Ualá Raises $300 Million in Funding Round

Argentine fintech Ualá has secured $300 million in a Series E funding round, raising its valuation to $2.75 billion. The round was led by Allianz X, with participation from notable investors including Tencent, SoftBank, and Pershing Square Holdings. Ualá, which aims to become the largest bank in Argentina, currently serves 8 million customers across Argentina, Mexico, and Colombia. CEO Pierpaolo Barbieri emphasized plans for expansion and profitability before considering a U.S. IPO. This funding comes amid a challenging investment landscape in Latin America, but reflects growing confidence in Ualá's potential for growth. President Javier Milei hailed the funding as evidence of a forthcoming tech sector boom in Argentina, bolstered by recent economic reforms.