Ualá, an Argentine neobank, raised a $350M Series D funding round and became the newest unicorn in Latin America with a $2.45B valuation. The round was led by the SoftBank Latin America Fund and Tencent, who led Ualá’s Series C in 2019.
Ualá is a leading neobank in the region, operating in Argentina and Mexico. The platform provides digital bank accounts with a MasterCard, international payment services, personal financial management software, and investment opportunities.
The platform has issued over 3.5 million cards and has largely targeted younger generations between the age of 18 and 35. According to the company, 65% of users did not have a bank account prior to registering with Ualá.
“More than 10% of Argentinians now have a bank account with Ualá, in a country where more than 50% of adults do not have access to digital banking services. This is what we are working to resolve,” said Pierpaolo Barbieri, founder of Ualá.
With the new funding, Ualá plans to make new hires and grow its team with up to 500 new hires by the end of the year.
“This new funding provides us with new working capital and will help us to continue to grow and scale our existing business, as well as offer new services,” said Barbieri.
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