Ualá Celebrates Anniversary With US$150 Million Investment

Ualá celebrates its fifth anniversary in the market and its second in Mexico, announcing a US$150 million investment over the next 18 months to continue expanding Latin America's financial system. The company said that Mexico is its next “big bet” and aims to bring the solutions it already offers in Argentina while implementing solutions tailored to Mexico’s needs. 

Since its launch, the technology company has been strengthening its product ecosystem to provide more and better options to its user community. In Mexico, where Ualá landed in 2020, it is in the process of acquiring the bank ABC Capital, a transition subject to approval by local regulators. It has also developed services that will allow mobile app users to receive digital remittances without paying commissions. Remittances can be sent from abroad through Ualá's website or from MoneyGram's over 40,000 branch offices across the US.

During its anniversary celebration, the company said that the best is yet to come and announced a US$150 million investment over the next 18 months to further develop operations in Latin America. Mexico is expected to have a large part in this development, as Ualá aims to bring its many services to the country, including: Credit, Ualá bis, Investments, Caibo creditos, Aula Ualá, Empretienda, Ualá+, Insurance and Payments. Although several of Ualá's services are already in Mexico, the remaining ones will be studied and adapted to benefit the country.

"Ualá was born to revolutionize finance in the region, making it more modern, more transparent and more inclusive. Creating a regional company that employs over 1500 people with more than 5 million users in Latin America is a dream... Our next five years will be much more ambitious," said Pierpaolo Barbieri, Founder and CEO, Ualá, in a press release.

Compared to 2019, there has been a 26 percent increase in the use of point-of-sale terminals and a 66 percent increase in transactions made through digital media. These are some of the indicators that keep Ualá optimistic about the room for growth in the Mexican market. In Mexico, cash continues to be king, but by aiding the country’s financial digitalization, Ualá is also helping to generate greater financial inclusion. Providing financial education and furthering literacy has become a basic part of Ualá's operations, said Luis Madrazo, General Director for Mexico, Ualá.