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Mexican neobank Albo raises $40m in Series C funding round | Fintech InShorts: Latest fintech news, analysis by experts

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Mexican neobank Albo raises $40m in Series C funding round

By Laura M

October 4, 2023

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.

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