Mexican challenger bank Albo raises USD 7 mln

The fintech offers consumers a digital account with a prepaid Mastercard to receive, transfer, and spend their money. The funding round was joined by the impact investment firm Omidyar Network and Greyhound Capital. According to the challenger bank, only 47% of the Mexican population among 17 to 70 years old has access to a bank account.

A study by BMI Research has found that Mexico’s financial inclusion is set to reach 60% of the population by 2026 due to the advent of innovative financial solutions such as Albo. Albo sees a big opportunity in Mexico, where 86% of its 129 million inhabitants own a smartphone. Through the app, any user can see categorised expenses and income reports.