Finerio Connect Raises $6.5 Million to Expand Open Finance Platform in Latin America
Summary
The platform provides users across Latin America with access to personalized financial products and services.Co-CEOs Nick Grassi and Jos\xe9 Luis L\xf3pez founded Finerio Connect in 2018 with the mission of facilitating compliant sharing and consumption of financial data and data analytics in the region.Grassi, who is American, moved to Mexico on a Fulbright Scholarship and worked at Deloitte Consulting Mexico, where he met L\xf3pez. Eventually, they launched their own automated personal finance manager called Finerio Connect at TechCrunch Disrupts Startup Battlefield Latin America in 2018.Shortly after its launch, Finerio became the fourth most downloaded fintech app of the year in Mexico, and managed to gain around 250,000 users within one year.Around the same time, Mexico implemented its fintech law, becoming one of the first countries in Latin America to regulate the industry. During this period, Finerio started receiving requests from insurers, foreign banks, and other fintechs for access to their technology.Seeing an opportunity, Grassi said they made the decision in 2020 to pivot the company towards a business-to-business model. Prior to this funding round, the company had raised approximately $3.2 million in SAFE notes.Mike Kim, General Partner at Third Prime, expressed confidence in the potential of open banking initiatives and the underserved consumers in Latin America. He believes there is an opportunity to create value for both investors and historically disadvantaged consumers.Finerio Connect plans to use the funding to make key hires, including Chief Technology Officer Jos\xe9 Santacruz L\xf3pez, formerly in the same role at Kushki.
Funding
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