Ualá is a personal financial management mobile app linked to a Mastercard prepaid card that allows users to conduct financial transactions, such as, transferring money and making payments and purchases, both in Argentina and abroad.
Ualá offers its users an innovative and integrated experience, including the unbanked population in the financial system providing more convenient and lower cost services than other alternatives.
Ualá was founded by Pierpaolo Barbieri, and launched in October 2017. The company is headquartered in Buenos Aires, Buenos Aires, Argentina.
Ualá is revolutionizing personal finance in Argentina. Through a mobile application linked to a prepaid card, users can perform a wide variety of financial transactions. This includes transferring money, paying bills, loading prepaid cell phones and SUBE transport cards, among others.
Ualá's app also allows users to track expenses through an analysis tool. Some selected users can also request a loan through the app. Ualá is available in Argentina for Android and iOS. It operates with a prepaid Mastercard and is the first free card on the market, with no costs of issuance, renewal, maintenance and closing.
Ualá already carries more than 1,000,000 cards issued in Argentina. The company has partnerships with companies such as Netflix, delivery start-up Rappi and Spotify, which it plans to strengthen over time.
Ualá is backed by Softbank, Tencent, Soros Management Fund, Jefferies, Bessemer Ventures Partners, Point72 , Greyhound Capital, Goldman Sachs, Ribbit Capital, and others. The company raised $150M from a Series C financing on Nov 26, 2019. This brings Ualá's total funding to $194M to date. The new round also gives the company a valuation of between $850M-$950M to date.