Argentina-based money management app Ualá has reached a $2.4bn valuation after the close of a $350m Series D investment.
The FinTech company claims this is the largest private investment round raised by an Argentinian company.
SoftBank Latin America Fund and Tencent served as the lead investors for the round. Several existing Ualá backers joined the round, including funds managed by Soros Fund Management LLC, funds managed by Goldman Sachs Asset Management, LP, Ribbit Capital, Greyhound Capital, Monashees and Endeavor Catalyst.
D1 Capital Partners and 116 2nd also joined the round, as first time backers. A number of angel investors also committed capital.
Funds from the round will be used to hire more staff, with plans to end 2021 with 1,500 employees. Furthermore, capital will be used to build new business verticals and bolster its innovation and technological developments.
In the four years since it was founded, Ualá has issued over 3.5 million cards in Latin America.
Its platform provides users with a mobile banking app, which enables them to pay for services, request personal loans and use a free international Mastercard. Entrepreneurs and merchants can use the platform to collect money through a payment link or mPOS.
Ualá founder and CEO Pierpaolo Barbieri said, “With less than 4 years in the market, we achieved a historic milestone for Ualá and also for Argentina .
“We are honoured to attract some of the best investors in the world to focus on financial inclusion and innovation in Latin America, a mission that drives everything what we do. These funds will further our ambition to provide simpler, fair and transparent financial services, both in Argentina and Mexico. ”
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