Mexican neobank albo has successfully secured $40 million in a growth funding round, aiming for profitability by 2024.
The financing was led by Morpheus Ventures from the United States, with notable contributions from previous investors like Valar Ventures (also based in the U.S.) and Mexico’s Nazca Ventures.
This Series C funding follows a strong performance in 2023, during which albo surpassed two million users and handled an annual transaction volume of $6.5 billion. The funding also coincides with the neobank’s recent acquisition of Mexican tech firm delt.ai for $20 million, as it looks to diversify its product offerings amid rising competition from financial services firms such as Argentina’s Uala and Brazil’s Nubank.
Ángel Sahagún, CEO and founder of albo, stated, “We aim to provide all the tools that individuals and businesses need to attain the financial freedom they deserve, all in one place. With this funding round, albo is on the path to profitability, demonstrating that fintech can indeed establish sustainable, long-term models.”