albo, a Mexico City, Mexico-based neo-bank providing a platform for personal and business finances, has raised US$40 million in Series C funding. The round was led by Morpheus Ventures with participation from previous investors such as US-based Valar Ventures and Mexico-based Nazca Ventures.
albo offers a personal debit account, a business account for businesses, and credit for individuals and businesses, all at no cost and with no commissions. The company’s goal is to provide financial freedom for people everywhere in the world.
In August 2023, albo acquired delt.ai, a Y-Combinator fintech company with experience in the Mexican market, specializing in financial services and management tools for SMBs. delt.ai’s product portfolio includes business loans, credit cards, and a financial platform for SMBs.
The acquisition of delt.ai aligns with albo’s strategic vision to offer high-quality financial products and services to promote healthy financial habits.
Similiar NEOBANKING Startups
Other neo-banks that have recently raised funding include:
- Chime (US): Raised US$250 million in Series F funding in January 2023. Chime is a mobile-only bank that offers a variety of financial products and services, including checking accounts, savings accounts, credit cards, and cash advances.
- NuBank (Brazil): Raised US$600 million in Series J funding in January 2023. NuBank is a digital bank that offers a variety of financial products and services, including checking accounts, savings accounts, credit cards, loans, and investments.
- Revolut (UK): Raised US$800 million in Series D funding in July 2022. Revolut is a digital bank that offers a variety of financial products and services, including checking accounts, savings accounts, credit cards, loans, and investments.
These neo-banks are all expanding their operations and product offerings to meet the growing demand for digital financial services.
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