Open Finance turns three years in Brazil, and data shows it is growing at a steady pace, with over 40 million consents granted by users.
According to Belvo, the new product will function as a gate for users to initiate payments directly inside third-party apps.
Belvo will provide access to employment data at the Mexican Social Welfare bureau. It could be a key driver for lending to the underbanked.
Last month, Citi Ventures, the U.S. bank's VC unit, announced an undisclosed investment in Belvo, a Mexican open banking infrastructure firm.
This is the first acquisition in the history of the Open Finance platform, which was created in 2019 by Pablo Viguera and Oriol Tintoré.