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Latin American Open Banking Startup Belvo Raises $43m for Expansion

Mexico City-based Open Finance API platform Belvo has raised $43 million in a Series A funding round.

The round was joined by Future Positive, Kibo Ventures, FJLabs, Maya Capital, Venture Friends, as well as angels including Nubank CEO and David Vélez and Wise CTO Harsh Sinha.

Belvo has built an API platform that it says can be used to access and interpret end-user financial data to build better, more efficient and more inclusive financial products in Latin America.

Just a year after launch, the firm has a customer base of over 60 companies across Mexico, Brazil, and Colombia and handles millions of monthly API calls.

Proceeds from the funding round – the largest ever fintech Series A in Latin America – will be used to expand to new countries, double Belvo’s financial institution connection coverage, and launch a bank-to-bank payment initiation offering in Mexico and Brazil.

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The startup also plans to double its headcount by the end of the year, hiring more than 50 engineers in Mexico and Brazil in the upcoming months.

Say co-CEOs Pablo Viguera and Oriol Tintoré: “We have very ambitious plans and this new round of funding will allow us to double down on scaling our product offering, expanding our geographic footprint, and hiring the best talent in the region.”