Uala Raises $350 Million in Series D Funding Round at $2.45 Billion Valuation

Fazzaco learned that fintech company Uala has raised $350 million in a Series D funding round, boosting its valuation to $2.45 billion. The news comes at a time when the company prepares to expand into Mexico and other parts of Latin America.

The latest founding round was led by SoftBank Latin America Fund and Tencent Holdings Ltd. with participation from D1 Capital Partners, 166 2nd LCC, George Soros, Goldman Sachs, Ribbit Capital and Monashees. In addition, angel investors such as Jacqueline Reses and Isaac Lee also put money in this round.

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According to the official press release, the company will utilise the new capital to continue expanding within Latin America, develop new business verticals and do some hiring, with the plan of having 1,500 employees by year’s end. It currently has more than 1,000 employees.

“Less than four years since the launch of the company, we have over 10% of the country on the Uala ecosystem. We are going to reach operational breakeven in Argentina next year,” said Pierpaolo Barbieri, Uala CEO and founder, “This round gives plenty of fuel for our big ambitions, thinking about an IPO is premature.”