The company seeks to convince more people across Latin America to skip traditional banking in favour of digital, according to Reuters. As representatives say, there is potential for Uala to reach out to the unbanked in countries such as Peru, Paraguay, Colombia, and Chile as well as eventually the US and Europe.
The personal finance app was launched in October 2017 and won early backing from investors George Soros and Point72 Ventures to offer prepaid debit cards, transfers, payments, and savings and lending services.
Uala first outlined an expansion plan in 2020 after receiving millions in fresh funding from China's Tencent Holdings and SoftBank Group Corp, the Japanese technology investment giant. As part of its plan, in April 2021 Uala started the process of acquiring rival Argentine digital bank Wilobank.
The company is not currently looking for new investors since it has grown much higher than expected, as the founder says.
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