Mexican challenger bank, albo raises $45 million to expand

With nearly half a million customers across Mexico already and a network of 30,000 retail locations where representatives can take deposits, the challenger bank albo is already on its way to becoming a dominant player in Mexico’s emerging fintech industry, TechCrunch reports.

And the company has recently raised another $45 million to consolidate its position. The money will be used to expand the range of services albo offers into lending and insurance products.

The company is trying to bring the middle and low income Mexican consumers into the banking system by making it easy for them to move from a cash-based world to a digital one.

Read more: TechCrunch