Citi Ventures has become the latest prominent investor in Belvo, an open finance API platform based in Mexico City. This investment comes alongside Visa, which also backs the company, following Belvo’s successful $43 million Series A funding round last June. The partnership will see Belvo collaborate with Citibanamex, Citi’s Mexican business, to advance open banking initiatives in the country.
Belvo has developed an API platform designed to access and interpret end-user financial data, enabling the creation of more efficient and inclusive financial products throughout Latin America. Founded in 2019, the startup has established connections with over 60 financial institutions and serves more than 125 clients, including prominent fintechs and financial companies in Mexico, Brazil, and Colombia, such as Jeeves, Rappi, Mobills, Ferratum, and Higo.
Pablo Viguera, co-CEO of Belvo, stated, “This investment reflects the growing collaboration between fintechs and traditional financial institutions in Latin America as part of Open Finance. As regulations evolve in Brazil, Mexico, and Colombia, we believe that partnering with financial institutions is crucial to delivering the advantages of these new models to a wider range of businesses and consumers, ultimately enhancing access to improved financial services across the region.”
Sinead O’Connor, corporate director of consumer banking at Citibanamex, remarked, “Citi Ventures’ investment in Belvo will bring Citibanamex closer to the platform, accelerating our journey to develop Open Banking capabilities and creating omnichannel, highly personalized digital experiences and products for our customers.”