Ualá, the successful Argentinean financial technology company, arrives today in Mexico

Ualá, the leading Argentinean fintech company, begins its expansion in Latin-America today, launching its operations in Mexico, a market where only 47% of people have a bank account.

Mexico City, September 29, 2020.- With a solid proposal to contribute to financial inclusion and change the way Mexicans manage their money, one of the company's main goals will be to provide technological and financial education to all sectors of the population, offering a 100% digital, safe, free and easy-to-use experience.

Founded in October 2017 by Argentine entrepreneur Pierpaolo Barbieri, the company raised $150M USD in a Series C investment round led by Tencent and Softbank at the end of last year. In addition, its investors include Soros Fund Management LLC, Jefferies LLC, Point72 Ventures, Kevin Ryan, Monashees, Ribbit Capital, Endeavor Catalyst and funds managed by Goldman Sachs Asset Management. It is one of the fastest growing companies in Latin America, positioning itself as one of the 10 most valuable Challenger Banks and one of the 50 possible future unicorns.

“Three years ago we launched in Argentina, with the goal of making personal finances more innovative, more accessible, and more inclusive in Latin America. After 18 months of hard work, we are very happy to offer all Mexicans a modern, safe and truly free account to manage all their personal finances - with one card and one app. We are honored to play a part in the digital transformation of money, becoming an enabler for the digital economy in the region”, said Pierpaolo Barbieri, Founder and CEO of Ualá.

Ualá provides a free mobile app, linked to an account and an international Mastercard debit card, with no issue, renewal, maintenance or closing costs. Available throughout Mexico, for anyone over 18, from iOS and Android. It can be loaded without cost through SPEI transfers or cash deposits in more than 14 thousand stores nationwide, and used to make purchases at any website or store in the world that accepts Mastercard, thanks to its contactless, chip and Offline PIN technology.

In addition, people will be able to perform various transactions safely and easily such as transferring and receiving money, making cash withdrawals from ATMs, paying bills, and top up your cell phone. Likewise, Ualá's proposal reaches the market including commercial alliances with companies such as Booking.com, Open English, Jüsto and Coderhouse.

Quote TBD - Marcelo Claure, CEO of Softbank Group -

With more than two million cards issued in Argentina, representing 6% of its population, Ualá arrives in Mexico with more than 500 Latin American collaborators committed to inclusion throughout the region. The company already has a consolidated local team and 25 new vacancies will be opened in the country during the rest of the year, with the intention of recognizing and projecting Mexican talent, inviting it to join a growing family that will seek to improve the financial life of more and more people.