Ep. 65: The Series C we've been waiting for: albo leads the charge
Welcome to Scenius Mexico: Your weekly newsletter on technology, innovation, and startups in Mexico.
In a bustling week for Mexico's startup ecosystem, the top headline is probably albo's Series C round showcasing not only the confidence investors still have in the FinTech space but also underscoring a positive sign in a market where late-stage startups wrestle with funding gaps. This achievement is shared with Mundi's Series A-2 round, and Blind Creator Pre-Seed round.
On the PropTech front, Flatmx acquired Hipoteca Genial to write the narrative for the next chapter of the industry toward an all-inclusive housing super-app. With each stride, startups reiterate that Mexico's ecosystem is one of resilience, ambition, and transformative potential.
Follow The Money
albo secures a US$40 million Series C round
This new investment aims to bolster their Debit, Payments and Credit products for individuals and SMBs. Ángel Sahagún, CEO and founder of albo, emphasized that with this funding round the company is on its path to profitability in 2024, demonstrating that FinTechs can indeed establish sustainable, long-term models. So far, albo has achieved a user base exceeding 2 million users, and an annual transaction volume of US$6.5 billion with a positive contribution margin. Furthermore, this Series C comes at a time when late-stage startups are grappling with a notable venture capital shortfall, making Albo's achievement all the more commendable.
Sector: FinTech
Total raised to date: US$112 million
Founders: Ángel Sahagún
Investors: Morpheus Ventures, Valar Ventures, Nazca Ventures
Mundi raises a US$ 15 M Series A-2
The FinTech, specialized in international trade in Latin America, aims to use the new funds to refine user experiences for exporters, importers, and logistical partners by providing integrated financial tools on a unified platform. The nearshoring trend offers significant potential for Mexico, however, limited access to premium financial products hinders SMEs from entering the market, and that’s where Mundi wants to make a change.
Sector: FinTech
Total raised to date: US$15 million
Founders: Martín Pustilnick, Paulina Aguilar Vela
Investors: Haymaker Ventures, Union Square Ventures, GMO Ventures, Upper90, Colibri Ventures, Base10, Asymmetric Capital Partners, Gaingels, Mana Ventures, GSBackers
Blind Creator secures US$ 580 K in a Pre-Seed round
The startup will use the funds to bolster its mission of streamlining the management and growth of influencers and content creators in Latin America. Blind Creator offers an all-inclusive CRM solution in Spanish that bridges the gap between brands, influencers, and their agents. Mexico is emerging as a significant hub for content creators, ranking third in Latin America with 670,000 influencers.
Sector: SaaS - Platform
Total raised to date: US$0.58 million
Founders: Desireé Hernández, Heinz Sohm
Investors: Amador Holdings funds, Kuiper
Startups News
Arcus gains CNBV authorization
The PayTech startup recently gained approval from the National Banking and Securities Commission (CNBV) to operate as an Electronic Payment Funds Institution (IFPE). Acquired by Mastercard in November 2021, Arcus specializes in real-time payments and aims to enhance payment solutions for banks, fintechs, and digital wallet providers. This move aligns with Mastercard's broader strategy of evolving from just a card payment network to encompassing other significant payment methods in Mexico.
Fintual launches "Pregúntale a Fintual”
"Pregúntale a Fintual" is an AI-driven virtual financial advisor available 24/7 via WhatsApp for Mexicans. Designed to democratize access to financial knowledge and products, this tool addresses common queries on the economy, investments, and financial products, empowering users to make informed decisions. In a market dominated by a few major banks, Fintual's initiative aims to boost competitiveness by offering timely and crucial financial guidance to users, directly impacting their economic prosperity.
VC - M&A News
Flatmx has acquired Hipoteca Genial
The move aimes to bolster Flatmx mortgage advisory and placement unit. This acquisition marks Flatmx's evolution towards establishing an all-inclusive housing superapp that provides services ranging from property buying and selling to financing, valuation, renovation, and related legal services. Co-founder, Bernardo Cordero, emphasizes that financing plays a pivotal role in property decisions and partnering with Hipoteca Genial naturally augments their operations. Despite challenges in the mortgage sector this year, Flatmx sees this as an opportunity to strengthen its financing advisory, a sector that constitutes over 50% of its business.
Rest of the World
Argentine EdTech Wumbox announced its expansion to Mexico
Their flagship app, Leo Leo, is intricately designed to foster initial literacy, particularly in vulnerable environments. With a strategic collaboration between the Tec de Monterey and FEMSA, this app is set to benefit underprivileged communities in two Mexican states. This move to Mexico signifies a pivotal step in their commitment to transforming the educational landscape and leveraging technology to empower the next generation.
German Kenjo keeps growing in Mexico
Kenjo is a comprehensive HR software startup that recently secured a US $9.4 million Series A investment round to bolster its expansion in Mexico and throughout Latin America. Having begun its Latin American expansion in 2022 with a team in Mexico, the new funding is expected to strengthen Kenjo's market-leading position in providing HR software solutions for blue-collar industries like manufacturing, retail, transport, logistics, and healthcare.
See you for the next edition. Have a question or any feedback? Just hit reply. I'd love to chat!
Arnaud