Mexico’s Albo Empowers SMBs with Strategic Acquisition of Delt.ai
Mexico’s pioneering neobank, Albo, has strategically acquired Delt.ai, a fintech firm focused on serving small and medium-sized enterprises (SMBs), in a deal worth $20 million. This landmark move solidifies Albo’s position in the Mexican financial landscape as the sole neobank offering a comprehensive suite of debit and credit solutions for both consumers and SMBs.
Delt.ai, a Y-Combinator-backed company with deep roots in Mexico’s financial sector, has orchestrated more than 130,000 transactions, disbursing over $90 million in loans and credit lines. By integrating Delt.ai’s expertise, Albo bolsters its already expansive repertoire, encompassing commission-free debit accounts, personal loans, cryptocurrency trading, and more. The acquisition seamlessly integrates business loans, credit cards, and a financial platform tailored to the needs of SMBs.
Notably, José de la Luz, the founder of Delt.ai, will assume the role of Chief Operating Officer (COO) at Albo, enriching the bank’s leadership with his strategic insights. This transition is meticulously managed to ensure minimal disruptions to customers, underscoring the joint commitment to delivering impeccable services.
The acquisition aligns with Mexico’s evolving digital finance landscape, where a whopping 72% of adults own smartphones and 51% perform financial transactions online. This surge in digital adoption has fostered an environment ripe for growth, with 74% of young Mexicans expected to embrace fintech solutions. Remarkably, in 2022, Latin America saw a remarkable 54% surge in fintech application usage, surpassing both EMEA and the Asia-Pacific region.