Mexico’s Fondeadora acquires Mibo

LatamList – Mexican neobank Fondeadora recently acquired Mibo, a digital wallet app. The startup aims to revolutionize the fintech sector in a country where more than 63% of adults remain underbanked.

Fondeadora launched its digital banking services in 2019 with a digital account, online transactions, a debit card, and an app. The startup previously raised a $14M Series A led by Gradient Ventures, Google’s AI-focused venture fund.

Mibo, originally Weex, is a digital wallet app for Mastercard without commissions or fees. The app has over 1 million downloads in the country.

Fondeadora, with the addition of the Mibo team, is now one of the leading fintechs in Mexico. Over the coming months, Fondeadora will be integrating key features from the Mibo application into its platform.

Read more on Medium.

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