Peter Thiel-Backed VC firm Invests in Mexican Neobank Albo as Demand Rises for Services for Unbanked
By Scarlett Kuang
Mexican challenger bank Albo nabbed an investment from Paypal co-founder Peter Thiel, in the latest indication that the government’s push for financial inclusion places Mexico among the most attractive locations in Latin America for fintech investors.
Albo offers online banking services to the country’s large unbanked population, and permits customers to open an account online within minutes and get a prepaid Mastercard tied to a phone app. The company’s second round, $18 million funding was led by Thiel’s VC firm Valar Ventures. The deal brought Mexico City-based Albo’s total raised to $26.1 million.
Photo courtesy of PresidenciaRD.