Finerio Connect, the first end to end open banking and personal finance management API in Latin America, was selected to join Mastercard’s award winning startup engagement program Start Path to accelerate growth and scale.
Finerio Connect allows companies to consult bank accounts with the authorization of users, through an application programming interface, better known as API. It let’s financial institutions and fintechs launch into the age of Open Banking helping better retain users they already have; while also releasing new and better financial services.
Among other services, they offer data enrichment, that is, cleaned, categorized and analyzed financial data. In addition, they provide a white label personal finance management tool also known as PFM that any financial institution can customize and market under its own brand.
With these solutions, financial institutions can collect bank data in real time to have a 360º view of their customers; create a more accurate risk analysis; customize their offer of products and services; and offer innovative personal finance management tools to help users take control of their money.
Start Path is a highly competitive, global program, helping to maximize the chances of success for business and financial technology (fintech) startups. It offers companies a rapid path to scale, tailored support from Mastercard experts, access to Mastercard channels and customers and strategic investment.
The program was founded in 2014 and since then it has collaborated with more than 230 startups worldwide. Together these companies have raised $2.8 billion in post program investment. Some of these startups have commercial deals in place with Mastercard and its customers and some have even reached unicorn status.
Approximately 1,500 startups are evaluated annually however, only 40 are accepted. Finerio Connect is one of only three Mexican startups to join the program since the program’s inception.
José Luis López Amador, CEO and founder of Finerio Connect added: “Being part of Mastercard Start Path will open up some exciting business opportunities and partnerships for Finerio. For example, joining open banking products with data aggregation and payments, we can arrive to other Latin American countries or, even, to other continents in similar contexts.”