We mentioned 2 months ago that we had begun our private beta phase with 20 companies (fintechs in the personal finance, lending and accounting verticals) in Mexico — our first market.

This period has been extremely enriching as we’ve been able to gather insightful feedback and iterate our product based on our clients’ needs. One thing we have iterated a bit on has been in terms of adding new data sources to our Data API.

From a high-level perspective, in the past couple of months we have added the following banks/entities to our production Banking API:

With these institutions our coverage is above 85% of the market in terms of deposits and credit.

We have also created a new section altogether — Fiscal API. Via the various endpoints in this API, one can access relevant tax and fiscal information from his/her clients — from invoices to tax returns. For the time being, we’ve gone live with the Invoices endpoint and only in Mexico (where we are connected to the SAT).

An Invoice is the representation of an electronic invoice, that can be received or sent by a business or an individual and has been uploaded to the fiscal institution website (compulsory in Mexico). Multiple inflow (invoice received) and outflow (invoice sent) invoices can be retrieved inside each link coming from a fiscal institution.

Here’s an example of the kind of granular information our API can provide:

[
 {
   "id": "076c66e5-90f5-4e01-99c7-50e32f65ae42",
   "link": "30cb4806-6e00-48a4-91c9-ca55968576c8",
   "collected_at": "2019-09-27T13:01:41.941Z",
   "type": "Ingreso",
   "invoice_identification": "A1A1A1A1-2B2B-3C33-D44D-555555E55EE",
   "invoice_date": "2019-12-01",
   "sender_id": "AAA111111AA11",
   "sender_name": "ACME CORP",
   "receiver_id": "BBB222222BB22",
   "receiver_name": "BELVO CORP",
   "certification_date": "2019-12-01",
   "certification_authority": "CCC333333CC33",
   "cancelation_status": "string",
   "status": "Vigente",
   "cancelation_update_date": "2019-12-02",
   "invoice_details": [
     {
       "collected_at": "2019-09-27T13:01:41.941Z",
       "description": "December 2019 accounting fees",
       "product_identification": "84101600",
       "quantity": 1,
       "unit_amount": 200,
       "unit_description": "Unidad de servicio",
       "unit_code": "E48",
       "pre_tax_amount": 400,
       "tax_percentage": 16,
       "tax_amount": 64,
       "total_amount": 464
     }
   ],
   "subtotal_amount": 400,
   "tax_amount": 64,
   "discount_amount": 10,
   "total_amount": 454,
   "exchange_rate": 1.00,
   "currency": "MXN",
   "payment_type_description": "Tarjeta de crédito",
   "payment_method_description": "Pago en una sola exhibición",
   "payment_type": "99",
   "payment_method": "PUE"
 }
]

Pretty rich data at the per invoice level that can easily be scaled with just one API call. This has been a tricky process as it involves retrieving pdf invoices and parsing them, via OCR and other techniques, into a JSON format. We have been able to create a systematic and robust way to solve this and extract and share data at an incredibly fast sync speed.

In the following weeks we will add more sources to our Data API:

  • Inbursa (Banking API)
  • Business accounts for all major banks in Mexico (Banking API)
  • Declarations and returns endpoint (Fiscal API) — this endpoint will enable the extraction of tax returns for a given individual or business going back a number of years. This is extremely valuable information to triangulate KYC processes and to better understand someone’s finances and fiscal position — not to mention to reconcile cashflow vs. financial statements in the case of businesses

We have thus put together a Data API that can retrieve any piece of data from banking and fiscal sources in Mexico with a couple of lines of code.

We’ve been doing a lot more work behind the scenes (part of this being a rebranding as you can see 😎), all of which we will share when we go live with our public v1 before the end of the year.

And if you’d like to join the team and help us drive Open Banking and the future of financial infrastructure in Latam, we’re always looking for top talent. We’re a small and agile team of 10 people now, based in Barcelona and remotely. Lots of interesting opportunities here and more coming soon! We’re proud of the kick-ass team we’ve been assembled so far (coming from companies such as TravelPerk, ScrapingHub, Habitissimo, Cornerjob and eDreams) and are committed to continue raising the bar as we grow.

Stay tuned for more updates coming from us soon!