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Argentina's Ualá to buy Mexican bank

Argentina's Ualá to buy Mexican bank

Argentinian fintech Ualá is stepping up its presence in Mexico through the acquisition of local bank ABC Capital.

The deal, subject to government authorisations, will enable Ualá to move into new business verticals.

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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