Ualá launches in Colombia

Friday 28 January 2022 12:07 CET | News

Mobile payments startup Ualá has kicked off operations in Colombia, its third market in Latin America after Argentina and Mexico. 

Ualá, valued at USD 2.5 billion in its latest funding round, is launching operations in Colombia after working with local regulators over the last two years to get a licence as a financing company to offer debit cards.

The local hub has a team of 40 employees led by country manager Natalia Rios, and the company plans to double its size in Colombia in 2022. Its upfront investment, already funded by previous rounds, will be USD 80 million.

Ualá is backed by Japanese conglomerate SoftBank Group and Chinese Internet giant Tencent, along with early backers including the George Soros, Goldman Sachs, Ribbit Capital, and Monashees.

In August 2021, Ualá has closed an investment round of USD 350 million, stating they’re going to use the money to expand into Mexico and other parts of Latin America.

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Keywords: fintech, expansion, mobile banking, mobile payments, regulation
Categories: Banking & Fintech
Companies: Uala
Countries: Colombia
This article is part of category

Banking & Fintech


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