Neobank Albo buys fintech Delt.ai for $20m
Ellie Duncan | News
07 Aug 2023
Mexico-based neobank Albo has acquired Y-Combinator fintech Delt.ai for $20 million, to become the only neobank to offer debit and credit products for both consumers and SMBs.
Delt.ai, which specialises in financial services and management tools for SMBs, has a product portfolio that includes business loans, credit cards, and a financial platform for SMBs.
To date, Delt.ai has completed more than 130,000 transactions through its platform, granting in excess of $90 million in business loans and credit lines.
As part of the acquisition, Delt.ai’s current founder and chief executive officer José de la Luz, will join Albo as its new chief operating officer.
Ángel Sahagún, chief executive officer and founder of Albo with José de la Luz, new chief operating officer of Albo.
“This acquisition strengthens our value proposition for SMBs, as the only neobank in Mexico, offering an end-to-end platform for consumers, SMBs, and their employees,” said Ángel Sahagún, chief executive officer and founder of Albo.
“Imagine having a 360-degree solution on a single platform, where any company has access to a corporate bank account with a credit line and a payroll and payment dispersal platform. At the same time, their employees can obtain a payroll account and a personal loan.”
“That, and more, is what we will be able to offer to customers and companies with the integration of Delt.ai,” Sahagún added.
Albo’s existing portfolio also includes commission-free debit and savings accounts, personal loans, cash advances, crypto trading and management tools.
De la Luz said: “I am thrilled to embark on this new journey as the COO of Albo, a company whose business vision resonates with mine.
“Together, we will combine our strengths and expertise in finance and technology to continue innovating and growing, and above all, to continue creating value for our shareholders and customers.”
Albo and Delt.ai confirmed they are working to ensure a “seamless transition” and to minimise disruption to customers.
