Mexican challenger bank Albo has secured a $19 million extension to its Series A financing, led by U.S.-based Valar Ventures.
Albo joins the ranks of other Mexican startups that have raised larger-than-average Series A rounds, like Y-Combinator backed scooter company Grin that scored a $45.7 million Series A and Klar, the Chime clone that raised $57.5 million in debt and equity seed funding.
While underbanked users have access to bank accounts, deep financial products designed to help them compound wealth through lending and savings features do not exist in the Mexican market through traditional banks.
Brazil’s Nubank, one of the most high-funded startups in all of Latin America, expanded into Mexico in May of this year.
Albo will use the capital to build out new features: a savings product that lets users improve spending and saving habits, and what it says will be a transparent and easy-to-use lending option for customers who want access to loans.