Mexico City-based neobank Albo has announced a strategic partnership with issuer-processor Paymentology to enhance its digital payment solutions and bolster its market presence across Mexico.
Through this collaboration, Albo aims to expand its services for small businesses, enabling seamless payroll processing and essential transactions. The partnership also introduces 400 free top-up points across the country, allowing retail customers to conveniently load cash onto their cards. Leveraging Paymentology’s advanced technology, Albo ensures instant card activation upon receipt, further improving customer experience.
Established in 2016, Albo has grown to serve over two million customers with financial products such as debit cards, business accounts, and savings solutions. In 2023, the neobank processed over $6.5 billion in transactions and raised $40 million in a Series C funding round to fuel growth and profitability.
Albo is also set to roll out a new initiative in partnership with Mastercard, aimed at accelerating digital payment adoption in Mexico, starting this month.
Founded in 2015, UK-based Paymentology provides a cloud-based platform for issuing and processing various card types, including debit, credit, and prepaid cards. Over the past year, Paymentology has bolstered its leadership with notable hires, including Jeff Parker as CEO, Stephen Bowe as Chief Product Officer, and Tim Joslyn as Chief Technology Officer.
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