Belvo has acquired Brazilian payment institution Skilopay to bolster its position as a leading account-to-account payments provider in Brazil and Latin America.
This deal, which is Belvo’s first, will enable it to expand its current portfolio of payment products, which includes open finance payment initiation, to become the most complete account-to-account payments provider in Brazil.
Belvo has a Payment Transaction Initiator (ITP) licence to initate payments under the Brazilian Central Bank’s Open Finance regulated framework.
The company helps Brazilian companies accept funds through open finance payment initiation with improved conversion and security. This acquisition will open up a wide range of new payment use cases that Belvo is currently developing and will release in the coming months. These solutions include instant pay-in and pay-out capabilities through Pix and holding funds in Belvo accounts where payments can be easily received and disbursed.
Pix is an instant payment platform that is managed by the monetary authority of Brazil.
Belvo general manager Albert Morales said, “We are excited to announce the acquisition of Skilopay in Brazil. Thanks to Skilopay’s expertise around Pix payments, we are now able to offer a more complete set of payment solutions to our customers in Brazil.
“Our aim is to provide companies with easier ways of receiving, holding and sending money through account-to-account payment rails in Latin America and this acquisition brings us one step closer to achieving that goal.”
Belvo works with over 150 clients in Brazil, Mexico and Colombia, including large financial institutions, neobanks, lenders and ERP companies.
In other Brazilian FinTech news, InsurTech startup Justos secured $5.5m in a funding round led by an unnamed reinsurer. The company sells insurance through a monthly payment basis, with policies covering auto insurance.
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