albo, the Mexican digital bank, has joined forces with Paymentology, the global issuer processor, to strengthen its market position in the personal and business finance sectors, while simultaneously accelerating its growth.
The digital payments market in Mexico is experiencing robust growth, with an annual increase of nearly 10 per cent expected between 2024 and 2028. Looking to capitalise on this thriving market, albo has extended its services to small businesses. Utilising Paymentology’s tech, the digital bank will be able to offer firms the ability to handle payroll and other essential transactions through its secure digital platform.
Alejandro Del Rio, regional director for LatAm at Paymentology
Alejandro Del Rio, regional director for LatAm at Paymentology commented: “We are highly impressed by albo’s performance in a challenging economic environment. Throughout 2023, albo achieved remarkable growth, driven by increased customer acquisition and transaction volumes, while maintaining healthy unit economics. We are proud to support albo’s journey in transforming financial services for millions of Mexicans.”
Surpassing early expectations, the business accounts have attracted substantial interest from SMBs. albo has also expanded access for its retail clients by adding 400 top-up points across Mexico, allowing customers to load cash onto their cards at no cost. With Paymentology’s technical support, albo has streamlined its activation process for these physical cards, ensuring cardholders can start using them immediately upon receipt.
Ángel Sahagún, CEO and founder at albo added: “Our partnership with Paymentology represents a powerful alignment of our shared commitment to financial inclusion and to accelerating Mexico’s digital economy. Together, we’re working to make secure, accessible financial solutions available to millions across the country, empowering individuals and small businesses alike.
“Paymentology’s customer-centric approach and expertise have made them a natural cultural fit with our team at albo, enhancing collaboration and fueling innovative solutions that make a real difference for our users.”
albo: an in-depth look
Founded in 2016 and headquartered in Mexico City, albo serves over two million users with a comprehensive suite of financial services. These include personal and business accounts, debit options, payroll, and savings. Additionally, credit and cryptocurrency services are available through albo’s affiliated partners.
Last year, albo reported over $6.5billion in annual transaction volume and recently secured a $60million credit line to fuel growth and advance towards profitability.
albo places a strong emphasis on security. This is reflected in its implementation of dynamic CVV checks for virtual transactions and the latest 3D Secure (3DS) technology for all transactions. Furthermore, this is enhanced by additional fraud detection measures. albo’s status as a regulated fintech adds an extra layer of trust for customers, distinguishing the company as a safer alternative to many competitors in the Mexican market.
albo’s frequent promotional campaigns, which include rewards like scholarships, cash prizes, and exclusive discounts, encourage customers to embrace digital payments. Starting in November, albo, in partnership with Mastercard, will launch a new initiative to drive further digital payment adoption across Mexico.
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