Argentinian fintech Ualá lands $300m Series E funding round at $2.75bn valuation
Argentina-based fintech Ualá has secured a $300 million Series E funding round at a company valuation of $2.75 billion.
Ualá lands $300m Series E
The round was led by Allianz X, the investment arm of global insurance and asset management giant Allianz Group, with participation from a mix of new and existing investors including Alan Howard, Goldman Sachs Asset Management, SoftBank Latin America Fund, Jefferies, D1 Capital Partners, Claure Group, AlleyCorp, and others.
Founded in 2017, Ualá offers a wealth management app featuring a range of products and services, including a payment account associated with an international Mastercard prepaid card, a savings account, credit and investment options, and additional payment and collection functionalities.
The company claims that its app now has 8 million users across Argentina, Colombia, and Mexico, adding that more than 17% of the adult population in Argentina now has a Ualá account.
According to Ualá, this investment marks the largest private financing round in Latin America in the past three years and the biggest capital raise for an Argentina-based company since Ualá’s $350 million Series D in 2021.
The fintech intends to deploy its latest funds to “expand its financial ecosystem” and boost growth in its operating markets. “We will soon be the largest bank in Argentina, and we aim for the same leadership in Mexico and Colombia,” says Pierpaolo Barbieri, founder and CEO of Ualá.
In addition, thanks to its partnership with Germany’s Allianz X, Ualá says it is now positioned to “enhance its ability to explore opportunities in the insurtech industry”.
