This was quickly followed by albo’s strategic purchase of the technology company delt.ai for US$20 million. Albo’s remarkable success sets the company for profitability in 2024 despite the difficulties presented by the current state of the world’s financial system.
Earlier investors including US-based Valar Ventures and Mexico-based Nazca Ventures contributed significantly to the funding, which was headed by Morpheus Ventures of the United States. The fundraising represents an important turning point in Albo’s path.
We were quite pleased with Albo’s performance in a difficult situation. Albo maintained strong unit economics during 2023 while delivering impressive growth measures, such as a sharp increase in client acquisition and transaction volumes. We are thrilled to work with Albo on its aim to give consumers and small businesses access to a cutting-edge finance platform.
Albo now has a user base of over 2 million users and a positive contribution margin on US$6.5 billion in annual transaction volume. These remarkable numbers confirm Albo’s potential for growth and solidify its position as a leader in the Fintech industry.
“We want to give people and businesses access to all the resources they want in one location in order to achieve the financial freedom they deserve. With this round of funding, albo is moving towards profitability and proving that long-term, sustainable models can be created using fintech. Our clients will always be our top priority because they are the ones who deserve the best, most straightforward financial experience. This round of funding comes at a critical time for Albo as we work diligently to rapidly expand our offering.