Business

Mexico's largest neobank Albo raises $ 19 million in Series A

The investment will be used to develop new features and improve services

Albo Mexico's largest neobank
The Mexican neobank Albo raises $19 million in Series A. Photo: Albo
  • Albo total amount raised in Series A investment reached $26.4 million
  • The company that already offers a Mastercard debit card and an app that allows users to create a banking account in a few minutes will use the money to develop new features
  • Albo is now the Mexico‘s largest neobank, but the company will have to deal with Nubank’s competition, since the Brazilian bank started investing in the country

After raising a $ 7.4 million in Series A earlier this year, Mexico’s largest neobank Albo extended its fund by $ 19 million and reached a total amount of $ 26.4 million, according to TechCrunch. The latest fund raised was led by Valar Venture, a venture capital company from the US that is already known because of its special interest in fintechs, but it was the first time that a Mexican company caught its attention. 

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Albo already achieved the mark of 200,000 monthly active users and has two products available: a Mastercard debit card and an app focused on personal finance that allows costumers to open a banking account in a few minutes. 

The company now plans to use the total amount raised to keep increasing its product portfolio and improving the quality of services, according to TechCrunch information. The investment will be used to scale customer acquisition and to develop new features, such as new features focused on saving habits and loans.