Mexican Fintech Belvo Sets Foot in Brazil With Skilopay Acquisition

Mexican fintech Belvo has entered the Brazilian market with the acquisition of digital payments startup Skilopay, positioning itself to explore the region’s largest financial market.

Founded in 2019, Belvo is an open banking platform which connects bank accounts with mobile apps. It recently received a license to provide digital payment services in Brazil.

According to analysts, the acquisition of Skilopay removes all obstacles for Belvo to offer online payment services in Latin America’s largest economy.

“We are now able to offer our customers in Brazil a more comprehensive set of payment solutions,” noted Albert Morales, Belvo’s general manager in Brazil.

We’re thrilled to announce today that Belvo has acquired the Brazilian payments institution Skilopay to strengthen our strategy as an account-to-account payment provider in Latin America! pic.twitter.com/WixUBTRRQ6

— Belvo (@joinbelvo) April 25, 2023

Although founded in the Spanish city of Barcelona, Belvo is considered a Mexican fintech, as the majority of its employees are based in Mexico.

The firm had more than 150 customers in Latin America, including Brazil and Colombia, as of December 2020. The consumer base must have expanded significantly in recent months, as the COVID-19 epidemic increased demand for digital payment services in the region.

Furthermore, Belvo’s API platform is a popular offering in Brazil because it can access and analyze end-user financial data, which is critical information for banks that extend credit.