Mexico based fintech player Albo, the platform which terms itself as a challenger bank has snagged $19 million as part of Series A round. Valar Ventures is leading the latest financing with the help of Greyhound Capital, Mountain Nazca, and Flourish Ventures.
Notably, earlier in the year, Mountain Nazca had infused $7.4 million as part of the Series A round itself which means that the current infusion is not a new round but continuation of the earlier one. In total, the firm now has got $26.4 million in its Series A round. Overall, the capital raised by the firm now stands at $27.5 million with earlier seed fundings being added.
Founded in 2016 by Angel Sahagun, the platform helps users manage money through their mobile bank which offers services like a banking account, and a Mastercard card. The platform helps users open a bank account in less than 5 minutes’ time through a branchless experience.
The firm has nearly 200,000 monthly active customers in Mexico which it wants to grow quickly and for that, they will use the latest funding to expand leadership roles and speed up customer acquisition along with hiring new talents in order to build new features on the platform.
McCormack through a press release said that "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."
Image Courtesy : FintechFutures