $43M Series A to Scale Open Finance APIs in LatAm

Belvo announced a $43 million Series A funding round on June 1, 2021, the largest such round for a Latin American fintech company according to Crunchbase. The round was backed by Kaszek, Future Positive, Kibo Ventures, FJ Labs, MAYA Capital, VentureFriends, and notable angel investors including Nubank co-founder David Vélez and Wise's Harsh Sinha. Belvo's API platform connects fintech applications to over 90% of personal and business bank accounts in Mexico, Brazil, and Colombia, as well as tax authorities and gig economy platforms.

By June 2021, the company served over 60 customers processing millions of monthly API calls under a Twilio-like per-call pricing model. The funding builds on Belvo's $10 million seed round from May 2020, led by Founders Fund and Kaszek. Kaszek's Nicolás Szekasy highlighted the exponential demand for financial services infrastructure in LatAm's largely underbanked markets.

The capital will be used to deepen coverage and enable neobanks, credit providers, and personal finance apps to build more inclusive financial products through comprehensive data access.