Albo, a specialist neobank in Mexico, has strengthened its global footprint with the acquisition of delt.ai for$20m.
With this strategic acquisition, albo has strengthened its position in Mexico’s financial services sector with its payment services which includes efficient payment transfers.
Ángel Sahagún, CEO and Founder of Albo, commented: “This acquisition strengthens our value proposition for SMBs, as the only neobank in Mexico, offering an end-to-end platform for consumers, SMBs, and their employees.
“Imagine having a 360-degree solution on a single platform, where any company has access to a corporate bank account with a credit line and a payroll and payment dispersal platform. At the same time, their employees can obtain a payroll account and a personal loan.
“That, and more, is what we will be able to offer to customers and companies with the integration of delt.ai. As a result, we will create a perfect network effect that will minimise CAC, increase revenue per customer, and reduce churn due to the use of all services in one place.”
Furthermore, the acquisition also means that Albo’s existing SMB customers will benefit from delt.ai’s loan products, while delt.ai’s customers will be able to access albo’s products and services easily, including payroll and debit products.
Another important development is the appointment of delt.ai’s current Founder and CEO, José de la Luz, who joins albo as their COO (Chief Operating Officer).
He commented: “I am thrilled to embark on this new journey as the COO of albo, a company whose business vision resonates with mine.
“Together, we will combine our strengths and expertise in finance and technology to continue innovating and growing, and above all, to continue creating value for our shareholders and customers.”