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Citi invests in Latin American open finance firm Belvo

Citi invests in Latin American open finance firm Belvo

Citi Ventures is the latest big name to invest in Mexico City-based open finance API platform Belvo.

Citi Ventures joins Visa as an investor in Belvo, which closed a $43 million Series A funding round last June. The investment also sees Belvo work with Citi's Mexican business, Citibanamex to push open banking in the country.

Belvo has built an API platform that it says can be used to access and interpret end-user financial data to build better, more efficient and more inclusive financial products in Latin America.

Founded in 2019, the startup already has connections with over 60 financial institutions and works with over 125 clients including leading fintech and financial companies in Mexico, Brazil, and Colombia like Jeeves, Rappi, Mobills, Ferratum, and Higo.

Pablo Viguera, co-CEO, Belvo, says: "This investment is yet another great sign of the increasing collaborative efforts that are taking place between fintechs and traditional financial players in Latin America in the context of Open Finance.

"As regulation quickly moves forward in countries like Brazil, Mexico, and Colombia, we believe that working together with financial institutions is key to bringing the benefits of these new models to more and more businesses and end-users, and that these collaborations will have a great impact on increasing access to better financial services across the region."

Sinead O´Connor, corporate director, consumer banking, Citibanamex, adds: "Citi Ventures’ investment in Belvo will get Citibanamex closer to Belvo, accelerating our path to develop Open Banking capabilities while creating omnichannel, and deeply personalized, digital experiences and products for the benefit of our customers."

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