In a strategic move set to redefine digital payments in Mexico, Mexican neobank Albo has teamed up with UK-based issuer-processor Paymentology. The partnership aims to bolster Albo’s digital payment services and strengthen its foothold in the Mexican market. Paymentology’s sophisticated cloud-based platform opens up new avenues for Albo to diversify its offerings, especially targeting small businesses by facilitating payroll and essential transactions. Moreover, this collaboration provides retail clients with access to 400 free top-up points for card activation—an added convenience that underscores Albo’s commitment to enhancing customer experience.
Since its inception in 2016, Albo has grown to serve over two million customers, offering a range of financial products such as debit cards, business accounts, and savings solutions. Demonstrating robust growth, Albo processed over $6.5 billion in transactions in 2023 alone. The same year, the company successfully raised $40 million through a Series C funding round aimed at supporting its expansion and profitability goals. By joining forces with Paymentology, Albo not only looks to scale its operations but also plans to work closely with Mastercard to drive the adoption of digital payments across Mexico, potentially transforming the financial landscape of the country.
Founded in 2015, Paymentology has shown a strong commitment to leadership and technological advancement, bolstered by key executives like CEO Jeff Parker, CPO Stephen Bowe, and CTO Tim Joslyn. This partnership aligns perfectly with an industry trend where fintech companies collaborate to leverage cutting-edge technology, broaden service offerings, and improve customer experiences. The combination of Albo’s local market knowledge and Paymentology’s technological prowess is positioned to significantly escalate the adoption of digital payments in Mexico. This collaboration is a prime example of how fintech innovations can offer comprehensive solutions that meet the evolving needs of modern consumers and businesses.