Mexican challenger bank Albo has raised $7.4m in a Series A investment round led by Mountain Nazca. Omidyar Network and Greyhound Capital also joined the funding round.

The fintech company intends to utilise the new funding to expand its services across the country and improve its product portfolio.

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It secured the funding at the time when new regulations pertaining to the fintech sector is set to become effective this year.

Mexican fintech Albo: What it offers?

Albo offers a digital account with a prepaid Mastercard to enable transactions and transfer of funds through an app.

It offers real-time notifications for every transaction, card blocking and unblocking service through the app.

Additionally, all expenses incurred by the customer are automatically categorised enabling them to better manage their finances.

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The challenger bank said that only 47% of the population in the country between the age group of 17 and 70 years have access to a bank account. However, 86% of the population possess a smartphone.

Albo aims to utilise the opportunity by creating tech solutions that will enable people to better manage their finances through their phone without relying on traditional banking institutions.

Albo founder and CEO Ángel Sahagún said: “With this investment, we want to take Albo to every corner of the country and enhance our products so that every person in Mexico can have access to a personalised, fair, and 100% digital financial experience when it comes to getting financially healthy.

“This round of funding will help to significantly advance that goal, coming in at perfect timing, helping us comply with new government regulations, which validate the fintech sector.”