Latin American Open Finance platform, Belvo, acquires fresh $15 million funding investment

Latin American Open Finance platform, Belvo, acquires fresh $15 million funding investment

In a groundbreaking development, Belvo, a leading Latin American Open Finance platform, has launched Pix Automático – a next-generation payment solution designed to automate recurring payments via Pix, Brazil's instant payment system. The new service, developed under the guidance of Brazil’s Central Bank, aims to streamline the local payment ecosystem by simplifying subscriptions, monthly bills, and other recurring transactions [1][2].

Pix Automático operates by allowing companies to set up automatic, scheduled Pix payments directly from customers’ bank accounts, eliminating the need for manual intervention at each payment cycle. This automation brings efficiency and predictability to recurring revenue streams, addressing the limitations of older methods like boletos (manual payments) and the traditional debit automatic (complex and costly to implement) [1].

The innovation leverages Brazil’s Open Finance infrastructure to securely share payment consent and bank data, enabling seamless collection and reducing late or missed payments [1][5]. By participating in the official pilot phase of Pix Automático run by the Central Bank, Belvo is shaping this innovative payment method, which is poised to transform recurring payments in sectors such as SaaS, streaming, telecom, and fintech credit services in Brazil [2][1].

This evolution expands Pix from instant one-time payments to recurring billing, supporting financial inclusion and operational efficiency for businesses of all sizes [1][3]. Belvo's Pix Automático is not just about automating payments; it's about enhancing the overall payment ecosystem in Brazil, moving beyond Pix's original one-off payment model [1][2][5].

Notable investors in Belvo's recent funding round include Quona Capital, a venture capital fund focused on emerging markets fintech, and existing investors Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator [6]. Since 2019, the number of digitally banked individuals has more than doubled in Brazil and Mexico, partially due to regulatory developments like Pix in Brazil and platforms like Belvo [7].

Belvo's co-founder and managing partner, Nicolás Szekasy, believes that the platform is building the backbone of Open Finance in Latin America, redefining how millions access financial services [8]. The new investment will enable Belvo to continue developing "cutting-edge" infrastructure, scale its AI capabilities, and democratise access to financial services [9].

Over 50 million individuals and businesses have connected their accounts through the Belvo platform to share financial data with financial services providers [10]. In addition to its operations in Brazil, Belvo is collaborating with JP Morgan Payments to advance recurring payment automation in Mexico [11].

Through its platform, financial institutions and large enterprises can access and interpret end-user financial data, as well as initiate account-to-account payments in Latin America [12]. Belvo serves more than 150 customers, including BBVA, Banamex, Bradesco, Santander, Mercado Libre, and Creditas [13].

Pablo Viguera and Oriol Tintoré, co-founders and co-chief executive officers of Belvo, call Open Finance a "structural shift" in Latin America. Rafa de la Guia, partner at Quona Capital, believes that Belvo is uniquely positioned to drive financial innovation in Latin America by combining top-tier data capabilities with powerful payment solutions [14][15].

Belvo processes approximately two million account-to-account payment transactions monthly, with an annualized total payment volume exceeding $500 million [16]. The funding will be used for product development and expansion of Belvo's product range across data and payments [9].

With Pix Automático, Belvo is set to revolutionise recurring payments in Brazil, paving the way for a more efficient, secure, and inclusive payment ecosystem in Latin America.

References:

1. Belvo Launches Pix Automático, a Next-Generation Payment Solution for Recurring Payments
2. Belvo's Pix Automático: The Future of Recurring Payments in Brazil
3. Pix Automático: The Evolution of Pix Beyond One-Off Payments
4. Pix Automático: A New Era for Recurring Payments in Brazil
5. Belvo's Pix Automático: A Secure and Efficient Solution for Recurring Payments
6. Quona Capital Invests in Belvo, Accelerating Open Finance in Latin America
7. Digital Banking in Brazil and Mexico: A Growing Trend
8. Kaszek's Nicolás Szekasy on Belvo's Role in Latin America's Open Finance Revolution
9. Belvo Raises $15 Million to Drive Open Finance in Latin America
10. Belvo's Growing Network of Connected Accounts in Latin America
11. Belvo and JP Morgan Payments Collaborate to Advance Recurring Payment Automation in Mexico
12. Belvo: The One-Stop Shop for Financial Institutions and Enterprises in Latin America
13. Belvo's Impressive Customer List Includes Leading Financial Institutions and Enterprises
14. Quona Capital's Rafa de la Guia on Belvo's Potential to Drive Financial Innovation in Latin America
15. Belvo: The Combination of Top-Tier Data Capabilities and Powerful Payment Solutions
16. Belvo Processes Over Two Million Payment Transactions Monthly

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