Belvo , an Open Finance data and payments platform, has acquired Skilopay , a Brazil-based payment institution specialising in payment services through Pix. Belvo's initial purchase will allow the business to extend its current payment product offering, which already includes Open Finance payment initiation, and become one of the most comprehensive account-to-account (A2A) payment providers in the Brazilian market.

Belvo has already secured a Payment Transaction Initiator (ITP) licence to start processing payments under the Open Finance regulated framework of the Brazilian Central Bank. Belvo now assists numerous Brazilian businesses in accepting payments via Open Finance payment initiation with enhanced conversion and security. This purchase now opens the door to a plethora of new payment use cases, which Belvo is actively developing and will integrate into its platform in the coming months.

This includes options like Pix's fast pay-in and pay-out capabilities, as well as storing cash in Belvo accounts where payments may be readily received and dispersed. The company will remain committed to its purpose of assisting businesses in Latin America in leveraging Open Finance data and payments to produce more safe, efficient, and inclusive solutions. Belvo’s developments throughout the time Belvo already has over 150 clients in Brazil, Mexico, and Colombia, including significant financial institutions, neobanks, lenders, and ERP firms.

In addition to its ITP licence, the firm has secured an IFPE licence under Mexico's Fintech Law, allowing it to accept A2A payments via its platform in the nation. Belvo has also recently launched its solution to accept faster PSE payments in Colombia. The organisation is now in a unique position to provide additional payment capabilities in the three areas in which it operates.

Belvo has continued to grow, as seen by the investments it has received. Citi Ventures recently made an undisclosed investment in the firm. The fund contributes to the co-development of an 'Open Finance ecosystem' in Mexico between banks and fintech companies.

Visa announced its investment in Belvo's Series A fundraising round in 2021, as the firm began a new era of market expansion and engagement with other key partners. Payment services through Pix The introduction of Pix, an instant payment method, has democratised access to financial services and has resulted in exponential growth in ecommerce. It has already exceeded the boleto (bank slip) as a payment mechanism in less than two years.

Pix has amassed impressive numbers since its inception and has established itself as the primary alternative payment method in Brazil. Because of its quickness, charge exemption for people, and availability, Pix handles nine out of 10 bank transactions. Pix just hit a daily transaction record of 73.

2 million and has been gaining momentum in online transactions, a market dominated by credit cards, having already surpassed the boleto. Pix is anticipated to account for 25% of online payment methods in Brazil in 2023, rising to 31% by 2025, making it one of the only payment methods that is expanding its popularity in online commerce. .