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Ualá acquires ABC Capital bank in Mexico

# Ualá acquires ABC Capital bank in Mexico

Mexico City, May 25, 2023..-

### The National Banking and Securities Commission of Mexico (CNBV), with the endorsement of the Bank of Mexico (Banxico), approved the acquisition of ABC Capital bank by Ualá.

Given this approval, the Mexican bank -with over 12 years of experience in the financial sector- will become part of Ualá's ecosystem. This will allow Ualá to continue promoting financial inclusion throughout the country with the expertise of local partners. It is worth noting that last year the fintech company obtained approval for the purchase of 100% of the shares of Wilobank in Argentina.

Over the past months, Ualá and ABC Capital have worked together under a co-branding agreement (Ualá ABC) in Mexico, with the goal of digitizing financial services. Under this arrangement, the bank has launched numerous highly demanded products in the local market, such as credit cards, remittances, and personal loans, among others.

"The acquisition of ABC Capital will enable Ualá to accelerate the launch of products in Mexico, our largest growth market. Our commitment to the country is absolute, which is why we need a bank to create the most comprehensive financial ecosystem in the country, consistent with our offerings in Colombia and Argentina. This is a significant step for Ualá's regional development, as it confirms that with regulated entities, we can offer a unique and distinctive proposition that combines the best of technology with the full range of products needed for the digitalization of Latin American economies" said Pierpaolo Barbieri, founder and CEO of Ualá.

In the coming days, the change of control will be formalized, initiating an integration phase between both companies, which will allow Ualá to strengthen its value proposition in Mexico with further innovation and security, plus the market knowledge and trust that ABC Capital brings.

Mexico is the major focus of the Argentine company, which has made numerous announcements throughout the year with a focus on expansion and regional growth. In June 2022, the purchase of 100% of the shares of Wilobank, Argentina's first digital bank, was approved. Additionally, in January 2022, Ualá began operations in Colombia, backed by a Financing Company license.

With operations in Argentina, Mexico, and Colombia, Ualá is one of the fastest-growing companies in Latin America. The Company recently announced an investment of $150 million in the region for the next 18 months, continuing its path to reach over 25 million users in the next five years.

Ualá, the Argentine fintech unicorn, arrives today in Colombia

# Ualá, the Argentine fintech unicorn, arrives today in Colombia

### Launching in Colombia today and available to anyone over the age of 18, Ualá offers secure financial transaction services that are digital, open, inclusive and free, to transform how Colombians manage their money. With a local hub, Ualá will also invest in technological and financial education for all population sectors.

__Bogotá, January 27, 2022.-__ Ualá, the Argentine financial technology unicorn, is taking one step further in its expansion in Latin America today, officially launching operations in Colombia, a market where 87% of people use cash to purchase goods and services. The firm announced an up-front investment of US$80M.

Launched in October 2017 and founded by Pierpaolo Barbieri, the company raised US$350 million in a Series D investment round led by SoftBank Latin America Fund and affiliates of Tencent in August 2021. It is one of the fastest growing companies in Latin America, and one of the 10 most valuable Challenger Banks in the world, valued at $2.45 billion on a post-money basis, giving it its status as a unicorn.

Ualá aims to boost financial inclusion and change the way Colombians manage their money. One of its main tasks will be bringing technological and financial education to all sectors of the population, offering a 100% digital experience that is free, secure and easy to use from anywhere via a mobile device.

“Ualá is extremely proud to be arriving today in Colombia, a market we have dreamed of since we started out. We want to bring financial services into the 21st century, and we are here to invest in local talent to revolutionize the market, with a more open, more digital, and radically more inclusive financial ecosystem,” said Pierpaolo Barbieri, founder and CEO of Ualá.

The Argentine unicorn has obtained a license to operate as a Financing Company, supervised by the Financial Superintendence of Colombia and the support of Fogafin, guaranteeing a level of security that - together with the cutting edge technology that Ualá brings to the country - will help gain the trust of Colombians.

Ualá offers a free mobile application that allows users to open an account linked to an international Mastercard debit card, without maintenance or closing costs. It will be available on iOS and Android throughout Colombia for anyone over the age of 18. Cash in can be made free of charge through transfers or cash deposits at more than 7,000 Baloto points nationwide, and used to make purchases at any website or business in the world that accepts Mastercard, thanks to its contactless technology, chip and offline PIN.

In addition, various other transactions can be carried out safely and easily, such as transferring and receiving money inside and outside Ualá and making two cash withdrawals from any ATM at no cost, checking all financial movements on the app and accessing customer services via live chat, email and social media.

As well as the mobile app, Ualá is also launching Aula Ualá (uala.com.co/aula), a financial education platform designed entirely for launch in Colombia. Its objective is to support Colombians as they learn about personal finances and new opportunities through technology. Aula Ualá is an online space with free access to different tools, such as online courses, video tutorials, blog posts and downloadable material, among other content.

*“We’re honored to have the support of the Financial Superintendence for our launch in Colombia. Without a doubt, the country has made great efforts over the last decade to increase access to financial services. We have seen in the Colombian market possibilities to innovate and offer different options for how personal finances are managed. At a time when everything is changing, we want to be part of that change and continue promoting it, by building a close bond with our users in Colombia, like we have managed to do in Argentina and Mexico. This is how this financial revolution is growing in the region,”* added Barbieri.

