Ualá, the Argentine financial unicorn arrives in Colombia
Ualá, the Argentine financial technology unicorn, presented its operations in Colombia and announced an initial investment of US$80 million for the local market.
Launched in October 2017 and founded by Pierpaolo Barbieri, the company raised US$350 million in capital in August 2021 in a Series D investment round led by SoftBank Latin America Fund and Tencent. (See: Claro reaches an agreement with WOM after finishing the mixed committee).
Its valuation is US$2,450 million, which earns it the title of unicorn. Ualá aims for inclusion and financial and technological education; and to change the way Colombians handle their money. To this end, it will offer a 100% digital experience that is safe, has no hidden costs, and is easy to use from anywhere via cell phone.
“Ualá is very proud to launch in Colombia, a market we dreamed of since our launch. Because we want to bring finance into the 21st century. We come to invest in local talent,” said Barbieri.
Ualá obtained a license to operate as a financing company, supervised by the Financial Superintendency and supported by Fogafin. (In addition: Davivienda launches an advance pension payment service: that's how it works).
In turn, it provides a free mobile application that facilitates the opening of low-amount deposits linked to a Mastercard international debit card, with no maintenance or closing costs.
It will be available throughout Colombia, for anyone over the age of 18, from iOS and Android. It can be loaded free of charge through transfers or cash deposits at more than 7,000 Baloto points nationwide, and used to make purchases on any website or business in the world that accepts Mastercard, thanks to its contactless technology, chip and offline PIN. (Keep reading: Cenit's plan to develop investments outside of Colombia).
In addition, transactions can be carried out safely and easily, such as transferring money to any person in the financial system, inside or outside Ualá, live and free of charge. You can also make two monthly cash withdrawals from any ATM in the country at no cost, check all transactions from the app, and access customer service via live chat, email, and social networks.
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