Mexico-based neobank albo has announced the raise of USD 40 million in a Series C investment round in order to accelerate its development process. The funding round was led by the US-based Morpheus Ventures, with other participations being made from previous investors, such as Mexico-based Nazca Ventures or US-based Valar Ventures.

The company will focus on providing an improved, efficient, and secure fintech platform to customers, clients, as well as small and medium-sized businesses (SMBs) across the region. albo will also deliver the services and tools that individuals and enterprises might need in order to attain financial freedom, all available to use within a single place. Through the process of optimising its suite of solutions, the company aims to meet the needs, preferences, and demands of its users and clients, while also improving their overall experience.

While working on the expansion of its product portfolio, albo is set to deliver more effective tools, improvements, benefits, as well as strategic alliance possibilities. The portfolio will be developed while remaining compliant with the requirements and laws of the industry. More insights on albo’s suite of services and development process albo provides its users and collaborators with a secure and efficient suite of solutions across personal and business finances.

These include debit, credit, payroll, cryptocurrencies, savings, and more. One of the products available in the firm’s portfolio is the international Mastercard debit card, which gives clients the possibility to pay, receive, and transfer funds in a safe and fast manner. The process eliminated the presence of additional fees that appear with transfers, minimum balances, commissions, as well as monthly payments.

The cardholders are also enabled to make transfers to multiple countries across the globe, in a secure and effective way. In order to make the payment method more secure, the tool offers customers instant notifications in the application or on their email addresses regarding any change or movement that happens within their accounts. For the payment to be authorised, the user needs to access the application and to approve it by passing the biometric security feature, using its fingerprint, face, or PIN in order to finish the transaction.

Following the investment announcement, albo will further improve its platform in order to make money movements in an easier and faster manner, with optimised security levels. Moreover, the customers will be allowed access to the company’s call center, which is available 24 hours a day, all year round. .