The service, called albo empresas, or albo business, attempts to address the problem of businesses losing time by making payments. Through albo empresas, businesses can receive money, make transfers, disperse funds and keep track of their dealings through reports that show the financial health of the company.
According to project manager Alejandra Lascurain, the idea for the project came about due to feedback from customers, who were already established as using the individual app, Contxto reported. Lascurain said they asked about a business option, which gave albo the idea to offer that service as well.
The Contxto report states that albo empresas also enables businesses to receive cards to use for company-related expenses. The albo empresas platform can be customized based on businesses' specific needs, as albo has recognized that different companies have different needs.
Lascurain said in the Contxto report that the platform had received more attention due to the ongoing COVID-19 pandemic, which has seen an upswing in terms of digital needs as people try to avoid public spaces. The massive demand had albo rushing to approve new accounts in 72 hours each, according to the company.
“We’re still testing it out, seeing which pain points we’re relieving, and improving it,” she said, according to Contxto. “... With the current quarantine situation, we saw an increase of 150 percent in growth.”
Digital banking has become an easy way for consumers and businesses to handle funds during the pandemic as they can avoid populated banks and touching screens that might carry germs.
There are now 200 businesses using the albo empresas program, Contxto reported.
In Mexico, the Mexican Business Council and IDB Invest are working to get the help of global investors and numerous banks worldwide to help get millions in loans for small and medium-sized businesses (SMBs) in the country. The goal, according to the two groups, is to generate new revolving lines of credit to help stimulate the economy during the pandemic and moving forward.