Ualá, the Argentine financial technology unicorn, officially launched operations in Colombia with plans to boost financial inclusion and change the way Colombians manage their money.
Launched in October 2017 and founded by Pierpaolo Barbieri, the company raised US$350 million in a Series D investment round led by SoftBank Latin America Fund in August 2021. This round of funding gave Ualá a valuation of $2.45 billion on a post-money basis and unicorn status .
The Argentine unicorn has obtained a license to operate as a Financing Company in Colombia, supervised by the Financial Superintendence, which will help gain the trust of users in the country. As well as the mobile app, Ualá is also launching Aula Ualá, a financial education platform to support Colombians as they learn about personal finances.
“I think the biggest challenge we face in Colombia is similar to the challenge that we face elsewhere in the region, and that is: changing the culture and changing the mindset of Colombians from using cash to using a debit card”. – Natalia Ríos, Country Manager Ualá in Colombia.
Ualá arrives in Colombia with a team of 40 employees, and an up-front investment of US$80M. Last year, Ualá signed agreements to purchase two banking entities, Wilobank in Argentina and ABC Capital in Mexico.