Albo, a Mexico City, Mexico-based financial technology company offering consumers a digital account with a prepaid Mastercard to receive, transfer, and spend their money, raised $7.4m in Series A funding.
The round was led by Mountain Nazca, with participation from Omidyar Network and Greyhound Capital.
The company intends to use the funds to continue to grow its business in Mexico, accelerate product development, and comply with a wide range of technical elements to become a regulated fintech institution, as per Mexico’s newly released fintech law.
Led by Ángel Sahagún, CEO and founder, Albo provides people with a digital account, an international Mastercard and an app to receive and transfer money, as well as make payments, with minimal fees and in a fast way. In the app, users can see categorized expenses and income reports, to understand their finances and improve their financial habits.