albo, a Mexico-based challenger bank that offers consumers digital accounts with prepaid Mastercards for receiving, transferring, and spending, announced on Thursday it raised an additional $19 million through its extended Series A funding round, bringing the total amount series through the investment round to $26 million. According to albo, the round was led by Valar Ventures.
As previously reported, albo revealed it offers consumers in Mexico the possibility to have a digital account with access to an international Mastercard and an app to receive and transfer money, as well as make payments seamlessly, with minimal fees and in a fast and efficient way. The company reported it has become a financial ally for its users, constantly improving its platform and offering tools to help them to better manage their finances and improve their financial health. Speaking about the investment, Ángel Sahagún, albo’s CEO and Founder, stated:
“Series A which was raised $7.4M USD at the beginning of the year, allowed us to grow rapidly and place ourselves as sector leaders for challenger banks, position that attracted funds such as Valar, whose vision has led them to invest for the first time in Mexico; Valar is a firm with great experience in the fintech environment, as it has invested in successful companies such as Transferwise and N26, so for us it is a sign that we are on the right track.”
Andrew McCormack, General Partner of Valar Ventures, went on to add:
“We identified the leadership of albo in the region as a reference of the fintech ecosystem that is changing the rules of the game and driving financial inclusion from a talented team, with great ambitions. Based on the experience we have in digital financial services worldwide, we want to grow with them and take them to the next level of operations in Mexico.”