Most promising LatAm fintech Ualá — what do we know about it
Latin America is not a region with low financial activity among its population anymore and is now setting records for successful fintech products and payment systems. Global community was fascinated by PIX success, and now another financial product from Latam — Argentina’s online bank Ualá is making headlines with serious investments.
In the recent round of financing, Ualá raised $300 million, which, according to company representatives, will be directed towards strengthening positions in Mexico and Colombia. These countries are the new focus of fintech company, which began its journey in 2017 in Argentina. Over these years, Ualá has managed to attract nearly 6 million clients and achieve leading positions among financial applications in the country. We evaluate market leadership and popularity among users, rather than the traditional approach based on company assets. At the same time, Ualá's market capitalization is also impressive — $2.75 billion, which is the company's current valuation.
What services does Ualá offer to users?
The main functions of application include debit and credit cards, loans to users, payment services, investment products, and processing services for merchants. Application literally replaces a bank for users across all basic functions. Moreover, it is convenient, simple, and provides all services online — something that most banks severely lack. It's no surprise that Argentines quickly embraced the service and began actively using it. The main competitors of the company, Mercado Pago and Nu bank, also pay particular attention to the comfort of using their services and have thus achieved leading positions too. Mercado Pago, in particular, operates throughout the region with strong positions in Brazil.
Ualá has undoubtedly succeeded in replicating the success (if not setting a new record) of Mercado Pago and has begun launching in the most underserved regions of Latin America. Mexico is a country with tremendous growth in fintech products and promises prospects in the near future.
What can we expect next from Ualá creators? We will keep an eye on them and keep you updated on the pages of Mono Talks.
