Mexico’s neobank Albo has acquired fintech startup Delt.ai for $20 million, integrating its corporate credit platform to expand services for both consumers and SMBs.
Facts
- Mexico-based neobank Albo acquires fintech startup Delt.ai for $20 million.
- Delt.ai’s founder and CEO, José de la Luz, becomes Albo’s new Chief Operating Officer (COO) after the acquisition.
- Delt.ai, founded in 2019 in Mexico City, provides corporate credit and spend management solutions for SMBs in Mexico.
- Delt.ai offers credit cards, business loans, and a financial platform, facilitating 130,000+ transactions and granting over $90 million in loans and credit.
- Albo, founded in 2016 and headquartered in Mexico City, provides personal and business financial services, including debit accounts, credit, savings, and cryptocurrencies trading.
- Albo boasts two million users, with revenue tripling and annual transactions surpassing $5 billion.
- Albo aims to become the sole neobank offering debit and credit products for both consumers and SMBs in Mexico.
- Ángel Sahagún, Albo’s CEO and founder, envisions a comprehensive platform with corporate bank accounts, credit lines, payroll services, and personal loans, reducing customer churn and enhancing revenue through an integrated network effect.
