The global digital payments company Visa has entered as an investor in the API platform (application programming interfaces) Belvo, as part of a collaboration between both companies and with a view to promoting the open finance model (open finance) in the Latin American region.
Currently, Belvo connects more than 50 financial institutions through its API platform, and works with more than 125 companies, including financial technology companies and banking and non-banking institutions, in Mexico, Brazil and Colombia.
Within the universe of firms that use the Belvo platform are companies such as Jeeves, Rappi, Mobills, Ferratum e FIG, which use the financial data of their users to interpret and enrich information and thus build more personalized financial services.
“This investment is part of a broader collaboration between the two companies. Visa and Belvo recently announced a strategic agreement under which they are already working together to help financial institutions and card issuers throughout the region to take advantage of and implement open finance solutions ”, it was detailed in a statement.
Likewise, it was pointed out that both companies are exploring ways to develop new capacities based on open finance, in order to improve the experience for the consumer, as well as new payment flows.
“After having built our product and team and grown as a company, we are now entering a new phase in which market expansion and collaboration with various strategic partners is key to offering reliable and safe solutions at scale to our customers,” he explained. Pablo Viguera, co-founder and co-founder of Belvo.
According to Belvo, with this investment, of which the amount was not detailed, Visa joins the list of investors on the platform, which includes firms such as Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital and FJ Labs, among others.