LatAm fintechs Belvo and Rebill raise funds
Latin American fintech start-ups Belvo and Rebill are among the lucky recipients of new funds.
Mexico-based Belvo, an open finance API platform, has received an undisclosed investment from Citi Ventures, Citi’s venture capital investing group.
Founded in 2019, Belvo says it provides connectivity through its API platform to over 60 financial institutions and works with over 150 clients, including financial institutions and fintechs in Mexico, Brazil, and Colombia like Tribanco, Rappi, Mobills, and Mercado Libre.
It is also working with Citibanamex, the second largest bank in Mexico and part of the Citi Group. Sinead O’Connor, corporate director of consumer banking, Citibanamex, says the investment will bring the two companies closer together, “accelerating our path to develop open banking capabilities while creating omnichannel, and deeply personalised, digital experiences and products for the benefit of our customers”.
Pablo Viguera, co-CEO and co-founder of Belvo, says his company is “ecstatic” to work with Citi.
Citi Ventures joins existing Belvo investors including Visa, Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital, and FJ Labs.
Argentina-based Rebill, a payments orchestration and recurring billing platform, has raised $3.6 million – $3 million in a seed round and $600,000 pre-seed.
The seed round was led by Tiger Global Management, with participation from Y Combinator, Soma Capital, SV Angel, and a group of angel investors, including Dropbox co-founder Arash Ferdowsi and Vercel founder Guillermo Rauch.
Founded in 2019 in Buenos Aires, Rebill says its offering is “a single trust point and automation system for cross-country and multi-currency revenue operations”.
It explains: “We save the card on file and allow the merchants to increase their acceptance rates by linking multiple payment gateways (Mercado Pago, Stripe, D-Local, and more) in a single transaction. It offers complete flexibility to manage any type of recurring billing scenario and provides advanced metrics for any e-commerce or software-as-a-service (SaaS) company.”
Rebill has clients in Argentina, Chile, Colombia, Mexico, Peru, and Uruguay and collects payments in 15 currencies.