Mexican neobank albo has successfully secured $40 million in growth funding, with an eye on achieving profitability by 2024. The funding round was spearheaded by Morpheus Ventures, a United States-based firm, and saw substantial participation from previous investors, including Valar Ventures from the United States and Nazca Ventures from Mexico.
This Series C closure follows a remarkable performance in 2023. During the year, albo notched up an impressive user base exceeding two million users and recorded an annual transaction volume of $6.5 billion.
The funding announcement also coincides with albo's strategic move to acquire Mexican technology firm delt.ai for $20 million, a step intended to bolster its product offerings in response to increasing competition from the likes of Argentina's Uala and Brazil's Nubank.
Ángel Sahagún, CEO and founder of albo, emphasized the company's vision, stating, "We are committed to providing individuals and businesses with all the necessary financial tools to attain the freedom they deserve, all within one convenient platform. This funding round paves the way for albo to reach profitability, demonstrating the potential for fintech to establish enduring, sustainable models."