Fintech Company Albo Aims for Cash Network for Its Users

Mexican fintech company Albo announced a partnership with Mexican platform PayCash to increase its network for cash deposits. According to the financial company, this system reaches more than 20,000 establishments with different chains throughout Mexico through which its clients can deposit cash into their accounts.

According to a statement, the fintech company Albo will add PayCash as a commission agent and through this alliance users will be able to deposit up to a maximum of 20,000 pesos in businesses such as supermarket chains, pharmacies and convenience stores.

“Our main goal is to make everything much simpler when it comes to Albo, and giving them more and new options so they can deposit cash in a matter of minutes is part of that promise,” said the fintech company’s CEO, Ángel Sahagún, in a statement from the firm.

To complement this new alliance, the Electronic Payment Fund Institution (IFPE) added a new update to the application, which will allow its users to locate the nearest establishments.

Albo currently maintains alliances with specialized payment platforms such as Dapp and PESPay

“We want a customer who wants to deposit cash into their Albo account to only need to walk a few steps and have multiple options to do so, without friction, long distances or wasting time,” said Sahagún.

In addition to PayCash, Albo currently maintains alliances with specialized payment platforms such as Dapp and PESPay. In addition, in 2023, the fintech acquired Delt.ai, focused on financing for the business sector, with which it sought to enter into business financing and boost its business verticals.

In September 2023, Albo raised $40 million in investment in its Series C, which was intended to strengthen its offering anchored in the services of its IFPE license, an authorization it obtained in May 2022 in accordance with the Fintech Law.

With this investment, the firm claimed at the time that it was close to profitability and that the key would be found in the service offered by the platform. According to its records, a person who uses IFPE’s services, 12 months later, leaves five times more income than in their first month of use.

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(Featured image by Clay Banks via Unsplash)

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First published in EL ECONOMISTA. A third-party contributor translated and adapted the article from tthe original. In case of discrepancy, the original will prevail.

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