Argentinian fintech unicorn Ualá raised a $300M Series E round led by Allianz X, the investment arm of Allianz, in what was Allianz X’s first investment in Latin America. Stone Ridge Holdings Group, Tencent, Pershing Square Foundation, Ribbit Capital, Alan Howard, Goldman Sachs Asset Management, Soros Fund Management, Rodina, SoftBank Latin America Fund, Jefferies, D1 Capital Partners, Claure Group, AlleyCorp, and Monashees also participated in the round. The round is the largest funding raised by a Latin American startup in the past three years.
Ualá will use the funds to grow in Mexico, Argentina, and Colombia, enhance its existing products and explore new opportunities such as insurance.
“The trust and support of our investors reaffirms our vision: we will soon become the largest bank in Argentina, and we aim to lead in Mexico and Colombia as well. Our main goal is to offer the best product: we will continue delivering an excellent value proposition for our users in all three countries — and continue to expand,” said Pierpaolo Barbieri, Ualá’s Founder and CEO.
Ualá is a neobank that offers a wide range of financial products like payments accounts, credit cards, investments, money transfers, and credit.
Founded in 2017, Ualá reached unicorn status in 2021 after raising a $350M Series D, has a client base of over 8M customers – 2.7M of which have used the platform to make investments -, and granted over 7M loans.
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