Mexican startup Albo raised a $40M Serie C round to strengthen its payment services. Nazca, Morpheus Ventures, and Valar Ventures participated in the round.
Additionally, the fintech will recruit key profiles and work toward reaching profitability by the end of 2024.
“We have a solid value proposition for both individuals and businesses that includes debit products, payment solutions, credit offerings, and much more. We will continue to expand on that. That’s the formula that has worked for us.” explained Ángel Sahagún, CEO & founder of Albo.
Recently, Albo acquired Delta.ai to expand its services to SMEs with debit accounts, financing options, and salary payment solutions.
“Our data shows that customers who use Albo’s services increase their spending five times after a year, compared to the initial month,” explained the CEO.
Founded in 2016, Albo currently serves 2 million users and last year became a regulated financial institution.
Source: El economista