Argentine fintech Ualá said it has raised US$195 million in an equity funding round led by Allianz X, the venture capital arm of Germany’s insurance giant Allianz SE, that values the company at US$3.2 billion.
The funds will be used to accelerate growth and expand Ualá’s financial ecosystem across Latin America, the company said. New and existing investors participated in the round including Stone Ridge Holdings Group, Tencent, Soros Fund Management LLC, TABLE Holdings LP, and D1 Capital Partners. The raise builds on Ualá’s Series E round in 2024 that put a US$2.75-billion valuation on the firm and totalled US$366 million.
The additional funding also deepens the fintech’s partnership with Allianz, particularly in embedded insurance, just weeks after Ualá launched life insurance and accident coverage within its app for customers in Argentina.
The funding comes as companies grow more optimistic about Argentina’s outlook following midterm elections last October, with inflation easing, interest rates trending lower and a more stable macroeconomic backdrop that could support a rebound in lending and consumer credit.
Founded in 2017, Ualá now offers payments, credit, merchant acquiring and investment products and serves more than 11 million customers across Argentina, Mexico and Colombia.
by Maria Clara Cobo, Bloomberg
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