Belvo, a Latin American fintech startup which launched time 12 months ago, has already snagged money from two of the biggest appoints in North and South American venture capital.
The company is aiming to expand the reach of its service that connects mobile employments in Mexico and Colombia to a customer’s bank information and now has some deep-pocketed investors to support its efforts.
If the business model dins familiar, that’s because it is. Belvo is acquiring a sheet from the Plaid playbook. It’s a strategy that ultimately webbed the U.S. startup and its investors $5.3 billion when it was acquired by Visa in January of this year.
Belvo and its patrons, who funneled $10 million into the year-old company, want to replicate Plaid’s success and opening to the outside world an entire new assortment of financial services companies in Latin american countries.
The round was co-led by Silicon Valley’s Founders Fund and Argentina’s Kaszek. With the brand-new arsenal of capital praised by the Founders Fund’s network and Kaszek’s deep knowledge of the Latin american states market, Belvo hopes to triple its current crew of 25 that is spread across procedures in Mexico City and Barcelona.
Since its initial foundation in May 2019, the company has raised a total of $13 million from Y Combinator( W20) along with some of the biggest musicians in Latin America’s startup situation. Those investors include David Velez, the co-founder of Brazil’s multi-billion dollar lending startup, Nubank; MAYA Capital and Venture Friends.
The company’s co-founders, Pablo Viguera and Oriol Tintore are no stranger to startups themselves. Viguera performed as COO at European remittances app Verse, and is a former general manager of one of the large-hearted European neo-banks, Revolut. Tintore is a former NASA aerospace engineer, and while working for his Stanford MBA, founded Capella Space, an info collecting startup that went on to raise over $50 million.
The company said it aims to work with produce fintechs in Latin american countries, encompassing across verticals like the neobanks, approval providers and personal investment concoctions Latin american states use every day.
Belvo has built a developer-first API platform that can be used to access and construe end-user business data to build better, more efficient and more all-inclusive financial products in Latin american countries. Developers of popular neobank apps, recognition providers and personal finance tools use Belvo’s API to connect bank account to their apps to open the superpower of open banking.
Viguera says the capital will be used to open a new place in Sao Paulo, and invest in brand-new concoction and business development hires. Notably, Belvo is only one year old, having launched in January 2020 and operative in Mexico and Colombia.
Belvo’s recent funding likewise recognizes another instance of a U.S.-Latin America investment teamup for a Latin american states company.
Nuvocargo, a logistics startup that wants to bolster the Mexico- U.S. craft thoroughfare with its freight transportation technology, also recently created a round co-led by Mexico’s ALLVP and Silicon Valley-based NFX. American investors may be starting to take note of the co-investment opportunity of putting capital into startups servicing of the Latin american states market in partnership with successful new wave domestic monies like Mexico’s ALLVP and Argentina’s Kaszek.
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