(Bloomberg) — Latin American fintech Ualá boosted its Series E round by $66 million in a second close that included participation from Mexican media giant TelevisaUnivision.
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The funds raised through the equity sale will be used to continue growing across Latin America, with a special focus on Mexico, said founder and Chief Executive Officer Pierpaolo Barbieri. The amount brings the round, which began in November, to a total of $366 million, one of the largest in the region over the past few years. The company was valued at $2.75 billion at the first close.
“Due to overwhelming demand from our investors, we decided to raise more,” Barbieri said in an interview. “That means we can invest to grow more in Mexico, and also continue betting on the ecosystem of payments, investment and credit in Argentina.”
Barbieri declined to name other participants in the extension round. The first close of the Series E was led by Allianz X, the venture capital arm of Germany’s insurance giant Allianz SE, and included investors such as Stone Ridge Holdings Group, Bill Ackman’s Pershing Square Foundation and billionaire Alan Howard.
“Televisa is a very relevant and influential outlet, across Spanish-speaking markets but especially in Mexico,” Barbieri said. “It will help us create confidence and closeness with a lot of Mexicans that still don’t know us.”
Launched in 2017 in Argentina with a debit card, Ualá now offers a series of products including payments, credit, merchant acquiring and investments, with services depending on each country. It has 9 million clients across the region, with 6.5 million of those in Argentina.
The company is also seeing rapid growth of as much as 15% per month in its third market, Colombia, and doesn’t rule out launches elsewhere in the region or mergers and acquisitions, Barbieri said.
“We see a region that’s underinvested and where the need of digitizing financial services transcends Argentina, Mexico and Colombia,” he said. “We see a large opportunity in the continent, though not precisely in Brazil, where there’s a lot of new digital players.”
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