Mexico-based challenger bank Albo has secured a USD 19 million extension to its Series A financing, according to TechCrunch.
The neobank previously raised USD 7.4 million at the beginning of 2019, bringing the company’s total Series A funding amount to USD 26.4 million.
In its current form, Albo is a Mastercard debit card and a personal finance app that allows customers to open a bank account in five minutes through a branchless experience.
Albo says it owns the market share in Mexico with 200,000 monthly active customers who are spending and making transactions in its platform.
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