Argentine Fintech Uala to Invest $150 Million on Mexico, Colombia Expansion, CEO Says
By Nicolás Misculin
Argentina’s fintech unicorn Uala will invest $150 million over the next 18 months to boost its digital banking business, mainly in Mexico and Colombia, its Chief Executive Pierpaolo Barbieri said in an interview with Reuters.
The fast-growing firm, which has a valuation of some $2.5 billion, is aiming to expand its user base at least fivefold to 25-30 million people in the next five years, from five million users currently around in Latin America.
“In the next 18 months alone we are going to invest $150 million more in growth,” Barbieri, 35, said at the companies offices in Buenos Aires. “Most of those funds are going to be destined to push growth in Mexico and Colombia.
Photo courtesy of Fabian Blank.