Best Miio alternatives

#1 alternative

albo

active

Mexican IFPE. CNBV payments licence. Not IPAB. Not a bank.

Mexico City · Millions in MX · Series-era LatAm fintech

6.5Mixed

albo is an IFPE. Write that on the card. IPAB does not follow the brand. If you need a Mexican bank deposit, wait for a banco licence or use a bank. The Mastercard is a spend rail.

Best for: Mexico-resident users who want a CNBV-authorised payments account and will keep IPAB money at a bank.

Licence

IFPE (institución de fondos de pago electrónico)

Protection

Not IPAB. IFPE balances are a payments product, not a bank deposit. Nu México’s bank conversion is a different file.

Monthly

Freemium / plus SKUs — confirm live

#2 alternative

Klar

active

Mexican SOFIPO. CNBV. Fondo de Protección up to 25,000 UDIS. Not IPAB. Not a banco.

4.6

Mexico City · SOFIPO-scale · Venture / SOFIPO capital

6.4Mixed

Klar is a CNBV SOFIPO (Servicios Financieros Alternativos / Turbofin stack). Eligible view and savings balances sit under the SOFIPO Fondo de Protección up to 25,000 UDIS per person. That is not IPAB. albo is an IFPE. Nu México is a bank conversion. Three different Mexican objects. Keep a banco salary pot. Use Klar if the credit-and-app loop wins.

Best for: Mexico residents who understand a SOFIPO is not a bank and already keep a banco salary account.

Licence

SOFIPO — Servicios Financieros Alternativos, S.A., S.F.P. (Klar). Not a banco múltiple

Protection

SOFIPO Fondo de Protección up to 25,000 UDIS per person — not IPAB. IPAB is for banks. Klar is not a bank.

Monthly

Freemium / credit SKUs — confirm live

#3 alternative

Nubank

active

Latin America’s default digital bank, listed in New York.

4.7

São Paulo · 100M+ · Public (NU)

8.1Strong

If you live in Brazil, Nu is the control account every comparison starts from. If you do not, skip it.

Best for: Residents of Brazil (and Nu’s other LATAM markets) who want the default digital bank.

Licence

Financial institution / credit card issuer

Protection

FGC on qualifying deposit products up to R$250,000

Monthly

No annual fee on core card

#4 alternative

11Onze

active

Catalan community fintech. El Canut is the app, not a Banco de España bank.

Barcelona · Community-scale · Member / community-era

6.2Mixed

11Onze is a Catalan fintech community. El Canut can show an IBAN and a card. That is not Abanca. Keep a Spanish credit-institution account for salary if you want FGD. Score the app as a wallet and a gathering place, not as a bank.

Best for: Catalan users who want a community app and already keep salary at a real bank.

Licence

Fintech community / wallet — not a Spanish credit institution

Protection

Not Spanish FGD unless a named bank holds the balance. Treat El Canut as a wallet + aggregator until the statement names a credit institution.

Monthly

Account SKUs — confirm live

#5 alternative

Algbra

active

UK ethical / Sharia-screened EMI. FCA FRN 952360. Not FSCS.

London · UK ethical-fintech scale · EMI-era

6.5Mixed

Algbra is an EMI. FSCS stays with Starling and Monzo. Use this for screened spend, not rent. The 2025 Mastercard principal-issuer step is a card fact, not a bank licence.

Best for: UK residents who want a screened spend account and will keep salary at Starling or Monzo.

Licence

Authorised EMI — Algbra FS UK Limited, FRN 952360

Protection

Safeguarded e-money, not FSCS. Algbra’s own copy says the scheme covers banks, not EMIs.

Monthly

Confirm live ethical-account tariff

#6 alternative

B89

active

Peruvian Visa principal. Not an SBS bank. Prepaid and cross-border, not FSD.

Lima · Fintech-scale · Venture / regional

6.3Mixed

B89 is a Lima fintech. Visa principal member. Not an SBS bank. Peruvian FSD does not follow a prepaid brand. The live site sells borderless payments, not a salary current account. Keep sol deposits at a member bank of the Fondo de Seguro de Depósitos.

Best for: Peru users who need a Visa rail or a payout, and already keep salary at an SBS bank.

Licence

Fintech. Not an SBS bank

Protection

Not Peruvian FSD. FSD covers SBS banks, financieras and cajas — not a Visa principal prepaid. Treat B89 as payments.

Monthly

Card / FX SKUs — confirm live