Ualá

Ualá is a Buenos Aires-based digital banking platform that operates as a full-fledged bank in Mexico through its acquisition of ABC Capital, which received regulatory approval from the Comisión Nacional Bancaria y de Valores (CNBV) in May 2023. Founded by Pierpaolo Barbieri, the company launched in Mexico in September 2020 and has since grown to over 1.7 million users in the country as part of its regional expansion across Latin America. Ualá operates as Ualá S.A., Institución de Banca Múltiple, offering a comprehensive ecosystem of financial services through a mobile app linked to an international Mastercard. The platform provides no-fee debit and credit cards, high-yield savings accounts with competitive interest rates, personal loans, investment products, and bill payment services. The company targets Mexico's underbanked population with accessible, low-cost financial solutions. Through its Ualá Bis product, the platform also serves small businesses and entrepreneurs with payment acceptance solutions at a 2.99% commission plus VAT, with same-day settlement. Additional services include payroll transfer capabilities, remittance services through partnerships with MoneyGram and Western Union, and mobile phone top-ups. The company raised $300 million in a Series E funding round with investors including SoftBank, Tencent, Goldman Sachs, and Allianz. Ualá aims to make Mexico its largest market, experiencing monthly growth rates of 10-15% and adding approximately 100,000 new users monthly. The platform differentiates itself through fully digital operations, competitive pricing, and features specifically designed for the Mexican market, particularly remittance services that address a key financial need for Mexican users.