Ualá, a financial technology (fintech) firm based in Argentina, recently unveiled a savings account in Mexico that promises a one-year yield of 9 percent. With the annualized inflation rate in Mexico at 6 percent during May, Andres Rodriquez Ledermann, vice president of wealth management at Ualá, reportedly said, “This is a very attractive rate at the current inflationary environment.” The release of the new account comes shortly after Ualá acquired the Mexican bank ABC Capital.
Ualá offers a mobile application that allows users to perform various financial services without a bank account. For example, its customers can use the app to make electronic purchases as well as borrow, transfer and invest money. Ualá can be linked to a Mastercard payment card, and lost cards can be frozen through the application. The firm also has announced that it will partner with the US-based firm Western Union to allow its customers to receive remittances from abroad. For businesses, the company facilitates the acceptance of payments via QR codes and credit cards.
Ualá was founded in 2017. In addition to Argentina and Mexico, the company operates in Colombia. Ualá’s capital raise in 2021 valued the firm at USD 2.45 billion.
By Anaya Jhaveri, Research Associate
Sources and Additional Resources
Bloomberg press release
https://www.bloomberg.com/news/articles/2023-06-07/mexico-fintech-battle-heats-up-as-uala-rolls-out-savings-account
Ualá homepage
https://www.uala.com.ar
Ualá press release on 2023 acquisition of ABC Capital
https://www.uala.com.ar/prensa/uala-adquiere-el-banco-abc-capital-en-mexico
Ualá press release on 2022 expansion to Colombia
https://www.uala.com.ar/prensa/uala-continua-su-expansion-internacional-con-el-desembarco-en-colombia
Ualá press release on 2021 capital raise
https://www.uala.com.ar/prensa/uala-recibio-inversion-de-usd350-m-de-softbank-y-tencent
ABC Capital homepage
https://www.abccapital.com.mx
Apple Pay homepage
https://www.apple.com/apple-pay/
Google Pay homepage
https://pay.google.com/
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