albo, the neobank in Mexico, has confirmed the purchase of the fintech company, specializing in financial services for small and medium-sized enterprises (SMEs), for USD $20 million. With this strategic acquisition, albo strengthened its position in the Mexican financial sector, becoming the only neobank to offer debit and credit products for consumers and SMEs., a firm with experience in Mexico and part of Y-Combinator, has conducted over 130,000 transactions, granting over USD $90 million in loans and credit lines. The integration of enriches albo’s offering, adding business loans, credit cards, and a financial platform for SMEs to its already extensive catalog that includes commission-free debit accounts, personal loans, crypto trading, and more.’s CEO, José de la Luz, will join albo as Chief Operating Officer (COO), contributing to the strategic vision of offering high-quality financial products that promote healthy financial habits. The transition is being managed to minimize disruptions to customers, and the acquisition is expected to provide significant value, creating a more robust and complete offering in the Mexican market.

The Bank of Mexico reveals that 72% of Mexican adults have access to a smartphone, and 51% conduct financial transactions online. This indicates that digital financial services are experiencing a period of growth. Furthermore, the article notes that 74% of young Mexicans are expected to entrust their money to a fintech.

The analytics firm highlights that in 2022, the most significant growth in the number of sessions of fintech applications occurred in Latin America, with a 54% increase compared to the previous year. This growth was higher than 40% in EMEA (Europe, the Middle East, and Africa) and 30% in the Asia-Pacific region.

apps fintech 2022
fintehc application installations. (Source: Adjust)

This acquisition comes when albo has shown favorable growth, reaching 2 million users and annual transactions exceeding USD $5 billion. The company projects continued growth and a trajectory toward positive cash flow profitability by 2024, solidifying its position as a regional leader.