Belvo, a Mexican platform that links app developers with their end-users, announced their partnership with Visa. According to a press release, this partnership aims to “support the acceleration of open finance products and solutions in key markets in the region.”
Visa participated as an investor in the US$43 million Series A financing round that Belvo recently raised. Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital, and FJ Labs also participated in this round.
The joint work between Visa and Belvo will be to support new payment flows, integrate APIs and develop new areas, such as identity verification. If, for example, a bank within the region wants to create a new app to reach a segment, Visa and Belvo will work together to make it happen.
The Belvo API already provides connections with more than 50 financial institutions. They cover more than 90% of personal and company bank accounts in Mexico, Brazil and Colombia; as well as tax authorities such as the SAT and collaborative economy platforms (or gig economy).
To date, they already work with more than 125 clients.
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