albo acquired delt.ai for US$20 million, to expand their product offering, becoming the only neobank in Mexico with credit and debit products for consumers and SMBs.
MEXICO CITY, Aug. 4, 2023 /PRNewswire/ -- albo, a leading neobank in Mexico, has announced its acquisition of delt.ai for US$20 million.
With this strategic acquisition, albo has strengthened its position in Mexico's financial services sector, becoming the only neobank to offer debit and credit products for both consumers and SMBs. This is in addition to its existing portfolio, including commission-free debit and savings accounts, personal loans, cash advances, crypto trading, management tools, and other services.
delt.ai is a Y-Combinator fintech company with experience in the Mexican market, specializing in financial services and management tools for SMBs. Its product portfolio includes business loans, credit cards, and a financial platform for SMBs. Currently, delt.ai has completed more than 130,000 transactions through its platform, granting over US$90 million in business loans and credit lines.
"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," said Ángel Sahagún, CEO and founder of albo. "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 minimize CAC, increase revenue per customer, and reduce churn due to the use of all services in one place."
The acquisition of delt.ai aligns with albo's strategic vision to offer high-quality financial products and services to promote healthy financial habits. 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). "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."
Both companies are working together to ensure a seamless transition and minimize any disruption to customers. The acquisition is expected to provide significant value to retail and SMBs customers, creating a more robust and comprehensive financial services offering in the Mexican market.
Despite the current global financial situation, albo's outlook and growth potential remain highly favorable. Since albo became a regulated financial institution in May 2022, and thanks to its extraordinary results in the same year, achieving 2 million users, with annual transactions exceeding US$5 billion and a 3x increase in revenues, albo has achieved profitable unit economics and contribution margin, positioning itself as a leading neobank in the region. Looking ahead, albo's projections indicate continued growth and a path towards becoming cashflow positive by 2024.
About albo
albo is the platform where you have everything you need for your personal and business finances, debit, credit, payroll, savings, cryptocurrencies and more. albo offers you a personal debit account, a business account for your business, credit for individuals and businesses, all at no cost and with no commissions. albo's goal is to provide financial freedom for people everywhere in the world.
For more information, visit https://www.albo.com
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SOURCE albo
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