Mexican neobank albo has raised $40m Series C, in a funding round led by US-based Morpheus Ventures.
In brief:
-The challenger says the funding puts it on track to hit profitable by 2024
-The fresh funding comes a few months after the challenger acquired delt.ai for $20m as it looks to expand its financial platform.
-The neobank, which was founded in 2016, currently offers personal and business financial services, including personal debit accounts, business accounts, credit, savings, payroll and crypto.
What does this mean?
“albo delivered remarkable growth metrics throughout 2023, including a substantial surge in customer acquisition and transaction volumes, while also maintaining healthy unit economics,” Morpheus Ventures managing partner Joseph Miller said.
