- Ualá receives $300 million investment; marks the largest private funding round in Latin America in the last three years
- In Mexico, the company has grown by 14% monthly since obtaining its banking license.
Ualá, the Latin American Neobank founded in Argentina, closes $300 million series e funding round
With this move, the company reaches a valuation of $2.75 billion.
The round is led by Allianz X, the investment arm of the Allianz Group, one of the world’s largest insurers and asset managers. New and existing investors also participated, including Stone Ridge Holdings Group, Tencent, Pershing Square Foundation, Ribbit Capital, Alan Howard, Goldman Sachs Asset Management, Soros Fund Management LLC, Rodina, SoftBank Latin America Fund, Jefferies, D1 Capital Partners, Claure Group, AlleyCorp, and Monashees.
This investment represents the largest private funding round in Latin America in the last three years and marks Allianz X’s first investment in the region. Additionally, it is the largest capital raise for a company based in Argentina since Ualá’s Series D in 2021, further solidifying the company’s remarkable growth and leadership in the industry.
Ualá plans to use the funds to expand its financial ecosystem and accelerate its growth in the markets where it operates. In just seven years, the fintech has provided financial services to over eight million users, operating with banking licenses in the region.
Among the services developed by the company are credit products, investment tools, payment solutions, and merchant collections.
One of the fintech’s latest products launched in Argentina is dollar savings accounts, taking advantage of a new local regulation that reduces the requirements for individuals to open them. There are currently 16 million foreign currency accounts in the country for individuals.
Ualá Continues Rapid Growth in Mexico with 14% Monthly Increase in Active Users Since Obtaining Banking License
The company has also developed UaláScore, its own credit scoring model based on artificial intelligence. This model evaluates users’ profiles based on their activity in the app, offering personalized financial solutions to increase access to credit across the region.
“Ualá is uniquely positioned to participate in the growth of Latin America’s financial markets as a digital financial platform with its own banking licenses, a wide range of products, and strong customer growth since 2017,” said Dr. Nazim Cetin, CEO of Allianz X. “As an investor with extensive experience and backed by one of the global leaders in insurance and asset management, Allianz X is the perfect partner to support Ualá’s bold next steps.”
“The future inspires us. This Series E round will boost our financial ecosystem, now with fully integrated and operational banks in our markets. The trust and backing from our investors reaffirm our vision: we will soon be the largest bank in Argentina, and we aim for the same leadership in Mexico and Colombia. Our main goal is to offer the best product: we will continue to deliver exceptional value for our users in all three countries—and grow beyond,” said Pierpaolo Barbieri, founder and CEO of Ualá.
In parallel to the Allianz X investment, Ualá will leverage its enhanced capabilities to explore opportunities in the insurtech industry, benefiting from Allianz’s cutting-edge technology, expertise, and shared resources. This strategic partnership will drive mutual growth across Latin America and accelerate Ualá’s expansion, further reinforcing its commitment to providing the best and most innovative financial solutions.
Ualá’s growth by the numbers:
- Over 8 million users in less than 7 years.
- Over 7 million loans granted.
- More than 17% of Argentina’s adult population holds a Ualá account.
- More than 2.7 million users have invested through Ualá.
- The total payment volume in the merchant collection vertical grew by 55% in the last 12 months.
