Ualá acquires Mexican bank ABC Capital

Ualá, the Argentine neobank, announced the acquisition of ABC Capital, a Mexican bank. The neobank raised a $350M Series D funding round just 3 months previously, and is now valued at an estimated $2.5B. 

Mexico is a pivotal market for the neobank’s regional expansion. The company has already issued 350,000 prepaid cards for Ualá accounts in the country. 

Founder Pierpaolo Barbieri also commented that the company plans to invest $150M into Mexico over the next 18 months in new products and growth projects.

Ualá is still awaiting approval for the acquisition of ABC Capital from Mexico’s CNBV. If approved, the acquisition will help Ualá to become one of the strongest neobank competitors to Nubank, the Brazilian unicorn.

Read more on Bloomberg.

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