Argentine fintech unicorn Ualá launched a secured credit card designed for individuals without credit history or those looking to rebuild it. The card requires a security deposit from the customer, which yields up to 5% interest in their Ualá account.
Ualá is expanding its product offerings as part of its strategy to democratize access to credit and drive financial inclusion in Latin America. After launching its first secured card in Argentina in 2023, it is now introducing the product in Mexico.
The secured credit card will offer the benefits of a conventional credit card, without fees for opening, maintaining, or closing the account. Ualá users can easily apply through the app, with a 99% approval rate. Frequent users with responsible credit behavior can upgrade to a traditional Ualá credit card, and get their deposit and earnings back.
Ualá operates in Argentina, Mexico, and Colombia and offers a digital banking platform that includes services like personal loans, SME financing, and no-fee ATM withdrawals.
Read more in Latam Fintech.
