Ualá Completes $197M Funding Round Led by Allianz X, Tether Invests $20M

According to ChainCatcher, Argentine digital bank Ualá completed a $197 million funding round announced in March, with Allianz Group's investment arm Allianz X leading and Tether investing $20 million. The round values Ualá at $3.2 billion. Ualá, with over 11 million users, operates across Argentina, Mexico, and Colombia.

The bank plans to use proceeds to expand across Latin America with Mexico as a key market. CEO Pierpaolo Barbieri noted the investment does not include integrating stablecoins on the platform due to regulatory constraints in markets where Ualá operates as a licensed bank.