Ualá, an Argentina-based personal finance app developer, has collected $350m in a series D round co-led by telecommunications conglomerate Softbank and internet group Tencent, at a post-money valuation of $2.45bn.
The round also featured investment bank Goldman Sachs’s Asset Management division, Soros Fund Management, Ribbit Capital, Greyhound Capital, Monashees, D1 Capital Partners and 166 2nd. Softbank invested through its Latin America-focused vehicle SoftBank Innovation Fund.
New backers also contributed to the capital injection alongside angel investors, including Jacqueline Reses and Isaac Lee.
Founded in 2017, Ualá provides a banking app that helps customers manage their finances, send and receive money, pay bills, take out loans and access a prepaid card. Ualá is available in Argentina and Mexico for Android and iOS operating systems.
The company plans to use the funding to further boost its expansion in Argentina and Mexico, develop new products and scale up its team from 1,000 to 1,500 staff by the end of the year.
This latest round took the overall funding raised by Ualá to $544m, according to TechCrunch. The company secured $150m in a series C round co-led by Tencent and SoftBank’s Innovation Fund in November 2019. Goldman Sachs, Ribbit Capital and private investor George Soros also contributed to the round.
Goldman Sachs’s Investment Partners division led a $34m series B round for the company in October 2018, with contributions from Ribbit Capital, investment bank Jefferies, VC firm Point72 Ventures and Soros Fund Management.
Soros Fund Management, Jefferies, Ribbit Capital and Point72 Ventures had previously backed Ualá’s $10m series A round in February 2018 alongside angel investor Steve Cohen.