The Argentine fintech company Ualá announced this Monday that it obtained 300 million dollars in an investment round led by Allianz and that it will apply them to the development of its businesses in Mexico, Argentina and Colombia.
“Today we receive 300 million dollars to continue creating this dream from Argentina for all of Latin America. We believe in the country’s talent to export and create financial and digital products for the entire region and beyond as well,” said Ualá CEO Pierpaolo Barbieri, who founded the company in October 2017.
Barbieri announced the result of the investment round at an event attended by the Argentine president, Javier Milei.
The round, led by Allianz X, the investment arm of the German financial group Allianz, represents, according to Ualá, the largest private capital raising in Latin America in the last three years.
New investors and others who had already been part of previous series organized by Ualá also participate in this round, such as Stone Ridge Holdings Group, Tencent, Pershing Square Foundation, Ribbit Capital, Alan Howard, Goldman Sachs Asset Management, Soros Fund Management, Rodina, SoftBank Latin America Fund, Jefferies, D1 Capital Partners, Claure Group, AlleyCorp and Monashees.
With the capital added in this round, Ualá reached a valuation of 2.75 billion dollars.
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The ‘neobank’ said in a statement that it will use the funds to expand its financial ecosystem and accelerate its growth in the markets in which it operates, where it has eight million users.
“We will soon be the largest bank in Argentina, and we aim for the same leadership in Mexico and Colombia. Our main objective is to offer the best product: we will continue to provide an excellent value proposition for our users in the three countries and grow beyond,” said Barbieri.
In parallel with the Allianz X investment, Ualá will explore opportunities in the ‘insurtech’ industry (technology-based insurers).
With information from EFE
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