Neobank albo Acquires Fintech delt.ai for $20M

Neobank albo acquired delt.ai, a fintech company focused on SMBs, for $20m late last week. Mexico-based albo plans to use the acquisition to expand its credit and debit products for consumers and SMBs. 

"This acquisition strengthens our value proposition for SMBs, as the only neobank in Mexico, offering an end-to-end platform for consumers, SMBs, and their employees," said Ángel Sahagún, chief executive and founder of albo.

In February 2022, delt.ai raised $25m in financing through TrustToken's decentralized finance platform, the first start-up in Latin America to finance through cryptocurrencies, reportedly. José de la Luz, delt.ai's founder will take over as chief operating officer at albo. 

According to the company, during delt.ai's lifespan, it supported 130,000 transactions through its platform and granted over $90m in business loans and credit lines. 

"I am thrilled to embark on this new journey as the chief operating officer of albo, a company whose business vision resonates with mine," de la Luz said.

(Source: AltFi)