Belvo

What Belvo does

Belvo is a Mexico City-based open finance API platform that connects financial applications to banking, employment, and fiscal data across Latin America. The platform provides a single API integration connecting to 60+ financial institutions and government sources (IMSS in Mexico, INSS in Brazil, SAT for fiscal data) across Mexico, Brazil, and Colombia. Belvo serves banks, lenders, fintechs, digital wallets, e-commerce platforms, iGaming operators, and insurance firms with a modular product suite organized into three pillars: data products (Banking Data, Employment Data, Fiscal Data, Categorization, Risk Insights, Income Verification), payment products (Direct Debit in Mexico, Biometric Pix, Smart Collections, Intelligent Pix in Brazil), and AI-driven intelligence products (AI Collections, Employment Score, Employment Updates, Income Estimator).

The company's technical foundation rests on proprietary AI/ML models trained on 50M+ Mexican employment profiles for income prediction and employment scoring, with claimed accuracies of 85% for transaction categorization and 99% for income estimation. Belvo operates an API-first go-to-market with self-serve developer onboarding through developers.belvo.com, complemented by an enterprise sales motion targeting tier-1 financial institutions. Revenue is generated through usage-based API/transaction fees and recurring platform subscription fees, though specific pricing is not publicly disclosed.

Belvo has raised approximately $71M+ across multiple funding rounds from 2019-2025, including a $43M Series A in December 2021 (reported as the largest LatAm fintech Series A at the time) with Visa as a strategic investor, a Citi Ventures investment in August 2022, and a $15M round in April 2025 led by Quona Capital. Strategic backers include Visa, Citi Ventures, Y Combinator, Kaszek, Kibo Ventures, FJ Labs, Future Positive, and Maya Capital. The company acquired Skilopay in April 2023 to extend payment initiation capabilities, and announced a strategic pivot from open finance connectivity to AI-powered intelligence in March 2025.

Name

Belvo

Legal name

Belvo

Website

https://belvo.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

Belvo is a Mexico City-based open finance API platform providing banking, employment, and fiscal data connectivity plus payment initiation across Mexico, Brazil, and Colombia. It serves banks, lenders, fintechs, and e-commerce companies through proprietary AI-powered risk and income models.

Ownership category

akta.pro rank

Product category

Open Finance API Platform

NAICS

Commercial Banking (522110)

SIC

Finance Services (6199)

akta.pro primary industry

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

akta.pro secondary industry

Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ)

Keywords

• Open finance API
• Open banking platform
• Payment initiation
• Financial data aggregation
• Credit risk analytics

Headquarters

HQ city

Barcelona

HQ country

Spain

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. API Usage/Transaction Fees: Revenue generated from API calls and transaction processing for data access and payment initiation services. Companies pay based on volume of data connections and payment transactions processed.
2. Subscription/Platform Fees: Tiered platform access fees for accessing Belvo's open finance infrastructure, including data products, payment initiation, and analytics capabilities.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels10 records

Core offering

Belvo is an open finance API platform that enables businesses to connect to their users' bank accounts, retrieve categorized financial and employment data, and initiate account-to-account payments across Latin America. The platform unifies data connectivity (banking, employment, fiscal), payment initiation (Direct Debit in Mexico, Pix variants in Brazil), and AI-powered intelligence (categorization, risk scoring, income prediction, autonomous collections) behind a single REST API supported by no-code tools and a developer widget.

Product overview

Belvo is an open finance platform providing a unified suite of data connectivity and payment initiation products for Latin America. The platform operates on a modular architecture combining three core pillars: (1) Data Products - Banking Data, Employment Data, and Fiscal Data that connect to financial institutions and government sources; (2) Payment Products - Direct Debit (Mexico), Biometric Pix, Smart Collections, and Intelligent Pix (Brazil) for account-to-account payments; (3) Intelligence Products - AI Collections, Income Verification, Risk Insights, Employment Score, Employment Updates, and Employment Metrics that leverage AI and machine learning for credit risk assessment. Supporting these are developer tools (Connect Widget, API) and no-code solutions (Lending Analytics, Connect Page, Payments Dashboard). The platform serves banks, lenders, insurers, e-commerce, digital wallets, and iGaming companies across Mexico, Brazil, and Colombia.

