Argentine digital bank Ualá has completed a $197 million financing round led by Allianz X, the strategic investment arm of Allianz Group, with Tether contributing $20 million. The round was announced in March and valued Ualá at $3.2 billion. The company said it now serves more than 11 million users across Argentina, Mexico and Colombia. Ualá plans to use the new capital to expand in Latin America, with Mexico set as its priority market. Founder and CEO Pierpaolo Barbieri said the investment does not include integrating stablecoins into the platform. He added that Ualá operates as a licensed bank in the markets where it is active, and regulatory rules limit that kind of integration.
Argentine digital bank Ualá has completed a $197 million financing round led by Allianz X, the strategic investment arm of Allianz Group. Tether joined the round with a $20 million investment.
The financing was announced in March and valued Ualá at $3.2 billion.
Ualá said it has more than 11 million users and operates across Argentina, Mexico and Colombia. The company plans to use the capital to expand in Latin America, with Mexico identified as its main target market.
Founder and CEO Pierpaolo Barbieri said the investment does not include any plan to integrate stablecoins into the platform. Ualá operates as a licensed bank in the relevant markets, and regulatory rules restrict that type of integration.
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