Mexican Fintech Albo Strengthens Its Position
Mexican Fintech Albo is strengthening its position after securing a significant investment in its Series C round, resulting in substantial capital.
The Mexican Fintech Albo raised $40 million in investment during its Series C, with a focus on enhancing its offerings anchored in the services of its Electronic Payment Funds (IFPE) license.
Furthermore, it continues its path of providing services to the micro, small, and medium-sized enterprise (MSME) segment, including credit and payroll management.
Angel Sahagún, founder of Albo, explained that in addition to bolstering its range of financial services, the platform will seek strategic hires to fuel the company’s growth.
With this investment, Mexican Fintech Albo aims to move towards profitability, especially after receiving permission from the National Banking and Securities Commission (CNBV) in May of last year to operate as an IFPE under the Fintech Law.
“We currently have a robust value proposition for both individuals and businesses, including debit products, payments, credit, and much more, and we will continue to expand on that,” emphasized the founder of Albo Fintech.
It’s worth noting that Albo announced the acquisition of Delt.ai, a firm focused on financing in the business sector.
Regarding this matter, Sahagún mentioned that with this new investment, they will reinforce their presence in the business segment and assured that there is potential in this area to grow all their verticals.
Both in 2022 and in the current year, the global technology ecosystem has faced a lack of venture capital in Mexico.
According to FT Partners, during the first half of 2023, a total of $28.6 billion was counted in global investment rounds, marking an annual decline of over 60 percent.
Despite this, Sahagún initiated a series of meetings with executives in the United States and Europe at the beginning of the second quarter of the year.
As a result, Morpheus Ventures joined as an investor in Albo, and they encouraged Valar Ventures and Nazca Ventures to participate in this Series C to raise a total of $40 million.
Regarding the profitability that Mexican Fintech Albo plans to generate in the short term, the executive indicated that the key lies in the platform’s service.
According to records, a person who uses the firm’s services leaves five times more money 12 months after starting than they do in the first month.
Also read: Starlink arrives in Mexico through Mercado Libre.
