Mexican Fintech company, albo, has successfully raised $40 million in capital through a Series C funding round to enhance its payments services. The investment round saw participation from key investors such as Nazca, Morpheus Ventures, and Valar Ventures.
In addition to the funding, albo has announced plans to recruit new team members as it aims to achieve profitability by the end of next year.
albo’s CEO and founder, Ángel Sahagún, expressed confidence in the company’s value proposition for individuals and businesses, which includes debit products, payment solutions, and credit offerings, among others. Sahagún emphasized the company’s commitment to expanding its offerings, which he believes has been the key to their success.
As part of its growth strategy, albo recently acquired Delta.ai, enabling the Fintech firm to expand its products and services to small and medium-sized businesses (SMBs). This includes providing debit accounts, financing options, and salary payment solutions.
Notably, albo’s data reveals that customers who use their services increase their spending by five times after a year compared to the initial month, demonstrating the value and impact of albo’s offerings.
Since its establishment in 2016, albo has amassed approximately 2 million users and obtained regulatory approval to operate as a financial services provider.
Back in December 2020, albo secured $45 million in funding to expand its operations into lending and insurance services. Investors such as Valar Ventures, Greyhound Capital, Mountain Nazca, and Flourish Ventures participated in the funding round. albo aims to provide easy-to-manage online accounts, smart budgeting tools, and a prepaid Mastercard to enable its customers to receive, transfer, and spend their funds.
Notably, albo is taking advantage of new regulations in Mexico that aim to properly regulate the fintech industry. The company’s objective is to promote financial inclusion in Mexico, where around half of the population lacks access to basic bank accounts.
Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it