Albo, a Mexican neobank, is acquiring Delt.ai for a substantial $20 million, sending ripples throughout the financial industry.
Delt.ai operates a robust corporate credit and spend management platform tailored to the specific needs of small and medium-sized businesses (SMBs) in Mexico. Its comprehensive offerings span credit cards, business loans, and a financial platform. Impressively, the company boasts of having facilitated a staggering 130,000 transactions through its platform and also granted more than $90 million in business loans and credit lines.
On the other side of this strategic acquisition lies Albo known for offering personal and business financial services including a personal debit account, a business account, credit, payroll, savings and cryptocurrency trading. The company claims over two million users, with a 3x rise in revenue and annual transactions exceeding $5 billion.
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With this strategic acquisition, Albo aims to provide an encompassing solution on a single platform, where companies gain access to a corporate bank account equipped with a credit line, accompanied by a robust payroll and payment dispersal platform. Simultaneously, employees are empowered to secure their own payroll accounts and personal loans, fostering an interconnected ecosystem.
Moreover, this acquisition brings a dual advantage. Albo's current base of small and medium-sized business (SMB) customers will now enjoy the added advantage of delt.ai's comprehensive loan products. Conversely, delt.ai's clientele will be able to tap into Albo's extensive suite of offerings, including payroll and debit products.
In all, the acquisition is poised to propel Albo into a distinctive position within Mexico's financial sector becoming “the only neobank to offer debit and credit products for both consumers and SMBs,” per the company.