Fintech startup, albo, raises USD$7.4 million in Series A funding

Contxto – Last Monday, albo‘s founder, Angel Sahagún, stated that the company had raised a Series A investment round for USD $7.4 million, led by Mountain Nazca, Omidyar Network, Greyhound Capital and the crowdfunding platform ArkAngeles.

“This is just one more step to becoming the best option to manage your money!”

– Ángel Sahagún, co-founder and CEO of albo

According to Sahagún, hard work and a lot of effort were key to achieving this milestone. He declares that this investment round gives them the chance of spreading albo to every corner of Mexico, and to improve the financial lives of all of their customers.

In-depth

In simple terms, albo is a digital account that helps users receive, transfer and spend their money freely, without the need to visit a physical banking branch.

Basically, it is a digital banking platform.

Sahagún explains he wants albo’s customers to have better control of their money without the complexities and high costs of traditional banking.

With albo, customers can use the power of technology to improve their financial lives.

This investment will allow the company to improve its operations, its product, and build new features that can improve the overall albo experience.

Growing the team is also greatly important for the founder. The recently raised investment will help the startup grow the team by hiring the most capable talent, who are also committed and engaged with albo’s mission.

“This investment will allow albo to grow more aggressively.”

– albo’s press release

Currently, the startup only provides a savings account service, but they plan to add credit products while diminishing commissions.

Digital banking is definitely a rapid growing industry.

If you want to learn more about albo, we encourage you to listen to our podcast episode featuring Ángel Sahagún.

-CM