LatAm List – Mexico’s neobank, Albo, closed a US$7.4M Series A round led by Mountain Nazca, Omidyar Network, and Greyhound Capital, with the goal of becoming Mexico’s leading digital banking provider. Founded in 2016, Albo is a mobile and branchless bank that helps customers manage their money, bringing more Mexicans into the banking system.
Albo’s previous investors include Magma Partners, Arkfund, and Eric Perez Grovas, among others. Albo’s founder Angel Sahagun stated that they would use the funding to grow their team and to spread Albo’s services across all of Mexico’s territories.
“Beyond just its economic value, this investment validates the effort we have made to build Albo and provides us with an incredible opportunity to invest freely in the resources we need to do what we have always dreamed of: bringing Albo to every corner of Mexico, and improving the financial outcomes of all of our clients,” said Angel.
Neobanks have recently raised significant international capital across Latin America, most notably in Argentina and Brazil. Argentina’s Ualá raised US$34M from Goldman Sachs and other investors at the end of 2018, and Brazil’s Nubank raised US$180M (at a US$4B valuation) from China’s Tencent in the same month.