• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

3v.org

Venture Capital Matters

  • Pitch a Startup
    • Make a Contribution
  • Market Reports
  • Technologies
    • Technology Events
  • Domain Names for Startups
  • About
  • Contact

Mexican Fintech Albo Raises $7.4 Million in Series A Funding Round

January 24, 2019 By admin Leave a Comment

Albo, a Mexican financial technology company offering consumers a digital account with a prepaid Mastercard to receive, transfer, and spend their money, announced today it has raised $7.4 million in a Series A round of investment led by Mountain Nazca, and joined by the impact investment firm Omidyar Network, and Greyhound Capital. The funding round comes in a crucial moment for Albo, since Mexican fintech companies will face new challenges due to new regulatory processes to take effect this year.

“We are really proud to have led this round along with other internationally recognized and experienced venture investors,” said Hector Sepulveda, cofounder and Managing Partner of Mountain Nazca. “Among the opportunities in the fintech sector in Mexico, we have identified Albo as the one with wider potential impact in the country and are convinced that Albo will be the leading challenger bank and the solution that will move the needle on financial inclusion in Mexico.”

Only 47% of the Mexican population among 17 to 70 years old has access to a bank account. Excessive fees and predatory practices have been a target of proposed legislation to improve competitiveness in the traditional financial sector this year only. Of the 1.2 million complaints received by CONDUSEF, the Mexican consumer protection agency, as of June 2018, confusing communication, deficient customer service, and erroneous bank charges are the most common issues faced by financial services customers in the country.

Aiming at changing this scenario, Albo’s founder Ángel Sahagún has worked in the tech sector since 2010, pushing to radically transform the user experience of Mexico’s financial services. His vision is to improve people’s lives through services that boost financial education and inclusion in the country, creating tech solutions that leverage data to empower people to better manage their finances without having to rely on traditional financial institutions. A recent study by BMI Research has found that Mexico’s financial inclusion is set to reach 60% of the population by 2026 due to the advent of innovative financial solutions such as Albo.

“With this investment, we want to take Albo to every corner of the country and enhance our products so that every person in Mexico can have access to a personalized, fair, and 100% digital financial experience when it comes to getting financially healthy”, said Ángel Sahagún, CEO and founder of Albo. “This round of funding will help to significantly advance that goal, coming in at perfect timing, helping us comply with new government regulations, which validate the fintech sector.”

Mexico is the second most populated country in Latin America, with around 129 million inhabitants, out of which 86% own a smartphone. This represents a huge opportunity for Albo, who offers access to any person with a smartphone the possibility to open an account in less than three minutes and better manage their money with the help of features such as real-time notifications for every transaction, card blocking and unblocking through the app, automatic categorization of expenses and easy to read reports. All of that at zero cost, with no hidden fees or account minimums.

Albo is further differentiated from other traditional banks and similar entities by its financial education component. Through the app, any user can see categorized expenses and income reports, an important first step in better understanding your finances and developing better financial habits.

Albo’s investment round illustrates the sustained growth of the sector and shows the confidence of investors in the Mexican entrepreneurial ecosystem. With this investment, Albo will also work to comply with a wide range of technical elements that will enable the company to become a regulated fintech institution, as per Mexico’s newly released fintech law.

About albo
Albo offers consumers in Mexico the possibility to have a digital account with access to an international Mastercard and an app to receive and transfer money, as well as make payments seamlessly, with minimal fees and in a fast and efficient way. Since 2016, Albo has become a financial ally for its users, constantly improving its platform and offering tools to help them to better manage their finances and improve their financial health. Visit www.albo.mx for more information.

