Citi Ventures, Citi’s venture capital investing group, announced its investment in Belvo, the leading Open Finance API platform in Latin America.
The financing is already leading to joint explorations of opportunities to bolster the development of the Open Finance ecosystem in Mexico. Specifically, Belvo is exploring ways to create new products and services that leverage Open Finance and that can foster more innovation and financial inclusion.
Belvo already provides connectivity through its API platform to over 60 financial institutions and works with over 150 clients, including leading financial institutions and fintechs in Mexico, Brazil, and Colombia like Tribanco, Rappi, Mobills, and Mercado Libre. These companies use Belvo’s Open Finance technology and platform to build reliable and secure connections with their end-users financial data and interpret and enrich this information to launch innovative financial services.
“This investment is yet another great sign of the increasing collaborative efforts that are taking place between fintechs and traditional financial players in Latin America in the context of Open Finance. As regulation quickly moves forward in countries like Brazil, Mexico, and Colombia, we believe that working together with financial institutions is key to bringing the benefits of these new models to more and more businesses and end-users, and that these collaborations will have a great impact on increasing access to better financial services across the region. Citi is one of the top financial institutions in the world and Latin America, with operations in more than 20 countries in the region. We’re ecstatic to collaborate with them in their commitment to innovation”Pablo Viguera, co-CEO and cofounder of Belvo.
“At Citibanamex, we aim to offer the best banking experience in Mexico. Citi Ventures’ investment in Belvo will get Citibanamex closer to Belvo, accelerating our path to develop Open Banking capabilities while creating omnichannel, and deeply personalized, digital experiences and products for the benefit of our customers,” said Sinead O´Connor, Corporate Director of Consumer Banking, Citibanamex.
“Open Banking represents an enormous opportunity in Latin America as a key enabler of the explosively growing fintech ecosystem in the region, and we are excited to invest in Belvo, which we view as the leading provider in this exciting space,” said Luis Valdich, Managing Director of Venture Investing, Citi Ventures.
With this investment, Citi Ventures joins Belvo’s line-up of investors including Visa, Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital, and FJ Labs, among others.