Mexican neobank albo has closed on a $40 million growth funding round as it eyes profitability in 2024.
United States-based Morpheus Ventures led the financing, which included significant participation from previous investors such as US-based Valar Ventures and Mexico-based Nazca Ventures.
The closure of the Series C follows impressive performance metrics throughout 2023, which saw albo achieve a user base exceeding two million users, and annual transaction volume of $6.5 billion.
It also comes on the heels of the neobank's acquisition of Mexican technology firm delt.ai for $20 million as it seeks to expand its product portfolio in the face of icnreasing competition from the likes of Argentina's Uala and Brazil's Nubank.
Ángel Sahagún, CEO and founder of albo, states: "We aim to provide all the tools that individuals and businesses need to attain the financial freedom they deserve, all in one place. With this funding round, albo is on the path to profitability, demonstrating that fintech can indeed establish sustainable, long-term models."