Monday, May 16

With an investment of US$80 million, the fintech Ualá made its landing in Colombia

With more than 4 million cards issued in Argentina and Mexico, Ualá arrives in Colombia with a team of 1,300 employees committed to inclusion throughout the region. The company opened an office in Colombia with 40 people and plans to permanently open new positions in the country, with the intention of recognizing local talent, he said.

To carry out this expansion, the fintech obtained a license to operate as a Financing Company, supervised by the Financial Superintendence of Colombia and the support of the Financial Institutions Guarantee Fund, entities that operate to provide certainty to potential users.

Future of digital bank

In the last year, Ualá announced the formalization of the agreement for the purchase of two banking entities, Wilobank in Argentina and ABC Capital in Mexico. Both operations are subject to the approval of local government authorizations.

“It is an honor to have the support of the Financial Superintendence for our launch in Colombia. Undoubtedly, the country has made great efforts to increase access to financial services in the last decade. We see in the Colombian market an unbeatable opportunity to offer a digital and innovative way to manage personal finances”, said Pierpaolo Barbieri, founder in 2017 of the company of which he is currently the CEO.

“At a time when everything is changing, we want to be part of that change, promoting financial development that includes more Colombians of all ages, strengthening the bond with our users in Colombia like the one we have managed to do in Argentina and Mexico. This is how this financial revolution grows throughout the region,” he added.