By Mark McSherry
Ualá, the Latin American neobank founded in Argentina, has raised a $300 million Series E investment round, valuing the company at $2.75 billion on a post-money basis.
The round was led by Germany’s Allianz X, the growth investments arm of Allianz Group,.
Other new and existing investors also participated, including Stone Ridge Holdings Group, Tencent, Pershing Square Foundation, Ribbit Capital, Alan Howard, Goldman Sachs Asset Management, Soros Fund Management LLC, Rodina, SoftBank Latin America Fund, Jefferies, D1 Capital Partners, Claure Group, AlleyCorp and Monashees.
“The investment marks the largest growth equity fundraising round in Latin America in the past three years as well as Allianz X’s first investment in the region,” said Ualá.
“The round also stands as the largest equity capital raise for an Argentina-based company since Ualá’s Series D in 2021. This highlights Ualá’s remarkable growth and leadership in the fintech sector.
“Ualá will use the proceeds to broaden its financial ecosystem and fuel faster growth in its markets.
“In only seven years, the neobank has built a comprehensive suite of financial services for over eight million users, with full banking licenses operating across the region. Ualá offers debit and credit cards, payment services, loans, investment products, and acquiring solutions for merchants.
“The rapid growth of Ualá’s business in Argentina, underscores the potential of its business model across Latin America.
“In Mexico, Ualá has consistently grown its active user base by 14% per month since obtaining its full bank license.
“In addition, Ualá developed its proprietary credit scoring tool, UaláScore, leveraging AI and over 300 data points—including transactional data—to deliver personalized financial solutions and expand access to credit throughout the region.”
Allianz X CEO Nazim Cetin said: “As a digital financial platform with its own banking licenses, a broad product range, and strong customer growth since 2017, Ualá is uniquely positioned to participate in the upcoming growth of the Latin American financial markets.
“As a proven growth investor with the backing of a leading global insurer and asset manager, Allianz X is the perfect partner to support Ualá’s next bold steps.”
Pierpaolo Barbieri, founder and CEO of Ualá, said: “The future inspires us. This Series E funding will further our financial ecosystem now with fully integrated and operational banks in our markets.
“The trust and confidence from our investors reaffirms our vision: we will soon be the largest bank in Argentina. Mexico and Colombia are next. Our single focus is the finest product: we will keep delivering the best value proposition for our users in Mexico, Argentina and Colombia – and grow beyond.”