Mexican Fintech albo Finalizes $40M Series C to Streamline Payment Services

Mexican Fintech albo has reportedly secured $40 million in capital via a Series C round in order to enhance its payments services.

albo’s investment round included participation from Nazca, Morpheus Ventures, and Valar Ventures.

In addition to the raise, the Fintech company said it will be recruiting new staff members so that it can move towards achieving profitability by the end of next year.

Ángel Sahagún, CEO and founder at albo, stated:

“We have a solid value proposition for both individuals and businesses that includes debit products, payment solutions, credit offerings, and much more. We will continue to expand on that. That’s the formula that has worked for us.”

Recently, albo announced that it had acquired in order to expand its products and services to SMBs with debit accounts, financing options, and salary payment solutions.

The firm’s management explained that their data shows that customers “who use albo’s services increase their spending five times after a year, compared to the initial month,”

Established in 2016, albo claims around 2 million users and this past year became a regulated financial services provider.

As covered in December 2020, Mexico-based digital bank albo has secured $45 million in capital through an investment round in order to expand its operations into lending and insurance services.

Several investors took part in albo’s latest round, including Valar Ventures, Greyhound Capital, Mountain Nazca and Flourish Ventures. The digital bank aims to offer easy-to-manage online accounts and smart budgeting tools along with a prepaid Mastercard so that customers can receive, transfer, and spend their funds.

The Fintech startup is planning to take advantage of new rules in Mexico that are intended to properly regulate the financial technology industry. The team behind albo’s development said that its digital banking services aim to enable financial inclusion in a country where approximately half the population doesn’t have access to a basic bank account.

Register Now!
Sponsored Links by DQ Promote



Send this to a friend