Leading Back Office Systems for Banks

In-depth Supplier Profiles and User Lists. Subscribe now

In-depth Banking Tech and FinTech Research

Over 300 research reports that's updated quarterly. Subscribe now

RPA in Banking: Strategies and Pitfalls

Insights on RPA Suppliers and Case Studies. Subscribe now

Mexico’s challenger bank albo nabs $19 mn in Series A

alboalbo, a Mexican challenger bank has closed an extension of its Series A funding round for $19 million led by US capital fund Valar Ventures, adding up the Series A round in a total of $26 million.

The round also saw participation from international FinTech venture capital funds including Greyhound Capital, Mountain Nazca, and Flourish Ventures, according to a statement.

Series A which was raised $7.4M USD at the beginning of the year, allowed us to grow rapidly and place ourselves as sector leaders for challenger banks,” Ángel Sahagún,  albo’s CEO and founder stated.

The company plans to allocate the newly raised capital towards three strategic initiatives: expansion of its products, growth plans, and the best available talent.

“We identified the leadership of albo in the region as a reference of the FinTech ecosystem that is changing the rules of the game and driving financial inclusion from a talented team, with great ambitions. Based on the experience we have in digital financial services worldwide, we want to grow with them and take them to the next level of operations in Mexico,” Andrew McCormack of Valar Ventures commented.

Founded in 2016, albo is a challenger bank that offers people a digital financial experience through a debit card and an app to receive, transfer and spend money easily and freely. T bank aims to improve the financial lives of people through healthy personal finances, and by offering transparency and integrity in their services.

This year, the digital bank offered its services to more than 150,000 Mexicans via its commission-less MasterCard debit card.

Related Posts