Ualá acquired ABC Capital Bank in Mexico. The purchase marks a significant step in their expansion efforts and commitment to advancing financial inclusion in Latin America.
The National Banking and Securities Commission of Mexico (CNBV) in collaboration with the Bank of Mexico (Banxico) approved the acquisition.
Founded by Pierpaolo Barbieri and launched in October 2017 in Argentina.
Ualá offers an international Mastercard card and is the first free card on the market, with no issuance, renewal, maintenance, or closing costs.
The Argentinian fintech aims to leverage the local expertise of ABC Capital Bank’s partners and strengthen Ualá’s presence in Mexico with innovative products such as credit cards, remittances, and personal loans.
“This is a significant step for Ualá’s regional development, as it confirms that with regulated entities, we can offer a unique and distinctive proposition that combines the best of technology with the full range of products needed for the digitalization of Latin American economies,” said Pierpaolo Barbieri, Ualá’s founder, and CEO.
With operations in Argentina, Mexico, and Colombia, Ualá is one of the fastest-growing fintech companies in Latin America.
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