Fintech Ualá Closes the Largest Private Investment Round in Argentina

The payment service provider Ualá announced recently the largest private investment round of 350 million dollars in history for an Argentine company, which was co-led by the leading Chinese technology company Tencent and the existing participant Japan’s Softbank.

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Other investors included Goldman Sachs, Soros Found Management, Ribbit and Greyhound, all of whom have joined Ualá’s funding rounds before, and the new participant D1 Capital Partners, a major US investment firm.

According to Ualá, as a private company, the Series D round is critical to it to take a big step and set out to enhance new product offerings and expand markets. Furthermore, the financing took the fintech’s valuation up to 2.45 billion dollars, supporting the firm to become a unicorn.

Ualá plans to use the capital to pursue the goal of making financial services more open, transparent and inclusive. Also, it will strengthen its work force.

Launched in 2017, Ualá delivers a personal wealth management app and a prepaid Mastercard card for in-store, online, ATM transactions and international payments.