albo secures US$40 million in Series C investment round, paving the way to become Mexico's first profitable neobank

MEXICO CITY, Sept. 27, 2023 /PRNewswire/ -- albo, a leading neobank in Mexico, announces the successful closure of its recent US$40 million growth funding round.

This follows closely on the heels of albo's strategic acquisition of the technology firm delt.ai for US$20 million. Despite the challenges posed by the global financial landscape, albo's exceptional performance positions the company for profitability in 2024.

United States-based Morpheus Ventures led the financing, which included significant participation from previous investors such as US-based Valar Ventures and Mexico-based Nazca Ventures. The fund raise marks a pivotal milestone in albo's journey.

"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", said Joseph Miller, managing partner of Morpheus Ventures.

albo has achieved a user base exceeding 2 million users, and annual transaction volume of US$6.5 billion with a positive contribution margin. These outstanding figures not only affirm albo's growth potential but also establish its status as a frontrunner in the Fintech arena.

"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." concluded Ángel Sahagún, CEO and founder of albo.

About albo

albo is the platform where you have everything you need for your personal and business finances; debit, credit, payroll, savings, cryptocurrencies and more. albo offers you a personal debit account, a business account for your business, credit for individuals and businesses, all at no cost and with no commissions. albo's goal is to provide financial freedom for people everywhere in the world.

For more information, visit https://www.albo.com

About Morpheus Ventures‍

Founded in 2016, Morpheus Ventures is one of the largest early-stage investors in Los Angeles, investing in the disruption of large markets across the technology landscape from consumer to enterprise technologies including data analytics, machine learning, robotics, transportation, and SaaS. The firm is headquartered in Los Angeles and backs great entrepreneurs worldwide.

For more information, see www.morpheus.com

Community:

Facebook: https://www.facebook.com/AlboApp/
Twitter: https://twitter.com/albomx
LinkedIn: https://mx.linkedin.com/company/albomx 

SOURCE albo