Paymentology, a platform that provides APIs for firms to issue cards and process them anywhere in the world quickly, has announced a partnership with Mexico-based digital bank albo, aimed at accelerating its growth and strengthening its position across personal and business finance.
Established back in 2016 and currently based in Mexico City, albo reports that it serves over two million users with financial services, including personal and business accounts, debit options, payroll, as well as savings. Credit and crypto services are available via albo’s affiliated partners.
Last year, albo reported more than $6.5 billion in annual transaction volume and recently secured “a $60 million credit line to fuel growth and advance towards profitability.”
This year, utilizing Paymentology’s payments technology, albo says it is extending its services to small businesses, allowing them to handle payroll and other essential transactions via albo’s digital platform.
The announcement of the partnership for the business accounts are said to have attracted substantial interest from SMBs.
albo says it has also expanded access for its retail clients by adding “400 top-up points across Mexico, allowing customers to load cash onto their cards at no cost.”
Paymentology’s approach and expertise have made them a fit with their team at albo, enhancing collaboration and fueling “innovative solutions that make a real difference for our users.”
The digital payments market in Mexico is experiencing growth, with an annual increase of “nearly 10% expected between 2024 and 2028.”
albo’s campaigns, which include rewards like scholarships, cash prizes, and discounts, encourage customers to embrace digital payments.
albo, in partnership with Mastercard, will reportedly introduce a new initiative to drive digital payment adoption across Mexico.
