Accessing the financial data of its users is powerful to fintech companies, allowing them to personalize their products, interpret users' financial situations and assess them for risk. However, accessing this information through traditional banking is an expensive and time-consuming process, and whilst open banking provides a solution, these are generally focused on banking within North America and Europe.
Belvo develops an open banking platform for Latin American fintech companies, allowing businesses to access, aggregate, and interpret the financial information of their customers to provide personalized and risk-assessed fintech services. The platform is designed around a well-documented API with a low-code approach and covers credit, personal finance, accounting and ERP, and onboarding services.
Whilst many open banking API developers have arisen in recent years, Belvo has been smart to focus on the Latin American market, claiming to have financial data access to over 90% of banks across the continent. Furthermore, the low-code approach means that fintech companies can spend less money and time employing finance specialist developers, and more time optimizing their services through their customers’ financial data.
Kirsty
Company Specialist at Welcome to the Jungle