Ualá, the Argentinian mobile banking pioneer, has successfully closed a $300m Series E funding round, spearheaded by Allianz’s venture capital arm.
According to Finextra, this significant investment boosts Ualá’s valuation to an impressive $2.75bn. Joining Allianz in this round were several notable investors including Stone Ridge Holdings Group, Tencent, Pershing Square Foundation, Ribbit Capital, Goldman Sachs Asset Management, Soros Fund Management, Rodina, SoftBank Latin America Fund, Jefferies, D1 Capital Partners, Claure Group, AlleyCorp, and Monashees.
Founded in 2017, Ualá has rapidly expanded its customer base to over eight million across Argentina, Mexico, and Colombia, issuing more than seven million loans. Originally starting with a debit card, Ualá now holds banking licenses and offers a comprehensive range of services through its app. These services include money transfers, bill payments, credit options, and savings and investment products.
The company is distinguished by its proprietary AI-driven credit scoring engine that analyzes socio-demographic, transactional, and user data to tailor personalized offers to its users.
With the fresh capital, Ualá plans to continue enhancing its product offerings and expanding its market presence. “The trust and confidence from our investors reaffirms our vision: we will soon be the largest bank in Argentina. Mexico and Colombia are next. Our single focus is the finest product: we will keep delivering the best value proposition for our users in Mexico, Argentina, and Colombia — and grow beyond,” said Pierpaolo Barbieri, CEO of Ualá.
Nazim Cetin, CEO of Allianz X, commented on the investment, saying, “As a digital financial platform with its own banking licenses, a broad product range, and strong customer growth since 2017, Ualá is uniquely positioned to participate in the upcoming growth of the Latin American financial markets.”
Ualá has previously secured investments in earlier funding rounds, contributing to its robust growth trajectory and aiding in its mission to revolutionize banking in Latin America.
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