Differentiator

Problem solved

Functional benefit

Products and services

• Banking Data Real-time access to categorized banking data including up to 24 months of transactions, account balances, and owner information across retail and business bank accounts in Mexico, Brazil, and Colombia, used for credit risk assessment, KYC, and onboarding.
• Employment Data Official employment records from IMSS (Mexico) and equivalent Brazil sources that verify income and employment history in under 15 seconds, enabling credit decisions for users without traditional credit history.
• Fiscal Data Tax return and invoicing history from SAT (Mexico) including invoices, compliance status, returns, and financial statements for assessing business financial health and automating underwriting for SMEs.
• Recurring Expenses Detection of fixed obligations and recurring commitments from transaction data using machine learning to understand spending habits and assess borrower repayment capacity.
• Account Verification Real-time bank account ownership and status validation via Open Finance in Brazil or microdeposit/penny drop in Mexico to reduce identity fraud and automate KYC workflows.
• Income Verification AI-powered verification of true income from multiple sources (salaries to freelance) with lending-specific metrics and filters to boost approval rates by up to 20%.
• Categorization Machine learning engine that categorizes and enriches raw banking transactions with 85% accuracy, transforming messy transaction data into structured insights for credit risk models and financial analytics.
• Risk Insights Pre-calculated and advanced metrics including spending categories, balance evolution, cashflow, assets, loans, and credit card usage to boost risk model predictive power and reduce default rates.
• Employment Score Single employability score in the 300-900 range for Mexico based on employment history from IMSS, helping lenders assess future repayment capacity.
• Employment Updates Automatic webhook alerts on job shifts and salary changes to help credit teams anticipate repayment capacity changes and re-engage previously rejected applicants.
• Employment Metrics 30+ pre-calculated employment metrics including work history, salary progression, and unemployment periods for Mexico, achieving AUC up to 73% for risk models.
• Income Estimator Forward-looking income prediction tool that analyzes full employment history from IMSS to forecast future income regardless of current job status, trained on 50M+ Mexican profiles with 99% salary estimation accuracy.
• Direct Debit Automated recurring bank payment collections in Mexico via the interbank payment network, enabling subscription, loan, insurance, and education fee collection with fastest settlement times.
• Biometric Pix One-tap instant Pix payments in Brazil using biometric authentication (Face ID, fingerprint) without redirecting to bank app, increasing conversion for e-commerce, iGaming, and digital wallets.
• Smart Collections Real-time account balance monitoring and automatic collection via Smart Pix when funds become available, collecting full or partial amounts based on the debtor's available balance without manual intervention.
• Intelligent Pix Automatic transfers between same-ownership accounts in Brazil via Open Finance rails, where one consent enables unlimited transfers within Pix limits without payer action on each charge.
• AI Collections AI-powered autonomous agents (Roberta) that negotiate debt repayment via voice and WhatsApp 24/7, adapting tone to the debtor's financial profile and achieving a 30% increase in contact rate with 60% cost reduction per recovery.
• Connect Widget Pre-built authentication interface for web and mobile that enables users to securely connect their bank accounts in seconds with high conversion rates and bank-grade security.
• Lending Analytics No-code dashboard for visualizing open finance data to enhance credit decisions, including income verification, asset/debt visualization, and bulk data download capabilities.
• Connect Page No-code landing page solution for data collection that can be customized with brand elements and shared via CRM for targeted campaigns.
• Payments Dashboard No-code solution for bulk importing customer payment details and automating direct debit payments in Mexico without writing code.

Quantifiable outcome

• 50% reduction in credit risk
• +11 more outcomes

Named customers10 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability10 records

Feature8 records

Scale indicators9 records

Recent moves6 records

Expansion highlights7 records

Emerging players

• Stitch: South African open finance and payment initiation platform expanding across emerging markets. Stitch offers account aggregation and A2A payments comparable to Belvo's products in an emerging-market context, making it a peer for cross-region expansion strategy.
• Pismo: Brazil-based cloud-native payment processing platform serving banks and fintechs with core banking, issuing, and A2A payment infrastructure. Pismo has strong overlap with Belvo's Pix-based payment products and was acquired by Visa (Visa's broader LatAm payments strategy).

Direct peers

• Tink: Europe-based open banking platform owned by Visa (Visa also invested in Belvo). Tink provides account aggregation, payment initiation, and PSD2-compliant data services — direct functional overlap with Belvo's data and payment products.
• Plaid: The leading US/global open banking API platform connecting bank accounts to apps. Plaid is the most direct comparable to Belvo — same business model (data connectivity + payment initiation), same enterprise go-to-market, and Plaid has publicly stated LatAm expansion ambitions, making it a forward-looking competitive threat.
• TrueLayer: UK and Europe-based open banking API platform providing account connectivity and payment initiation (A2A). TrueLayer mirrors Belvo's positioning in a different regulatory regime (PSD2/Open Banking UK) and competes for similar fintech and bank customers.
• MX Technologies: US open finance and data connectivity platform serving banks, credit unions, and fintechs. MX provides account aggregation, financial data insights, and payment enablement — overlapping with Belvo's intelligence, risk insights, and connectivity products.

Broad incumbents

• Finicity (Mastercard): Open banking platform acquired by Mastercard that provides financial data aggregation, verification, and cash flow underwriting. As part of Mastercard's rails, Finicity competes in similar enterprise banking and lending segments to Belvo.
• Yodlee (Envestnet): Established US-based financial data aggregation platform owned by Envestnet, serving wealth management, lending, and banking clients. Yodlee is broader in scope (data + analytics) but competes directly with Belvo's data connectivity layer.

Regional players

• Pomelo: Latin American fintech infrastructure-as-a-service platform providing card issuing, payment processing, and account management across the region. Pomelo overlaps with Belvo in serving fintechs and banks across LatAm, though it focuses on issuing rather than open finance data.

Others

• Banco Inter: Brazilian digital bank that is both a Belvo customer (using Belvo's open finance and employment data for credit operations at scale — 210K+ consent requests/day) and a potential competitor as it builds its own embedded finance capabilities for the broader Brazilian market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/joinbelvo
• YouTubeyoutube.com/c/belvo
• LinkedInlinkedin.com/company/belvofinance
• Instagraminstagram.com/joinbelvo

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds8 records

Investors21 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Belvo