Latin American FinTech Belvo secures $10m in new investment round

Having just bagged $10m from Founder Fund and Kaszek, Belvo is now looking to strengthen its open banking offering for companies in Mexico and Colombia.

Launched in May 2019, the company connects customers’ financial information to mobile phone banking apps.

Founders Fund and Kaszek co-led the $10m round, according to TechCrunch. Founders Fund has previously backed companies, the cyber risk analytics and insurance platform provider that secured $37m in September 2019.

Belvo’s new round brings the total investment injected into the venture to $13m. Y Combinator, angel investors and the massive Brazilian challenger bank Nubank are among the Belvo’s earlier backers.

Belvo has said it will use the investment too grow its team and its operations in Mexico and Spain.

Belvo’s new raise is a testament to how the Latin American FinTech space is going from strength to strength. Companies in the region has raised $5.5bn across 328 transactions since 2015, according FinTech Global’s research. More than half of deal activity has been captured by companies in the marketplace lending, payments and WealthTech subsectors, collectively amounting to 63.1% of transactions in the region since 2015.

Both companies native to the region, such as a55 that bagged a round of investment from the Santander Group’s venture capital fund the other day, and international FinTech companies, like Stripe and Revolut, have reaped the benefits of the Latin American scene’s growth in recent months.

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