Mexican Neobank Albo Raises $19 Million

Valar Ventures, the investment fund co-founded by Thiel with Andrew McCormack and James Fitzgerald, was joined by Mountain Nazca, Greyhound Capital and Flourish Ventures (formerly Omidyar Network). They top up a Series A round which now stands at $26 million.

Launched in 2016, albo, 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.