In a significant move set to transform Mexico’s digital payment landscape, Mexico City-based neobank Albo has announced a strategic partnership with issuer-processor Paymentology. This collaboration encompasses various initiatives aimed at expanding Albo’s portfolio of digital payment services and strengthening its competitive edge in the region. With Paymentology’s advanced digital platform, Albo plans to streamline services such as payroll processing and essential business transactions for small enterprises. Albo’s mission to make digital financial solutions more accessible and efficient aligns seamlessly with Paymentology’s cutting-edge technology.
An essential aspect of this partnership is the introduction of 400 free top-up points across Mexico, designed to offer retail clients a convenient way to load cash onto their cards. These top-up points enable immediate card activation, thanks to Paymentology’s robust technological infrastructure. Since its founding in 2016, Albo has grown rapidly, serving over two million customers and offering a variety of financial products, including debit cards, business accounts, and saving solutions. The partnership with Paymentology is expected to significantly enhance Albo’s service delivery and customer satisfaction in Mexico’s burgeoning digital economy.
In 2023, Albo processed transactions worth over $6.5 billion, showcasing its substantial impact on the financial landscape. Furthermore, the company successfully raised $40 million in a Series C funding round aimed at fueling its growth and moving towards profitability. Albo’s future initiatives with Mastercard highlight its commitment to driving digital payment adoption across Mexico. Paymentology, founded in the UK in 2015, brings an advanced cloud-based platform capable of issuing and processing a wide range of card types. Recent strategic appointments within Paymentology’s leadership team have further bolstered its capacity to support partners like Albo effectively.
