13 December 2019:
Albo has closed an extension of its Series A funding round for $19 million, adding up the Series A round in a total of $26 million. The funding round was led by US capital fund Valar Ventures.
Greyhound Capital, Mountain Nazca and Flourish Ventures also participated in the funding round.
The company will allocate the fresh capital to three strategic initiatives: the expansion of its products, concrete growth plans and the best available talent.
Ángel Sahagún, CEO and founder, Albo, said, “Series A which was raised $7.4M USD at the beginning of the year, allowed us to grow rapidly and place ourselves as sector leaders for challenger banks, position that attracted funds such as Valar, whose vision has led them to invest for the first time in Mexico; Valar is a firm with great experience in the fintech environment, as it has invested in successful companies such as Transferwise and N26, so for us it is a sign that we are on the right track.”
Andrew McCormack of Valar Ventures, said, “We identified the leadership of albo in the region as a reference of the fintech ecosystem that is changing the rules of the game and driving financial inclusion from a talented team, with great ambitions. Based on the experience we have in digital financial services worldwide, we want to grow with them and take them to the next level of operations in Mexico.”
(Image – Albo)