Mexican digital bank albo has raised $45 million in funding round to fuel its expansion into lending and insurance, according to TechCrunch.
Valar Ventures, Greyhound Capital, Mountain Nazca and Flourish Ventures joined the round for albo, which offers consumers a digital account and smart budgeting app alongside a prepaid Mastercard to receive, transfer, and spend their money.
The startup is looking to exploit new Mexican rules aimed at regulating the fintech sector and using digital banking services to boost financial inclusion in a country where around half the population does not have access to a bank account.
The firm has already claimed 500,000 customers - 40% of the Mexican digital banking market according to Apptopia data.
Now it is looking to follow in the footsteps of Brazilian giant Nubank and begin offering a wider range of products, including insurance and lending, says TechCrunch.
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