Argentine fintech Ualá have sold part of its shares in a round valued at $150M to new shareholders such as Tencent and Soft Bank.
With this, the company will continue to grow and expand its product offering.
According to the World BankIn the same period, 41% of Argentines have a debit card and only 7% borrowed or saved in a financial institution.
As a result, there are companies in the country that seek to reverse this situation by facilitating the management of their users' personal finances through a mobile 100% technology.
It provides access, transparency and convenience.
A fact that is reflected in the sector's corporate finance movements.
MEET UALÁ
It is a Argentine mobile banking application developer, based in Buenos Aires, that helps to manage personal finances through an app and a card..
It was launched in October 2017, with the aim of improving financial inclusion in Argentina.
It is the first free card on the market, with no issuing, renewal, maintenance or closure costs.
Operates with an international prepaid card Mastercard.
Available nationwide for mobile phones Android and iOS.
At this point, it is worth mentioning that any person over 13 years of age, and with an Argentine ID card, can take part of Ualá.
At the beginning of 2019, the company launched its personal loan proposition and, last November, the possibility of investing in mutual funds.
All this from its mobile application.
GOOD FUTURE
The firm has already issued more than 1.3 million cards since its launch, and is currently focused on expanding its product offering around three pillars:
- Shopping
- Savings
- Funding
Because of this, also in the month of November, sold part of its shares in a round C series valued at $150M.
It has done so to new shareholders such as Tencentowner of WeChatthe largest social and communication platform in China, and Soft Bank.
They have also invested in Endeavor Catalyst, a co-investment vehicle designed to support entrepreneurs, as well as other original investors: Goldman Sachs Investment Partners, Soros Fund Management LLC, Monashees, Ribbit Capital and Jefferies LLCamong others.
In this way, the business will be further scaled up.
Ualá expects to triple in size by 2020, creating more than 400 new jobs.
INTERNATIONAL ATTENTION
Since its launch, Ualá has already attracted the attention of several international investors.
In 2018, it captured $34M by selling part of its shares in a series B round.
The new investors were then Goldman Sachs Investment Partners, Monashees and Ribbit Capital.
Previously, it had already sold a further part of its shareholding for $10M in another round, but this time Series A, led by Soros Fund Management LLC, Jefferies LLC, Point72 Ventures and entrepreneur Kevin Ryan, among others.
OTHER SIMILAR ROUNDS IN THE SECTOR
MONZO
Formerly called Mondois a English bank dedicated to people who live their daily lives through their Smartphones.
That is to say, Monzo is aimed at people who want to make their banking transactions at the click of a button, without the need for branches.
In order to continue to grow in the face of the growth and potential of this customer profile, it has recently received £113M.
It has done so following a sale of shares in a series F round.
N26
It is a German bankbased in Berlin, which offers mobile banking solutions to its customers in 17 eurozone countries.
N26 provides international money transfer, investment, cash withdrawal and deposit.
In the middle of 2019, it lifted $170M in a series D round to sell part of its shareholding to new investors.