Belvo $43M Series A
Congratulations to Uri Tintore and Pablo Viguera on closing their $43 million Series A, 18 months after their launch into Latin America. When we invested in Belvo’s pre-seed round while it was still in Spain, many questioned whether Plaid could simply move into other markets ahead of them. Many questioned whether a team from Spain could make inroads into Latin America, and whether this particular team had the grit or perseverance to tackle such a hard problem in a foreign market. Opening finance meant pushing incumbents who are slow to adopt new technology.
Since graduating from Y-Combinator, and closing a Seed round from the top investors in Latin America such as MAYA Capital and Kaszek, Belvo has continued to press the pace. Now active with 60 clients across Mexico, Brazil, Mexico and Colombia, they handle millions of API calls, allowing companies to connect to over 90 percent of the personal and business bank accounts across Latin America. They’re additionally partnering with gig economy platforms like Uber and Rappi, and we can’t wait to see the synergies with them helping enable our other portfolio companies in Latin America like JEFA (NuBank for Women), Flat.MX (OpenDoor of Mexico), Sami (Oscar Health of Brazil), and Ninety Nine (RobinHood for Spain).
Over a dozen neobanks, new credit providers, online ERPs, personal finance management (PFM) and wallets are now building on top of Belvo’s infrastructure rails, meaning they’re enabling the next generation of LatAm fintech players. Early movers like David Velez, founder of NuBank, spotted this trend and are investors along with us in Belvo, now plugging them into NuBank’s over 30 million customers.
We believe in open finance as a way to level the playing field to a new generation of younger players, companies, and entrepreneurs, and Belvo are empowering this new trend. Congrats on the next phase of growth! 🚀