Mexico’s Albo partners Paymentology to expand digital payment services
Albo, a neobank headquartered in Mexico City, has teamed up with issuer-processor Paymentology to expand its digital payment solutions and strengthen its market position in Mexico.
Albo forms strategic partnership with Paymentology
By incorporating Paymentology’s digital platform, Albo is expected to broaden its offering for small businesses, enabling them to “handle payroll and other essential transactions”.
Additionally, Albo has “increased access to its retail clients” by introducing 400 free top-up points across Mexico, allowing users to load cash onto their cards, while leveraging Paymentology’s technology to ensure immediate activation of cards upon receipt.
Serving over two million customers, Albo, founded in 2016, provides a wide range of financial products, such as debit cards, business accounts, and savings solutions.
In 2023, the digital bank processed more than $6.5 billion in transactions while raising $40 million in a Series C funding round to drive growth and accelerate its path to profitability.
Going forward, Albo plans to “launch a new initiative” with payments heavyweight Mastercard to “drive further digital payment adoption across Mexico”, starting this month.
Founded in 2015, UK-based Paymentology offers a cloud-based platform that enables financial institutions to issue and process a wide range of card types, including debit, credit and prepaid.
Over the past 12 months, the company has strengthened its leadership team with several key appointments: Jeff Parker as CEO, Stephen Bowe as chief product officer (CPO), and Tim Joslyn as chief technology officer (CTO).
