Goldman Sachs has joined George Soros and Steve Cohen in backing an Argentinian mobile banking startup – Finance

  • Ualá, an Argentinean mobile banking startup, raised $ 34 million in a new round of financing, led by the venture division of Goldman Sachs, as well as investors, including billionaire george Soros“Family Office and Point 72 Venture”, an early stage VC company funded by Steve Cohen.
  • According to Pierpaolo Barbieri, the founder and CEO of Ualá, the company offering a financial management application and a free prepaid MasterCard seeks to disrupt the traditional retail banking infrastructure.

The venture division of Goldman Sachs is leading a new round of investment in the Argentine company Fintech, supported by billionaire investors George Soros and Stephen Cohen.

Ualá, which became one-year mobile banking launch, raised $ 34 million in its Series B round led by Goldman Sachs Investment Partners along with existing investors, including a private fund managed by the Soros Foundation, Jeffries, Venture Company Steve Cohen & # 39 s Point 72and entrepreneur Kevin Ryan, according to a statement by Business Insider.

According to Pierpaolo Barbieri, founder and CEO of Ualá, Goldman Sachs provided more than half of the capital.

A Buenos Aires startup offers a personal finance management application that is associated with a prepaid Mastercard, which does not charge for opening, transaction fees and renewal fees. Within one year, the company issued 400,000 cards that allow users to replenish mobile phones, make purchases and make P2P money transfers.

“Our goal is to replace the traditional Ualá retail banking infrastructure,” said Barbieri.

More than 50% of people in Argentina have never had a card before and work only in cash, so the company seeks to provide these people with financial participation by giving them access to the financial systemhe added.

“Uala's product offer reduces cost and friction, while providing an excellent consumer experience,” said Christopher Doe, Head Goldman Sachs Investment partner of venture capital and capital growth. “We are excited about the company's mission to improve access to critical financial services and look forward to partnering with the Ualá team in their next growth phase.”

According to the statement, Ualá will connect to the new fund in order to increase its user growth, expand its number and launch the launch of credit and savings platforms.

International appetite in Latin American startups peaked last year, and global investment in venture capital in the region exceeds $ 1 billion in 2017 for the first time, according to Association for Private Equity Investment in Latin America,

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