HomeBusinessArgentine fintech 'unicorn' Uala launches in Colombia amid Latam push

Argentine fintech ‘unicorn’ Uala launches in Colombia amid Latam push

Argentine digital banking startup Uala introduced its launch in Colombia on Thursday, a brand new frontier for the agency because it expands in Latin America and appears to faucet in to the area’s thousands and thousands of unbanked savers.

The so-called unicorn with a valuation of over $1 billion, whose buyers embody Chinese expertise big Tencent and Japan’s SoftBank, mentioned it will begin in Colombia with an preliminary $80 million funding.

Uala provides Mastercard Inc-branded pay as you go financial institution playing cards and an app that enables customers entry to monetary providers together with sending and receiving cash, on-line purchasing, withdrawing money at ATMs and monetary loans.

“We are here to invest in local talent to revolutionize the market, with a financial ecosystem that is more open, more digital, and radically more inclusive,” Uala founder and chief govt Pierpaolo Barbieri mentioned in an announcement.

“We see in the Colombian market an unbeatable opportunity to offer a digital and innovative way to manage personal finances.”

Uala is already in Argentina and Mexico. Barbieri mentioned final 12 months that his plans have been to develop its operations to Peru, Paraguay, Colombia and Chile, and ultimately in the United States and Europe.

(Reporting by Carolina Pulice in Mexico City; Editing by Matthew Lewis)

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