Following this announcement, the latest fundraising enabled Ualá to reach a valuation of USD 2.75 billion. The investment was led by Allianz X, while the company is backed by the SoftBank Latin America Fund and China’s Tencent. The move also follows three years of relatively scant venture capital investment in the region of Latin America, amid higher US interest rates.
In addition, Ualá is expected to continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Ualá represents an Argentine fintech company that was developed in order to provide a mobile application for managing a Mastercard prepaid debit card, as well as other financial services. The firm provides its clients with the possibility to benefit from no usage fees, no small print, and no hidden costs, as well as improved security, as their account is guaranteed by the IPAB.
Throughout this funding round, Ualá will have the possibility to never raise capital again and reach full profitability in all markets, after already achieving that in the region of Argentina in 2024.
Ualá has developed rapidly in Argentina through the process of capitalising on the country’s bureaucratic banking sector and the overall large unbanked population. According to officials of the company, almost a fifth of Argentine adults now hold a Ualá account, which allows the customers to offer debit and credit cards, payment services, loans, or investment products. The funding round is set to give Ualá the possibility to focus on optimising its customer experience, while accelerating the overall development of the financial landscape as well.
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