Belvo acquires Brazilian payment institution Skilopay

Latin American Open Finance platform Belvo has made its first acquisition, expanding its portfolio of payment products to include Open Finance payment initiation.

Belvo has acquired Skilopay, a Brazilian payment institution specializing in payment services through Pix.

In September 2022, Belvo obtained a Payment Transaction Initiator (ITP) license to initiate payments under the Brazilian central bank’s Open Finance regulated framework.

Albert Morales, Belvo’s general manager in Brazil, said: “Thanks to Skilopay’s expertise around Pix payments, we are now able to offer a more complete set of payment solutions to our customers in Brazil.

“Our aim is to provide companies with easier ways of receiving, holding and sending money through account-to-account payment rails in Latin America and this acquisition brings us one step closer to achieving that goal.”

Belvo is already developing a number of new payments use cases in light of its acquisition of Skilopay which will be integrated into its platform in the “upcoming months”.

Among the new use cases identified by Belvo are instant pay-in and pay-out capabilities through Pix and holding funds in Belvo accounts where payments can be easily received and disbursed.

“We’re thrilled about this acquisition, which demonstrates the tremendous work that Skilopay’s team has put into building our solution and which will be key to help Belvo achieve its mission of bringing more efficiency to the account-to-account payment ecosystem in the region,” added Victor Silva, founder of Skilopay.

Earlier this year, Belvo launched an Open Finance-powered solution in Colombia to help merchants and fintechs accept Pagos Seguros en Línea (PSE) – a bank-to-bank payment method that is already accepted by more than 20,000 merchants in Colombia.