Fintech outfit Ualá has raised $350 million at a $2.45 billion valuation in the largest private investment round ever for an Argentine company.
The Series D was co-led by Chinese behemoth Tencent and the SoftBank Innovation Fund, with participation from Goldman Sachs, Soros Found Management, Ribbit, Greyhound and Monashees.
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 has issued more than 3.5 million cards in Argentina and in Mexico, where it launched last year.
With the new funding in place, Ualá says it will invest in its products and boost its team from about 1000 people to 1500 by the end of the year.