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.