Ualá is revolutionizing the financial services sector in Latin America with its digital banking service. The neobank has issued more than 2.5 million debit cards across Argentina, equivalent to almost 6% of the population, since its launch in 2017.
The fintech recently announced its launch into Mexico, the first expansion outside of Argentina for the startup. Ualá’s digital app will be available for anyone over the age of 18 in Mexico, and the startup has connected more than 14,000 stores across the country for use of the Ualá debit card and app payment technology.
“Making personal finances more innovative, more accessible, and more inclusive in Latin America is our dream. Mexico is a huge step forward for our company, and as Ualá embarks on this new journey, we are privileged to have an established partner like Galileo providing the processing services and expertise we need to support this international growth,” said Andrea Arrebola, head of payments of Ualá.
Galileo, an international payments processing platform, will support the launch into Mexico. The API platfrom will support real-time authorization for Ualá transactions and provide backend processing services for the neobank.
“Ualá has received global recognition and investment from some of the world’s biggest investors for good reason. The company has revolutionized financial services in Argentina, and Galileo is honored to help facilitate Ualá’s expansion into Mexico,” said Tory Jackson, Country Manager for Mexico at Galileo.
Read more on The Fintech Times.