Announcement
Announcement

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

January 22, 2019
  • The Series A round was led by Mountain Nazca and joined by Omidyar Network, and Greyhound Capital, venture capital firms who invest in bold entrepreneurs leading engines of positive social change, and businesses focused on sustainable, long-term success.
  • Funds in this round will enable Albo to continue to aggressively grow its business in Mexico, fuel product development, and strengthen the company as a key player among Mexican fintech startups

Mexico City, January 22, 2019 - 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."

Read the full press release here.

 

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