Filed Under: PR

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Market Analysis

The future belongs to Ethereum app store
The U.S.’s blood supply had dipped to levels that the Red Cross has not seen in 10 years
Embargo of Russian energy would see Russia’s GDP completely collapse
Technology innovation leaders should understand what a Metaverse is
Take-Two will acquire Zynga for $12.7B
The construction industry is responsible for 11% of the world’s man-made carbon emissions
AltCarne is the New Meat

Market Research Media

ASAPtakeaways.com: ASAP Takeaways have become a global market worth more than $150 billion
Public Safety Broadband Network
RealityCheckout.com (Reality Checkout): How do the past tech predictions fare?
Omnichannel: 75% of US consumers say they’re shopping both in-store and online
AIML.ag, AIML (Artificial Intelligence/Machine Learning)
Worldwide Public Cloud Services Revenues Grew 29.0% to $408.6 Billion in 2021, According to IDC
Web3.ag: Not everyone is happy with decentralization of Internet

Secondary Sidebar

Technologies

Organizations are using a wider range of intelligent automation technologies
French company captures methane leaking from abandoned mines
Facing disruption: how companies in every industry can move confidently into the future
AWS Announces General Availability of Amazon EC2 C7g Instances Powered by AWS-designed Graviton3 Processors
Service delivery is being transformed by new technologies

Tech Events

DesignCon 2022, April 5-7, 2022, Santa Clara Convention Center, Santa Clara, CA
WeAreDevelopers World Congress, 14-15 June 2022 in Berlin
Connect 2021 EMEA, 7-8 December, 2021
Needham & Company to Host the 23rd Annual Needham Growth Conference, January 11-15, 2021
Powerful Keynote Speakers, Musical Headliners Announced for Ignite 2021 Logistics Tech Conference, August 3-5, 2021, San Antonio

Footer

Recent Posts

  • Breakthrough VR Basketball App Gym Class Closes $8 Million in Seed Round Led by Andreessen Horowitz
  • Techstars and Audi Launch Pre-Accelerator Program to Promote Innovation in Mobility
  • Latchel Closes $16.7 Million to Enhance Resident Services and Maintenance Workflow
  • Seedtag raises over €250M from Advent International
  • Arable Raises $40 Million to Accelerate Sustainable Agriculture
  • European Quantum Computing Leader IQM Raises €128m Led by World Fund to Help Combat the Climate Crisis
  • Whatnot raises $260M Series D co-led by DST Global and CapitalG to expand its live, social commerce marketplace
  • ZeroAvia Secures Additional $30 Million in Funding from IAG, Barclays, NEOM & AENU
  • Medusa Raises $8m to Build the Leading E-Commerce Platform for Developers
  • Blue Ocean Barns Completes $20 Million Series A Financing, Accelerating Solution to Agricultural Methane Emissions

Dossier

Commerzbank and Google Cloud Strengthen Strategic Partnership
Deloitte Acquires Sentek Global’s Business to Expand Systems Engineering and Cyber Offerings to Support U.S. Navy, Additional Military Branches and Federal Agencies
VMware Board of Directors Initiates Search for Chief Executive Officer
In 2019 98.9% of EU businesses forming part of the non-financial business economy were micro or small enterprises
Square, Inc. Announces Plans to Acquire Afterpay, Strengthening and Enabling Further Integration Between its Seller and Cash App Ecosystems

Press Media Release

Wilkinson Barker Knauer Named 2021 Legal 500 USA First Tier Firm for 12th Consecutive Year
ESG Book Closes $35 million Series B to Build the World’s Leading ESG Data Platform
What is the most disrupted occupation in marketing and public relations?
Governments Spent at Least €93bn on COVID-19 Vaccines and Therapeutics During the Last 11 Months
U.S. Government Collects $7 Million in Iranian Assets for Victims of Terrorism Fund

App Coding

Registered yet for Cloudflare Connect London 2022?
monday.com Adds Built-In Monetization Solution to the apps marketplace
Writing code on the fly
Brits app-sessed: New Builder.ai data reveals over 20 million can't live without social media apps
ScaleOut Software Announces Production Release of Redis®* Integration

API Coding

Web3 can take power and control from BigTech
WSO2 Completes $93 Million Series E Growth Funding Round with the Investment from Info Edge
Most commonly used HTTP Headers
Types of API Testing
DataGrail Launches API & Agent to Automate DSR Fulfillment Across All Internal Data Systems, Saving Companies Weeks of Engineering Time

Copyright © 2022 3v.org

Technologies, Market Analysis & Market Research

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT