Business

Brazilian Guiabolso and Mexican Finerio unite to expand in Latin America

Together, the two fintechs will offer B2B products focused on open banking solutions for companies that will need to adapt to financial and banking changes

Guiabolso and Finerio
Image: Screenshot
Ler em português
  • Finerio is a Mexican fintech that provides financial management and open banking solutions in Mexico, Colombia and Chile;
  • Guiabolso is a personal finance platform that already has a 6 million user base and has already raised $ 80 million in five rounds;
  • Together, they intend to expand to other Latin American countries focusing on open banking solutions.

The Brazilian personal finance platform Guiabolso announced the beginning of its international expansion through an operational partnership with Finerio, a Mexican fintech that provides financial management and open banking solutions for banks and other institutions. Besides Mexico, where it has more than 350,000 users, Finerio already is present in Colombia and Chile.

Together, Guiabolso and Finerio intend to expand to other Latin American countries focusing on solutions for companies that will need to adapt to the financial and banking changes led by open banking. For now, the partnership is only operational.

READ ALSO: The promises of Brazilian open banking: customer empowerment and market opening

Guiabolso and Finerio will offer to regional and international companies a set of B2B products that allow the aggregation, analysis and application of bank data targeting the markets in which each company operates. One of the products is Open Banking as a Service (OBaaS), a complete platform for companies that need or want to adapt to open banking.

Nick Grassi, founder and co-CEO of Finerio, explains that in the B2B open banking solutions market, those who operate a B2C financial management app have a competitive advantage: the data intelligence and value-added features for consumers. “Only Guiabolso and Finerio have this expertise in their respective markets, and now we have extended this product offering to our customers, banks, fintechs and any company that wants to have a competitive advantage through open banking,” he said.

READ ALSO: Brazil stock exchange B3 tests online platform to simplify and accelerate startups’ fundraising

According to Benjamin Gleason, co-founder of Guiabolso, the partnership is unprecedented. “This partnership is something unprecedented because it is an infrastructure and bank data intelligence expansion that enables the development of new innovative products.”

Guiabolso has a 6 million user base and has already raised $ 80 million in five rounds. LABS talked with Thiago Alvarez, co-founder of fintech, about open banking in Brazil.

Get the best insights about Latin America market in your inbox