MEXICO – albo, a Mexico City, Mexico-based neo bank providing a platform for personal and business finances, raised US$40M in Series C funding.
The round was led by Morpheus Ventures with participation from previous investors such as US-based Valar Ventures and Mexico-based Nazca Ventures. The company intends to use the funds to expand operations and its business reach.Led by Ángel Sahagún, CEO and Founder, albo offers a personal debit account, a business account for business, credit for individuals and businesses, all at no cost and with no commissions. Its goal is to provide financial freedom for people everywhere in the world.In August 2023, the company acquired delt.ai is, a Y-Combinator fintech company with experience in the Mexican market, specializing in financial services and management tools for SMBs. Its product portfolio includes business loans, credit cards, and a financial platform for SMBs. Currently, it has completed more than 130,000 transactions through its platform, granting over US$90M in business loans and credit lines.The acquisition of delt.ai aligns with albo’s strategic vision to offer high-quality financial products and services to promote healthy financial habits. 02/10/2023
