The startup Finerio Connect, based in Mexico City, has secured an investment round of USD$6.5 million.
This capital injection will be used to support the development of their open finance platform, which facilitates access to personalized financial services.
This funding was led by Third Prime and involved strategic investors such as Visa, Bancolombia Ventures, and Krealo, the venture capital arm of Credicorp.
In addition to Alaya Capital, Gaingels, Plug and Play, and Winklevoss Capital, there was participation from a group of angel investors associated with Guiabolso, Dock, and ClassPass.
Previously, the company had raised around USD$3.2 million in SAFE notes.
The additional funds will be allocated to hiring key personnel, expanding the API center to two new countries, and increasing the overall platform usage, contributing to the continued growth of Finerio Connect.
In the fintech field in which Finerio operates, three companies are among the top 10 best-valued unicorns in Latin America.
Founded in 2018 by co-CEOs Nick Grassi and José Luis López, Finerio Connect’s mission is to enable the exchange and consumption of financial data, as well as consistent data analysis throughout Latin America.
Initially, Nick Grassi, an American, moved to Mexico with a Fulbright scholarship and began his career at Deloitte Consulting Mexico, where he met José Luis López, according to TechCrunch.
In 2016, they took on the role of early adopters of fintech in Mexico, assisting various companies such as banks, payment processors, and insurers in understanding the potential of the fintech revolution in their operations.
The pair developed their own automated personal finance manager, which they presented at the Startup Battlefield Latin America at TechCrunch Disrupt in 2018.
This coincided with the enactment of the fintech law in Mexico, one of the first fintech regulations in Latin America that focused on transparency.
In the last 18 months, API usage has increased by 700%. The company plans to expand its reach to 40 other financial institutions in the next year.
