Originally from Campeche, Yucatan, Ángel Sahagún has been obsessed with fintech for the past ten years. From an early age, he realized that there was limited access to financial products for a large portion of the Mexican population. Since then, he has made it his mission to improve the country’s financial system.
Ángel founded Albo in 2016 to help Mexicans optimize the way they manage their money. Today, Albo is Mexico’s leading neobank and allows users to get a full-fledged bank account in just 5 minutes.
I sat down with Ángel to talk about why Albo is a game-changer in Mexico’s banking industry, how he became obsessed with fintech from a young age, and what his first steps in finance looked like. Ángel also explains how he approaches fundraising and gives advice to other entrepreneurs looking to raise money locally and globally as he did with Albo. It’s been a pleasure to get to know Angel while supporting him via Magma’s investment in 2018.
A tech-savvy population lacking the right tools
Ángel explains that less than 50% of the Mexican population has a bank account, yet 90% own a smartphone. Two of the mains drivers of this disparity are a lack of trust in the traditional banking system and expensive maintenance fees. This gap creates a huge opportunity for fintech solutions to help promote financial inclusion in Mexico.
Find out how Albo is helping the underserved segments of Mexico’s population have access to a better financial life.
“Don’t you want to become a professional soccer player?”
Ever since he was a kid, Ángel was clear on his personal mantra: to create value. While most of his peers aspired to become professional soccer players, Ángel chose to go off the beaten path. As a self-proclaimed doer, he realized that the best way to create and share value was by starting a company. His first entrepreneurial endeavor was at the early age of 19 when he founded MoneyMentor, a personal finance management app.
Listen to this episode of Crossing Borders to find out Ángel’s lessons learned from his first experience with fintech.
After Ángel’s family had money issues, he experienced the challenges within Mexico’s financial industry first hand. He was paying his own school tuition and needed to learn about how to manage his personal finances. However, at the time he could not find the right products that would help him achieve his financial goals. That’s when he became obsessed with fintech as a way to solve his own and other people’s problems.
Learn more about Ángel’s journey in Mexico’s fintech world in this Crossing Borders episode.
Ángel Sahagún is staying true to his mantra by creating and sharing value with Mexico’s underbanked population through Albo. He is transforming the banking experience for underserved segments and clearing some of the country’s biggest obstacles to financial inclusion.
Outline of this episode:
- [1:20] – About Albo
- [4:20] – Yucatan ecosystem
- [5:50] – Ángel’s first fintech startup
- [7:58] – Investing in Mis Rentas
- [8:56] – Why fintech?
- [10:40] – Albo’s clients
- [13:04] – Market overview in Mexico
- [14:51] – Daily challenges of Albo clients
- [16:30] – Closing an investment round
- [18:46] – Raising globally and investing locally
- [20:58] – Books, blogs, & podcast recommendations
- [22:26] – Advice to Ángel’s younger self
- [22:50] – What’s next for Albo?
Resources & people mentioned: