Uala buys ABC Capital for continued expansion

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Ualá, an Argentinian financial services company, has reached a deal to buy ABC Capital, a Mexican bank, which will allow it to boost its expansion and growth plans in Mexico, Reuters reported.

“Our commitment to financial inclusion in Mexico is absolute,” said the founder and CEO of Ualá. Pierpaolo barbieri, according to the report. “We are coming to revolutionize the market with more technology, access and transparency. Once we have obtained the corresponding authorizations, incorporating ABC Capital into our group will allow us to offer better financial services to all Mexicans. This big step will accelerate our investment and our growth in this beautiful country. “

Ualá said there would likely be a glut of investment, possibly as much as $ 150 million, in Mexico over the next 18 months, according to the report.

Ualá, initially launched in October 2017, offers a Mastercard-branded prepaid card and app. It enables many financial services, such as sending and receiving money, online shopping, ATM withdrawals, and more, according to the report.

In August, Ualá closed a $ 350 million funding round for a valuation of $ 2.45 billion.

Read more: Argentina’s FinTech Ualá Reaches $ 2.45 Billion Valuation After Investment Round

The cycle came at a time when investors were investing a lot of money in Latin America as the economy turned to digital payments.

Ualá debuted in Mexico in September 2020. It has issued approximately 1,000 cards per day and has issued over 2.5 million cards in Argentina since 2017, when it was launched.

The company also announced plans to buy Wilobank, Argentina’s leading digital bank, a deal that would help the company reach more unbanked customers in a region where nearly half the population lacks access to banking services. financial services.

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