Argentina’s Uala raises $195 Million in Funding

Argentine fintech Ualá has secured $195 million in a new equity funding round led by Germany’s Allianz X, taking the company’s valuation to $3.2 billion.

Founded in 2017 by Pierpaolo Barbieri, the company has rapidly evolved into one of Latin America’s most influential digital financial platforms, capitalizing on the region’s long-standing gaps in financial inclusion.

The fresh capital is expected to support Ualá’s continued expansion across Latin America. The fintech already operates in Argentina, Mexico, and Colombia, and is likely to use the funds to deepen its presence in these markets and enter additional countries in the region.

In Mexico, Ualá operates as a regulated bank after acquiring and integrating ABC Capital and securing a banking license. In Argentina and Colombia, however, the company primarily functions as a neobank platform, offering banking-like services through digital infrastructure and partnerships with regulated financial institutions.

Although the company was launched in 2017, its growth accelerated sharply during the COVID-19 pandemic, when lockdowns disrupted access to physical bank branches and drove millions of consumers toward digital financial services.

Early backing from Soros Fund Management helped the startup scale rapidly. By 2021, Ualá had acquired Wilobank — Argentina’s first digital bank — strengthening its foothold in the domestic market. The company expanded further in June 2022 by entering Mexico and Colombia.

Today, Ualá serves more than nine million users across the region with a broad suite of financial products, including debit and credit cards, personal loans, investment options, payment solutions, and merchant collection services. The company has also developed UaláScore, an artificial-intelligence-driven credit assessment model that analyzes user activity on the platform to offer personalized financial products and extend credit access to underserved populations.

In Argentina, nearly one in five adults now uses the Ualá platform. Mexico has emerged as a key growth engine, with active customers increasing 7% month-on-month since the company obtained its banking license.

Ualá currently employs around 1,500 people, with approximately 1,000 staff based in Argentina.