Ceibo provides loans at points of sale for the purchase of consumer goods (motorcycles and bicycles, household appliances, and construction materials). The merchants in Ceibo’s network can boost their sales, and customers can make purchases in fixed installments without a credit card.
Ceibo currently has around 30 employees who will join Ualá. The acquisition, the amount of which was not disclosed, follows other recent moves by Ualá to expand its business, including the recent purchases of Wilobank and Empretienda.
Ualá has issued more than two million loans in Argentina and expects that number to grow with the acquisition of Ceibo. According to Pierpaolo Barbieri, Uala’s founder:
“We believe this is a complementary product to debit and credit (…) It’s another step up the credit ladder.”