19 November 2024 – Paymentology, the leading global issuer processor, announces a strategic partnership with Mexico’s leading digital bank, albo, aimed at accelerating the fintech’s growth and strengthening its market position across personal and business finance.
Founded in 2016 and headquartered in Mexico City, albo serves over two million users with a comprehensive suite of financial services, including personal and business accounts, debit options, payroll, and savings. Credit and cryptocurrency services are available through albo’s affiliated partners. Last year, albo reported over $6.5 billion (USD) in annual transaction volume and recently secured a $60 million (USD) credit line to fuel growth and advance towards profitability.
This year, utilising Paymentology’s next-generation payments technology, albo is further extending its services to small businesses, enabling them to handle payroll and other essential transactions through albo’s secure digital platform. Surpassing early expectations, the business accounts have attracted substantial interest from SMBs. albo has also expanded access for its retail clients by adding 400 top-up points across Mexico, allowing customers to load cash onto their cards at no cost. With Paymentology’s technical support, albo has streamlined its activation process for these physical cards, ensuring cardholders can start using them immediately upon receipt.
Alejandro Del Rio, Regional Director for Latam at Paymentology commented: “We are highly impressed by albo’s performance in a challenging economic environment. Throughout 2023, albo achieved remarkable growth, driven by increased customer acquisition and transaction volumes, while maintaining healthy unit economics. We are proud to support albo’s journey in transforming financial services for millions of Mexicans.”
albo’s strong emphasis on security is reflected in its implementation of dynamic CVV checks for virtual transactions and the latest 3D Secure (3DS) technology for all transactions, enhanced by additional fraud detection measures. albo’s status as a regulated fintech adds an extra layer of trust for customers, distinguishing the company as a safer alternative to many competitors in the Mexican market.
Ángel Sahagún, CEO and founder at albo added: “Our partnership with Paymentology represents a powerful alignment of our shared commitment to financial inclusion and to accelerating Mexico’s digital economy. Together, we’re working to make secure, accessible financial solutions available to millions across the country, empowering individuals and small businesses alike. Paymentology’s customer-centric approach and expertise have made them a natural cultural fit with our team at albo, enhancing collaboration and fueling innovative solutions that make a real difference for our users.”
The digital payments market in Mexico is experiencing robust growth, with an annual increase of nearly 10% expected between 2024 and 2028. albo’s frequent promotional campaigns, which include rewards like scholarships, cash prizes, and exclusive discounts, encourage customers to embrace digital payments. Starting November, albo, in partnership with Mastercard, will launch a new initiative to drive further digital payment adoption across Mexico.