Belvo: Why We Invested
Open finance promises to reshape financial services in Latin America, enabling permission-based data sharing and frictionless payments that have the potential to benefit consumers, businesses, and financial ecosystem players — from traditional banks to fintech startups and large enterprises. By lowering barriers to accessing and analyzing financial data, open finance accelerates innovation in lending, payments, and money management — turning what was once a fragmented financial landscape into a more interconnected ecosystem. At the forefront of this transformation is Belvo, uniting robust data connectivity with powerful payment capabilities across LatAm’s two largest markets, Mexico and Brazil.
The Leading Open Finance Platform in LatAm
Belvo is uniquely positioned as both the largest open finance data provider and a leading payment initiator in the region. In Brazil alone, it has over five million active user consents, a number that increased nearly fivefold over the past year. This scale is no coincidence. Belvo’s regulatory licenses, direct connections with major banks, highly scalable architecture, best-in-class success rates in data retrieval, and proprietary insights — such as income detection and transaction categorization — enable an end-to-end platform where companies can seamlessly capture and analyze user financial data while also executing frictionless payments.
Moreover, Belvo has built one of Latin America’s largest and highest-quality financial data repositories, comprising billions of standardized and enriched data points for millions of individuals and businesses. This deep data moat ideally positions the company to explore opportunities in AI, including solutions like propensity models for credit underwriting and user segmentation, as well as reducing fraud and boosting payment acceptance in payments-related use cases.
The Power of Data + Payments
In our experience across different markets around the globe, the most transformative open finance companies unify data and payments into a single, seamless offering. Belvo stands out precisely because it combines these two pillars to deliver innovative solutions. For instance, the company leverages open finance data for real-time account validation and automated risk assessment — crucial for reducing fraud and boosting conversion in payments. At the same time, Belvo’s integrated platform creates ample cross-selling opportunities, allowing customers who adopt its data products to easily layer on payment capabilities, and vice versa.
In Brazil, new developments in Pix — such as “one-click” biometrics-based checkouts — are poised to revolutionize e-commerce, and Belvo is among the few licensed providers ready to deliver this next-generation payment experience. Meanwhile, in Mexico, Belvo’s unique direct debit product simplifies everything from loan collections to subscription billing, again relying on deep data integrations to minimize fraud and failed transactions. This solution has already drawn major partnerships, including JPMorgan Payments, highlighting Belvo’s ability to offer transformative payment capabilities to enterprises across the region.
Strong Team and Backing
Belvo’s leadership brings a powerful mix of technical prowess and industry know-how. Co-founders and Co-CEOs, Uri Tintore (ex-NASA — yes, NASA! — and Verse, acquired by Square) and Pablo Viguera (ex-Revolut and Verse), have proven track records scaling financial technology ventures. They are complemented by a team of seasoned engineers and product specialists and backed by leading investors and strategic partners. We’ve seen how this combination of technical depth and strategic insight sets Belvo apart in an open finance space that demands both speed of execution and robust compliance.
Looking Ahead
Belvo’s platform already reaches millions of people across Latin America, yet open finance in the region is just beginning to show its true potential. As the ecosystem develops, both established players and newcomers alike will need sophisticated data and payment capabilities to stay competitive. By honing its data and payment initiator solutions, Belvo is well on its way to becoming an indispensable layer of fintech infrastructure across Latin America. We’re excited to join the Belvo team on this journey — one that has the power to reshape how payments are carried out and how financial institutions underwrite and serve their customers. We remain dedicated to advancing financial inclusion, and Belvo’s strong commercial momentum reaffirms our belief that open finance can unlock meaningful growth for businesses and consumers alike.
Disclaimer: Quona portfolio companies were selected for profiles based on objective, non-performance-based criteria for the purpose of illustrating the types of investments made by Quona funds and their impacts. These profiles are being provided for illustrative purposes only, in order to provide examples of the idea generation, research, and thought process of Quona investment teams. No representation is made as to whether or if the investment ideas represented in these profiles have been or will be profitable. It should not be assumed that Quona will be able to identify similar investment opportunities in the future, or that any such opportunities will be profitable. The above statements include the opinions of the Firm and are for illustrative purposes only. There is no assurance that any trends depicted or objectives described in Quona profiles will continue or become successful.
