Belvo Aims to Connect 5 Million Accounts via Open Finance in Brazil

Published 6 months ago

Latin American fintech firm Belvo, a platform specializing in data and payment solutions through Open Finance, looks forward to doubling the number of connected accounts in Brazil by the end of 2023. The company enabled the connection of 2.5 million bank accounts in the country last year, and plans to exceed 5 million by the end of the current year.

Belvo’s Global Footprint

In addition to Brazil, Belvo also delivers data and payment solutions through Open Finance in Mexico and Colombia. In total, the company claims to have connected data from over 10 million accounts. Albert Morales, the General Manager of the fintech firm in Brazil, stated that their mission is to build the most inclusive financial ecosystem and help companies maximize the potential of Open Finance.

Presently, Belvo is involved in all aspects of Open Finance, from data extraction to payment initiation. Morales further highlighted the company’s adherence to stringent security standards and their ISO 27001 certification, an international information security standard.

Growth in Accounting Segment

Belvo has experienced notable growth in the accounting sector, with a six-fold increase in clients in this area over the last year alone. The company predicts a larger market share in 2023. Companies like Conta Azul, Nibo, and Contabilizei have already enabled access to corporate data through Belvo’s solutions.

Credit Score and Payments

In another development, Belvo announced a partnership with FICO, a credit score and analytical software company, in June. The collaboration aims to develop a credit scoring solution based on Open Finance data, which should hit the market in January 2024. Also, the fintech firm started operating as a payment transaction initiator (ITP) and acquired payment company Skilopay.

Founded in 2019 by Spaniards Pablo Viguera and Uri Tintore, Belvo entered the Brazilian market in 2020. It currently boasts a portfolio of over 150 clients in the three countries it operates (Brazil, Mexico, and Colombia), including well-known names like Mercado Livre, Rappi, Tribanco, Conta Azul, and Will Bank among others. The fintech platform is connected with over 60 institutions.

The Competitive Landscape

As the interest of companies from various sectors in leveraging shared data via Open Finance increases, Belvo isn’t the only player offering solutions in this market. Other companies like Klavi, Finansystech (from Celcoin), Lina Open X, and Pluggy are also making strides in the sector. Pluggy, in particular, is adding a so-called “connector” to the environment regulated by the Central Bank (BC), as revealed by co-founder Bruno Loiola.