albo has announced its acquisition of delt.ai, a Y-Combinator FinTech company in Mexico specializing in financial services and management tools for SMBs.
The acquisition, valued at $20m, aims to strengthen albo’s position in Mexico, making it the only neobank to offer comprehensive financial products including debit and credit services for consumers and SMBs. This move aligns with albo’s strategic vision to offer high-quality products and promote healthy financial habits.
albo is a leading neobank in Mexico offering a diverse portfolio of financial products, including commission-free debit and savings accounts, personal loans, cash advances, crypto trading, and management tools. The company strives to provide robust solutions for both individual consumers and SMBs.
delt.ai, on the other hand, is a Y-Combinator backed FinTech firm, experienced in the Mexican market and focusing on financial services and tools for SMBs. The company offers products such as business loans, credit cards, and a financial platform, and has completed over 130,000 transactions, granting more than $90m in business loans and credit lines.
An essential part of the acquisition is the appointment of delt.ai’s current Founder and CEO, José de la Luz, who will join albo as their COO. The two companies are collaborating to ensure a seamless transition, aiming to create a more robust and comprehensive financial services offering in the Mexican market.
Despite global financial uncertainty, albo’s prospects remain bright. Since becoming a regulated financial institution in May 2022, albo has reached 2 million users, with annual transactions surpassing $5bn and a threefold increase in revenues. The acquisition solidifies albo’s profitable unit economics and contribution margin, positioning itself as a leading neobank in the region. The projections suggest continued growth, with albo on a path to becoming cashflow positive by 2024.
albo CEO and founder Ángel Sahagún said, “Imagine having a 360-degree solution on a single platform, where any company has access to a corporate bank account with a credit line and a payroll and payment dispersal platform. That, and more, is what we will be able to offer to customers and companies with the integration of delt.ai. As a result, we will create a perfect network effect that will minimise CAC, increase revenue per customer, and reduce churn due to the use of all services in one place.”
José de la Luz, newly appointed COO of albo, said, “I am thrilled to embark on this new journey as the COO of albo, a company whose business vision resonates with mine. Together, we will combine our strengths and expertise in finance and technology to continue innovating and growing, and above all, to continue creating value for our shareholders and customers.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global