Miranda’s Weekly Mex FinTech Monitor

August 7, 2023

Mexico FinTech News 

Mexican FinTechs merge: Albo acquires Delta.ai  

Albo, a digital wallet, announced that it acquired the Mexican lender Delt.ai in a transaction of $20 million. In a statement, Albo said that the move would strengthen its offer to small and medium-sized firms and highlighted how Delt.ai had placed more than $90 million in loans. According to Albo, the company’s income has tripled in the last year and will reach profitability in the coming months. The move will allow Albo to offer a debit account, credit lines, and a digital payments platform to its users. 

El Economista, 08/03/2023, Fernando Gutiérrez: Fintech Albo compra a Delt.ai para profundizar oferta de crédito en el segmento empresarial 

Whitepaper, 08/03/2023, Staff: Whitepaper, hoy  

Mercado Libre reports strong earnings supported by FinTech branch  

Mercado Libre reported total income of 3.4 billion dollars during the first half of the year, an increase of 57.3% year-on-year. The e-commerce giant reported that its FinTech Branch, Mercado Pago had more than 45.3 million active users, an 18.3% yearly increase. In Mexico, the Mercado Pago contributed almost a third of the country’s revenue, with $ 421 million in earnings. Across all regions, Mercado Pago reported an increase of 96.6% in total payment volume. Meanwhile Mercado Libre launched its ad-supported streaming service, Mercado Play, initially for Argentina but to be rolled out in the region later as part of its strategy to dominate the customer APP usage (Super-APP), improve retention, and reduce customer acquisition costs. 

Whitepaper, 08/03/2023, Staff: Whitepaper, hoy  

Forbes México, 08/02/2023, Israel Zamarrón: México impulsa ganancias de Mercado Libre y se consolida como mercado prioritario