Argentinian fintech Ualá is stepping up its presence in Mexico through the acquisition of local bank ABC Capital.
Pierpaolo Barbieri, CEO, Ualá, says in a statement to Reuters: “Our commitment to financial inclusion in Mexico is absolute. We come to revolutionize the market with more technology, access and transparency.”
Launched in 2017, Ualá provides users with a Mastercard prepaid card and mobile app offering a host of services, including money transfers, bill payment, personal loans, insurance, investment products, and BNPL instalment payments.
The company launched in Mexico last year and plans to invest up to $150 million in the country over the next 18 months.
In August it secured $350 million at a $2.45 billion valuation in the largest private investment round ever for an Argentine company.
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