Mexican challenger Albo snaps up Delt.ai for $20m
Mexico-based neobank Albo has acquired fintech startup Delt.ai for a sum of $20 million.
Albo acquires Delt.ai for $20m
As part of the acquisition, Delt.ai’s current founder and CEO, José de la Luz, joins Albo as its new chief operating officer (COO).
Founded in 2019 and headquartered in Mexico City, Delt.ai operates a corporate credit and spend management platform for small and medium-sized businesses (SMBs) in Mexico. Its offerings include credit cards, business loans and a financial platform. The company claims it has facilitated over 130,000 transactions through its platform and granted more than $90 million in business loans and credit lines.
With this strategic acquisition, Albo aims to strengthen its position in Mexico’s financial services sector by becoming “the only neobank to offer debit and credit products for both consumers and SMBs”.
Founded in 2016 and also based in Mexico City, Albo offers personal and business financial services including a personal debit account, a business account, credit, payroll, savings and cryptocurrencies trading. The company claims over two million users, with a 3x rise in revenue and annual transactions exceeding $5 billion.
“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,” says Ángel Sahagún, CEO and founder of Albo.
“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.”
