Argentina-based personal finance app developer Ualá has raised $150m in a series C round co-led by internet group Tencent and telecommunications conglomerate SoftBank, Business Insider reported yesterday.
Investment bank Goldman Sachs, venture capital firm Ribbit Capital and private investor George Soros also took part in the round. SoftBank provided the money through its Latin America-focused investment vehicle, the $5bn Innovation Fund.
Founded in 2016, Ualá has built an app that functions like a bank account, without being licensed as a financial services firm. The app helps users to manage their finances, send and receive money, pay bills, take out loans and access a prepaid Mastercard.
The company has issued more than 1.3 million debit cards to date and will use the series C funding to bolster its offering in Argentina, where more than half of the population has no traditional bank account. It has no immediate plans to expand internationally.
Unnamed representatives of Tencent and SoftBank will take board seats at Ualá in connection with the round. Tencent’s investment was first revealed in April this year, when it emerged the corporate had provided an undisclosed amount for the company.
Shu Nyatta, a managing partner at SoftBank Innovation Fund, said: “Ualá’s growth has been truly remarkable. What the team is building has revolutionised financial services in Argentina. We believe the strategy and exceptional execution demonstrate great potential.”
Goldman Sachs’ Investment Partners division had previously led the company’s $34m series B round in October 2018. The round included Ribbit Capital, investment bank Jefferies, VC firm Point72 Ventures and George Soros’ Soros Fund Management vehicle.
Soros Fund Management, Jefferies, Ribbit Capital and Point72 Ventures had already taken part in Ualá’s $10m series A round in February 2018 alongside angel investor Steve Cohen.
Photo courtesy of Ualá.
