Mexico’s albo receives $40m in Series C funds, striving for neobank profitability

Mexico's albo receives $40m in Series C funds, striving for neobank profitability

Mexican neobank, albo, has proudly announced its latest accomplishment of closing a growth funding round worth $40m.

The recent infusion was spearheaded by United States-based Morpheus Ventures. The funding round also witnessed significant backing from former supporters like the US-based Valar Ventures and Mexico’s own Nazca Ventures. This fund collection serves as a landmark achievement in albo’s development.

Founded with a vision to transform the financial services industry, albo provides a comprehensive platform catering to both personal and business financial needs. This includes offering debit, credit, payroll, savings, cryptocurrencies, and more, without the burden of additional costs or commissions. Their primary objective remains clear: to bring financial freedom to people across the globe.

Following this financial boost, albo has charted a clear plan for the upcoming times. Ángel Sahagún, CEO and founder of albo, shared his insights, “We aim to provide all the tools that individuals and businesses need to attain the financial freedom they deserve, all in one place.

“With this funding round, albo is on the path to profitability, demonstrating that FinTech can indeed establish sustainable, long-term models. Our primary focus will always be our clients; they are the ones deserving of the finest, hassle-free financial experience. This funding round comes at a pivotal juncture for albo as we are actively working towards significantly expanding our product portfolio. We are also committed to delivering more innovative solutions, enhanced benefits, improvements, and strategic alliances, all designed to benefit our clients.”

Previous notable achievements include albo’s strategic purchase of the tech firm at a deal worth $20m. Amidst global financial upheavals, albo’s impressive achievements have set it on course to achieve profitability by 2024. The neobank boasts of over 2 million users and an annual transaction volume hitting $6.5bn, reflecting its prominent status within the FinTech sector.

“We are very impressed with albo’s performance in a challenging environment. albo delivered remarkable growth metrics throughout 2023, including a substantial surge in customer acquisition and transaction volumes, while also maintaining healthy unit economics. We are very excited to join albo on its mission to provide a modern fintech platform to both consumers and small businesses”, said Joseph Miller, managing partner of Morpheus Ventures.

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