With more than 4 million cards issued in Argentina and Mexico, Ualá arrives in Colombia with a team of 1,300 employees committed to inclusion across the region. The company has a local office in Colombia with 40 staff, and more vacancies will be opened up as the company seeks to recognize and promote local talent, inviting Colombians to be part of a growing team that aims to improve the financial lives of more and more Latin Americans.

Last year, Ualá signed agreements to purchase two banking entities, Wilobank in Argentina and ABC Capital in Mexico. Both transactions are subject to approval by local authorities.


Ualá raises $350M in new investment round, led by SoftBank and Tencent

# Ualá raises $350M in new investment round, led by SoftBank and Tencent

### Ualá, the Argentine fintech, announced a new $350 million investment round, valuing the company at $2.45 billion on a post-money basis.

__Buenos Aires, Argentina, August 13th, 2021.-__ Ualá, the Argentine fintech, announced a new $350 million investment round, valuing the company at $2.45 billion on a post-money basis. The Series D was led by SoftBank Latin America Fund, the technology fund focused on the Latin American market, and affiliates of Tencent, a leading China-based technology company, with participation from other top tier global investors. Based on publicly available data, this round represents the largest private fundraising round ever by an Argentinian company, emphasizing Ualá's exponential growth and leadership in Latin America.

Participants in the round included existing investors, such as funds managed by Soros Fund Management LLC, funds managed by affiliates of Goldman Sachs Asset Management, L.P., Ribbit Capital, Greyhound Capital, Monashees, and Endeavor Catalyst. Ualá also welcomed new funds, such as D1 Capital Partners and 166 2nd, alongside angel investors such as Jacqueline Reses and Isaac Lee. Hughes Hubbard & Reed LLP served as legal counsel to Ualá in its Series D financing round, and in all previous fundraisings.

With more than 3.5 million cards issued in the region and less than a year after successfully launching operations in the Mexican market, Ualá developed a complete financial ecosystem including universal accounts, a global Mastercard card, bill payment options, investment products, personal loans, installments (BNPL), and insurance. It has also launched merchant acquiring, Ualá Bis, a solution for entrepreneurs and merchants that allows selling through a payment link or mobile point-of-sales (mPOS).

This funding will allow Ualá to further accelerate its Latin American growth plans, and attract world class talent. The company currently plans to end 2021 with 1,500 employees and to develop new business verticals, both in Argentina and Mexico.
*
"We are most impressed by Ualá's ambition and execution. Our investment will propel the next stage of their vision, furthering a regional ecosystem that can make financial services more accessible and transparent across LatAm,”* said Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group.

*"Less than 4 years since launch, today marks a historic milestone for both Ualá and Argentina. We are honored to attract some of the world’s best investors to focus on financial inclusion and innovation in Latin America, a mission that drives our every move. These funds will propel our ambitions to provide simpler, fairer, and more transparent financial services for all in both Argentina and Mexico,"* said Pierpaolo Barbieri, founder and CEO of Ualá.

#### Ualá’s growth in numbers:
- More than 1,000 full time employees, currently planning to reach 1,500 by the end of 2021.
- More than 3.5 million cards issued in less than 4 years.
- >22% of the population aged 18-25 in Argentina have a Ualá card. 
- Over one million users invest in the mutual fund available on the Ualá app, the second largest mutual fund in Argentina in number of participants.
- More than 230,000 loans granted.
- Just 8 months after its launch, monthly transaction volume on Ualá Bis grew 27-fold since its first full month of operation. 

#### About the company´s user profile:
- 44% identify as women and 56% identify as men.
- 55% of its users are between 18 and 30 years old.
- 65% had no credit history prior to downloading the app.

#### Previous Capital Raisings:
- $150M in Series C, led by SoftBank Latin America Fund and Tencent, with participation from Endeavor Catalyst and other original existing investors: such as funds managed by affiliates of Goldman Sachs Asset Management, L.P., funds managed by Soros Fund Management LLC, Monashees, Ribbit Capital, and Jefferies LLC (November, 2019).
- Tencent invested an undisclosed amount in April 2019.
- $34M in Series B, led by funds managed by affiliates of Goldman Sachs Asset Management, L.P. with participation from Ribbit Capital and Monashees (September, 2018).
- $10M in Series A, led by funds managed by Soros Fund Management LLC, with participation from Jefferies LLC, Point72 Ventures, Greyhound Capital and Kevin Ryan, among others (January, 2018).

*The description of the transactions and other information contained herein (collectively, this “communication”) includes “forward-looking statements” within the meaning of the U.S. federal securities laws, and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations, market size and growth opportunities, competitive position, technological and market trends and the potential benefits and expectations related to the terms and timing of the Series D fundraising round, are forward-looking statements. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of Ualá, which are all subject to change due to various factors. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements contained in this communication are subject to a number of factors, risks and uncertainties. If any of these risks materialize or Ualá’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Ualá anticipates that subsequent events and developments may cause its assessments to change.*

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Ualá Closes $300M Series E Funding Round