Mexican fintech Albo secures $40 million in a Series C funding round led by Morpheus Ventures, with participation from Valar Ventures and Nazca Ventures.
Facts
- Albo, founded in 2016 and based in Mexico City, provides personal and business financial services, including personal and business accounts, credit, payroll, savings, and cryptocurrency trading.
- The company boasts over two million customers and handles an annual transaction volume of $6.5 billion.
- Albo aims to achieve profitability by 2024, potentially becoming Mexico’s first profitable neobank.
- Morpheus Ventures is impressed with Albo’s performance, citing substantial growth in customer acquisitions and transaction volumes.
- Albo plans to expand its product portfolio and establish strategic alliances after the successful funding round.
- In August, Albo acquired Mexican fintech start-up Delt.ai for $20 million, following a $45 million Series B funding round in December 2020.
