Ualá gave millions of unbanked Argentines a financial identity for the first time. In a country where inflation regularly hits 100%+ and most people do not have bank accounts, Ualá built a mobile app that lets anyone open a free account, get a prepaid Mastercard, invest, take out loans, and pay bills — all without stepping into a bank branch. The company has over 8 million users across Argentina, Mexico, and Colombia. Building fintech in Argentina's economic chaos is either brave or insane, and Ualá is making a case for brave.
Founded
2017
HQ
Buenos Aires, Argentina
Total Raised
$544 million
Founder
Pierpaolo Barbieri
Status
Private
Website
www.uala.com.arTHE ORIGIN STORY
Pierpaolo Barbieri is an Argentine historian and entrepreneur who studied at Harvard and worked at Goldman Sachs before returning to Argentina with a mission: financial inclusion for the 50%+ of the population that was unbanked. He founded Ualá in 2017, starting with a simple prepaid Mastercard linked to a mobile app.
No credit check. No minimum balance.
No branch visits. The product was transformative in Argentina, where opening a traditional bank account required documentation and branch visits that excluded millions.
Ualá expanded into Mexico in 2020 and Colombia in 2022.
WHAT THEY ACTUALLY DO
Freemium fintech. Free account and prepaid card.
Revenue from interchange fees on card transactions, interest on lending products, investment product fees, and insurance distribution. The model works because even small interchange fees on millions of previously unbanked users add up quickly.
THE PRODUCTS
Ualá App (mobile banking). Prepaid Mastercard (free).
Personal Loans. Investment Products (mutual funds, fixed-income).
Bill Payments. Crypto Trading.
Insurance Products. Ualá Bis (merchant payment acceptance).
HOW THEY GREW
Viral adoption among the unbanked. Ualá grew by solving a real problem: millions of Argentines needed a way to pay for things digitally, receive government transfers, and build financial histories.
The app spread through word-of-mouth in communities where banking was previously inaccessible. Partnerships with the Argentine government for social benefit distribution accelerated adoption.
THE HARD PART
Argentina's hyperinflationary economy. Building a fintech in a country with 100%+ annual inflation, capital controls, and constantly changing regulations is extraordinarily difficult.
Every product decision — savings, lending, investing — has to account for a currency that loses value weekly. Expansion into Mexico and Colombia diversifies the risk but adds regulatory complexity.
MONEY TRAIL
Series A
2018 · Led by Ribbit Capital
$10M raised
Series B
2019 · Led by Ribbit Capital
$34M raised
Series C
2019 · Led by Tencent
$150M raised
$900M valuation
Series D
2021 · Led by SoftBank
$350M raised
$2.5B valuation
WHO BACKED THEM
Backed by SoftBank, Tencent, Goldman Sachs, and Ribbit Capital. SoftBank led the $350 million Series D in 2021 at a $2.45 billion valuation.
The backing of Asian and US mega-investors validated the LatAm fintech thesis.
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