They launched just 12 months ago and have already closed one of the most outstanding rounds so far this year. In this way they are added to the sale of Freepik, announced just 24 hours before to the Swedish fund EQT or to the 15 million round of Factorial a few weeks ago. Belvo, the fintech for fintechs, announces its first round of $ 10 million financing.
Created by Pablo Viguera, the director of Revolut and Verse in Spain, and Oriol Tintore –also at Verse– less than a year ago, seeking a niche not explored so far. With offices in Barcelona, but focused on Latin America, Belvo seeks to offer infrastructure to the giants of the fintech sector. “We allow other fintech companies to connect to bank details,” Viguera explained in an interview with Hipertextual in March of this year. In general terms, it would be a kind of openbanking API for the Latin American market. Less banked and developed than the European one today. A Fintonic for companies, they explained.
Now, the fund of Peter Thiel Founders Fund, investor of Airbnb, Stripe, SpaceX or Palantir, and the Latin American fund Kaszek Ventures enter with 10 million to grow the sector, mainly to expand the business in Mexico and Colombia. The first of these, in any case, is not a random association. Belvo is one of the few Spanish companies to go through Y Combinator, an investor in Stripe or Airbnb –technologies with which they now share the Fouders Fund–.
Along with its expansion in Latin America, also aim to increase their ranks. Mainly based in Barcelona, now the company’s objective is to grow with a local team in Mexico of technology, product and business development.
Profitability, but with funds in sight
The search for profitability of the business is the main objective for Belvo, as Viguera explained to this medium, but recognize that their model needs to grow quickly before the Latin American market opportunity; “the market and the opportunity are very big and for that it needs capital”, they explain to this medium.
Added to the interest of investors to enter that market with a viable bet, the deal was made: “The fact that our business is international and in a region with a lot of potential in which investors, for example, from the US, have a great interest .UU. “
Even before the pandemic: “For the past two or three months we have been in talks and closing the operation, “explains the founder. Although the truth is that the culmination has been in late May and remotely.
With this, Belvo has already managed to raise $ 13 million in foreign funds, including MAYA Capital, Venture Friends, Latinia, David Vélez (Founder and CEO of Nubank), Unpopular VC and STARTegy.