Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Capital on the Frontier Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Frontier Finance Best Practices Geographies
Slack Agent of Impact Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe Log In

Mexican digital bank Albo raises $7.4 million to boost access to finance services

ImpactAlpha, January 21 – Three-year-old online bank Albo has raised $7.4 million in Series A funding led by Latin America-focused venture capital firm Mountain Nazca with backing from Omidyar Network and Greyhound Capital.

Albo is among a growing crop of so-called “neobanks” that are accelerating access to financial services for Latin American adults. The bank offers no-fee basic services, like payments and transfers. It currently has about 60,000 customers across Mexico who transact about 1.3 billion pesos ($65 million) per year, the publication Expansion reports. The Series A funding will be used to expand its customer base and also to develop new products, like credit and savings accounts.

Albo’s funding follows several notable investment rounds from other digital banks, including Tencent’s $180 million investment in Brazil’s Nubank and Argentina-based Ualá $34 million round led by Goldman Sachs.

You might also like...