Latin American Open Finance platform Belvo has raised $15 million in funding, with the proceeds to be used to fund product development and the expansion of its product range across data and payments.
New investor Quona Capital, a venture capital fund focused on emerging markets fintech, participated in the round, alongside existing investors Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator.
Pablo Viguera and Oriol Tintoré, co-founders and co-chief executive officers of Belvo, called Open Finance “a structural shift” in Latin America, which has evolved into “a tangible reality” across the region.
“At Belvo, we’re building the most advanced platform to help financial institutions and innovators make the most out of Open Finance to power their businesses in unprecedented ways,” Viguera and Tintoré added.
They confirmed the new investment will enable Belvo to continue to develop “cutting-edge” infrastructure, scale its AI capabilities, and democratise access to financial services to millions of people and businesses across Latin America.
Since 2019, the number of digitally banked individuals has more than doubled in Brazil and Mexico, driven by regulatory developments such as Pix in Brazil, as well as platforms like Belvo.
Through Belvo’s platform, financial institutions and large enterprises can access and interpret end-user financial data, as well as initiate account-to-account payments in Latin America.
Belvo serves more than 150 customers, including BBVA, Banamex, Bradesco, Santander, Mercado Libre, and Creditas.
To date, more than 50 million individuals and businesses have connected their accounts through the Belvo platform to share financial data with financial services providers.
Belvo processes close to two million account-to-account payment transactions through its platform monthly, representing an annualized total payment volume of over $500 million.
The investment will enable Belvo to rollout next-generation Pay by Bank solutions, such as Pix Automático, its variable recurring payments solution in Brazil.
At the start of this year, Belvo teamed up with JP Morgan Payments to take recurring payment automation “to the next level” in Mexico.
Rafa de la Guia, partner at Quona Capital, said the most transformative Open Finance platforms bring together data and payments in a single offering.
“Belvo is uniquely positioned to drive the next wave of financial innovation in Latin America—combining best-in-class data capabilities with powerful payment solutions to help institutions better serve millions across the region,” said de la Guia.
Nicolás Szekasy, co-founder and managing partner at Kaszek, added: “Since our initial investment, we’ve believed Belvo is building the backbone of Open Finance in Latin America. This is not just a technological shift—it’s redefining how millions of people access, experience, and benefit from financial services.
“As adoption accelerates across the region, it’s clear this is a structural transformation. Belvo’s expansion from initially serving fintechs, to also becoming the go-to platform for leading banks, underscores the strength of its infrastructure and strategic vision.”
Further reading: Belvo partners to improve access to credit in Mexico
