This is the first acquisition in the history of the Open Finance platform, which was created in 2019 by Pablo Viguera and Oriol Tintoré.
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.
According to Belvo, the new product will function as a gate for users to initiate payments directly inside third-party apps.
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.