Finerio and Guiabolso extend partnership to push Open Banking Solutions Throughout Latin America
The fintech companies, Finerio and Guiabolso, have launched a strategic alliance to expand their coverage in several countries in Latin America so that the banks and the financial institutions are ready for the ever expanding challenges.
The flagship product of Finerio is Finerio Connect which is a financial API solution that is used by banks and other institutional clients. Guiabolso launched in 2014 and currently has over 6 million retail customers and recently expanded into the B2B segment where it uses its data solutions to provide payment services and other financial management solutions.
“Finerio is a natural ally and for some time now we’ve discussed ways to formalize our strategic cooperation. Some of our B2C fintech customers have already expanded to new markets in Latin America, but this cross-border alliance of fintech ‘enablers’ is something unprecedented up until now in the market, representing the expansion of the underlying data infrastructure and analytics services that allow our customers to continue creating innovative products. In other words, we’re combining our robust open banking expertise to offer the most advanced data ‘picks and shovels’ in this digital finance ‘gold rush’ rippling across the region,” comments Benjamin Gleason, founder of Guiabolso.
The 2 fintechs would be looking to combine their relative strengths, with Finerio bringing in the financial API solution and institutional client base and Guiabolso bringing in Open Banking services (OBaaS) solution and its large retail client base and this combination is expected to yield rich dividends in the long run.
“In the B2B Open Banking space, those who have experience operating a B2C financial management application wind up having a unique advantage in terms of data intelligence and value-added characteristics for consumers, and both Guiabolso and Finerio have these R&D laboratories in their markets. We now both have the ability to extend this product offering to other banks and fintechs who want to generate a competitive advantage across the region through open banking and data-driven financial experiences, built on top of our proven technology and data intelligence,” says Nick Grassi, Co-CEO and founder of Finerio.
With much of Latin America still looking to catch up with the developed world in terms of financial services penetration and innovation, the combination of these 2 large fintech firms and leveraging of their strengths is expected to be a big breakthrough for this sector and would open up a whole host of new services and features for their clients.
These companies have plans to emerge as the top entity throughout Latin America in the financial sector by the end of the year and would be looking for some massive growth and expansion during this period.