Finextra claims that this significant investment raises Ualá's worth to an astounding $2.75 billion. Stone Ridge Holdings Group, Tencent, Pershing Square Foundation, Ribbit Capital, Goldman Sachs Asset Management, Soros Fund Management, Rodina, SoftBank Latin America Fund, Jefferies, D1 Capital Partners, Claure Group, AlleyCorp, and Monashees were among the prominent investors who joined Allianz in this round.

Since its founding in 2017, Ualá has issued more than seven million loans and grown its clientele to over eight million across Argentina, Mexico, and Colombia. Ualá, which began with a debit card, now has banking licenses and provides a wide range of services via its app. These services include bill payment, credit alternatives, savings and investment packages, and money transfers.

The business sets itself apart with its in-house AI-powered credit scoring system, which examines transactional, user, and sociodemographic data to provide users with customized offers.

Ualá intends to keep improving its product line and growing its market share with the new funding. "Our investors' faith in us confirms our goal of becoming Argentina's biggest bank in the near future. Next are Colombia and Mexico. "We will continue to provide the best value proposition for our users in Mexico, Argentina, and Colombia — and expand beyond," stated Pierpaolo Barbieri, CEO of Ualá. "Our sole focus is the finest product."

"As a digital financial platform with its own banking licenses, a broad product range, and strong customer growth since 2017, Ualá is uniquely positioned to participate in the upcoming growth of the Latin American financial markets," said Nazim Cetin, CEO of Allianz X, in response to the investment.

Prior fundraising rounds have seen Ualá secure investments, which have supported its objective to transform banking in Latin America and contributed to its strong development trajectory.