Ualá, a mobile banking platform, has reportedly raised $34m in its Series B round led by Goldman Sachs Investment Partners.
Other contributions to the round came from Ribbit Capital, Jefferies Group, Point72 Ventures and Soros’ family office, according to a report by Bloomberg which cites the company founder. The article also states Goldman Sachs had supplied over half of the capital for the round.
The Argentinian FinTech company provides consumers with a mobile-based personal finance app and a physical MasterCard. Through the card, users can make payments anywhere which accepts MasterCard, make digital payments, and withdraw cash from any Banelco or Red Link ATM in Argentina. Payments can also be made internationally.
Via the app, card holders will receive real-time notifications of any spending to make expense tracking simpler.
Earlier in the month, Goldman Sachs led the $25m strategic funding round of cross-border payments business Veem. The company enables businesses to send and receive payments in local currency through its global networks of 96 countries.
Moni, a mobile wallet for Argentina and Mexico-based consumers, reportedly raised a $1.5m investment last month to support the expansion of its loan capital.
Last year, Argentina was the second biggest region for FinTech investments in Latin America, according to data by FinTech Global. Of the total capital invested in the country, 55 per cent went to the payments and remittances space.
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