Ángel Sahagún and José de la Luz/albo
Mexican neobank albo secures $40m Series C
The challenger says the funding puts it on track to hit profitable by 2024
Mexican neobank albo has raised $40m Series C, in a funding round led by US-based Morpheus Ventures.
The fresh funding comes a few months after the challenger acquired delt.ai for $20m as it looks to expand its financial platform.
According to the fintech, the funding puts it on track to achieve profitability “by 2024”.
“We aim to provide all the tools that individuals and businesses need to attain the financial freedom they deserve, all in one place,” Albo founder and CEO Ángel Sahagún said.
“Our primary focus will always be our clients; they are the ones deserving of the finest, hassle-free financial experience.”
Sahagún added that albo is committed to delivering “more innovative solutions” for its clients, and said that the funding comes at a “pivotal juncture” as it works towards “significantly expanding” its product portfolio.
The neobank, which was founded in 2016, currently offers personal and business financial services, including personal debit accounts, business accounts, credit, savings, payroll and crypto.
The funding, alongside the recent acquisition of delt.ai, which focuses on SMBs, positions albo to expand its credit and debit offerings for both consumers and businesses.
“albo delivered remarkable growth metrics throughout 2023, including a substantial surge in customer acquisition and transaction volumes, while also maintaining healthy unit economics,” Morpheus Ventures managing partner Joseph Miller said.
According to the fintech, it currently has more than two million users and an annual transaction volume of $6.5bn.
The funding round was also supported by existing investors Valar Ventures and Mexican Nazca Ventures.