Klavi, startup that takes Open Finance to fintechs, raises US$ 15 million

Founded in 2020, Klavi intends to make it easier for financial institutions to access their customer data

THE klavia startup that offers services and software integrations to financial institutions, announced a raise of US$ 15 million to expand its portfolio of services and APIs linked to Open Finance.

The series A round was led by venture capital funds Iporanga Ventures and Parallax Ventures and included the participation of GSR Ventures, which has already invested in tech giants and unicorns, such as DiDi, owner of 99. Banking infrastructure provider CIP SA and Vivo Ventures, Vivo’s corporate venture capital arm, also entered the round.

What does Klavi do?

Founded in 2020 by Bruno Chan and Stone Zheng, Klavi was born with the objective of facilitating the day-to-day of fintechs in transition to Open Finance, a financial model that allows access and sharing of customer data without much friction between different financial institutions.

For this, fintech develops a series of integrations, called APIs, that can help these companies access this information — and then offer the best products for each consumer profile.

Among Klavi’s main clients are companies, more traditional financial and credit institutions such as Telefônica, BV and Portocred, as well as fintechs such as

• save me;
• Gorilla;
• way;
• super yes;
• Simplify;
• Portocred;
• zip.

How the company will use the contribution

The A-series features should help Klavi accelerate the rollout of new functions from some technology investments. According to the company, some innovations in data processing and the incorporation of information that come from sources such as CIP SA itself, a new investor, are also in the plans.

With the investment, Klavi also expects to reach a base of more than 100 active customers by the end of the year, and extend this to at least 500 by December 2023. “We will facilitate and accelerate the entry of new players, through our SaaS technologies,” says Chan, CEO of Klavi.

To date, Klavi’s platform has processed more than 450 million transactions and made more than 4 million connections in financial institutions, bureaus, fintechs and startups.

New products

For the future, Klavi intends to create products based on some inefficiencies of these first phases of open finance in the country. “Companies that participate in Open Finance today still have difficulty generating value and revenue from it, and it is a problem that we are solving,” he says.

For this, in addition to information related to transactions carried out in banks, some Klavi solutions have also created a product that allows institutions to access data such as payment of slips, for example, in search of greater visibility on the financial history of each user.

By the end of the year, the startup should also launch its first credit score linked to open finance — and also the first in Brazil. As with the traditional score, Klavi’s assessment also assesses risk based on the financial history, but with the differential of assessing the integration of data that circulates in this open model.

On another front, fintech intends to reach other markets in Latin America, such as Mexico and Colombia. “We are going to spend a lot of time looking, studying and going to these markets in the next 12 months”, he says.

According to Chan, Klavi can still go through a closingas an extension of the current funding, over the next 90 days.

Source: Exam