Argentine Fintech Ualá Raises $350 Million at a $2.45B valuation in Tencent, Softbank led round

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Ualá, an Argentine personal finance management app announced that it has raised $350 million in a Series D round at a post-money valuation of $2.45 billion.

Affiliates of China-based Tencent and Soft-Bank Latin America Fund, which include participation from a slew of existing backers, including funds managed by Soros Fund Management LLC, Funds Managed by Affiliates of Goldman Sachs Asset Management, Greyhound Capital, Ribbit Capital, Monashees, and Endeavor catalyst. D1 Capital Partners and 166 2nd also contributed to the round in addition to angel investors such as Jacquelin Reses and Isaac Lee.

Ualá says it has finally developed an absolute financial ecosystem including a global MasterCard, bill payments option, universal accounts, personal loan, insurance, and installments(BNPL). The Fintech company has also launched a unique technique “Merchant Acquiring that allows merchants to sell through a payment link or mobile point-of-sale.

The startup has issued more than 3.5 million cards in it home country and in Mexico. According to company statists, more than 22% of 18-25 years old in Argentina have a Ualá card. During Series C in November 2019, it has issued 1.3 million cards. Ualá app has the biggest hand in the mutual funds available, which is the second-biggest mutual fund in Argentina in a number of participants.

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Ualá plans to continue using its new capital to expanding within Latin America, develop new business verticals, and do some hiring, with the plan of having 1,500 employees by year’s end. Presently they have more than 1,00 employees.

Pierpaolo Barbieri, a Buenos Aires native, and Harvard University graduate, said his ambition was to create a platform that would bring all financial services into one app linked to one single card. The recent round is believed to be the largest private raise ever by an Argentinian company and brings Ualá’s total raised to $544 million since its start in 2017.

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