Mexico City-based leading neobank albo raised USD 40 million in Series C financing. The company announced the investment on September 27, 2023. Morpheus Ventures led the financing for the company. In addition, the growth financing also saw participation from previous investors such as US-based Valar Ventures and Mexico-based Nazca Ventures.
Purpose of financing for albo
The recent financing follows albo’s strategic acquisition of the technology firm delt.ai. The former acquired the latter for USD 20 million. Currently, the company boasts an extensive user base exceeding 2 million users. It further has an annual transaction volume of USD 6.5 billion with a positive contribution margin.
What the company’s official has to add
Ángel Sahagún, CEO and founder of albo, said, “We aim to provide all the tools that individuals and businesses need to attain the financial freedom they deserve, all in one place. With this funding round, albo is on the path to profitability, demonstrating that fintech can indeed establish sustainable, long-term models. Our primary focus will always be our clients; they are the ones deserving of the finest, hassle-free financial experience. This funding round comes at a pivotal juncture for albo as we are actively working towards significantly expanding our product portfolio. We are also committed to delivering more innovative solutions, enhanced benefits, improvements, and strategic alliances, all designed to benefit our clients.”
What the lead investor has to add
Joseph Miller, managing partner of Morpheus Ventures, said, “We are very impressed with albo’s performance in a challenging environment. albo delivered remarkable growth metrics throughout 2023, including a substantial surge in customer acquisition and transaction volumes, while also maintaining healthy unit economics. We are very excited to join albo on its mission to provide a modern fintech platform to both consumers and small businesses.”
Morpheus Ventures is one of the largest early-stage investors in Los Angeles, USA. The firm invests in the disruption of large markets across the technology landscape from consumer to enterprise technologies such as data analytics, machine learning, robotics, transportation, and SaaS.
About the company
In 2016, Angel Sahagun launched the company. albo serves as a one-stop platform where users have access to all personal and business finances such as debit, credit, payroll, savings, cryptocurrencies and more. In addition, the company offers a personal debit account, a business account for businesses, and credit for individuals and businesses, all at no cost and with no commissions. albo is on a mission to provide financial freedom for people everywhere in the world.
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