Mexican neobank Albo raises $40m in Series C funding round
Mexican challenger Albo has secured $40 million as part of its Series C funding round, which was led by Morpheus Ventures.
The round also saw participation from existing investors Valar Ventures and Nazca Ventures.
Founded in 2016 and based in Mexico City, Albo offers personal and business financial services including a personal debit account, a business account, credit, payroll, savings and cryptocurrencies trading. It claims a user base of more than two million customers and an annual transaction volume of $6.5 billion.
Having secured its latest funding, Albo hopes to achieve profitability in 2024. If it does so, it claims it would become Mexico’s first profitable neobank.
Joseph Miller, managing partner at Morpheus Ventures, says they were “impressed” with Albo’s performance in a “challenging” environment, claiming it experienced a “substantial surge” in customer acquisitions and transaction volumes and maintained “healthy” unit economics.
“With this funding round, Albo is on the path to profitability, demonstrating that fintech can indeed establish sustainable, long-term models,” comments Ángel Sahagún, CEO and founder of Albo.
Sahagún adds that the funding round comes at a “pivotal juncture” for the company, as it looks to expand its product portfolio, develop “innovative solutions, enhanced benefits, improvements, and strategic alliances”.