← State of Embedded Finance 2026

Ualá

“Can a prepaid-card neobank consolidate into the financial OS — banking, credit, investments, acquiring and insurance — for the LatAm underbanked across Argentina, Mexico and Colombia?”

Founded2017
HQBuenos Aires, Argentina
FoundersPierpaolo Barbieri
Total raised$900M+
Latest roundEquity financing, March 2026
Valuation$3.2B post-money (2026)
IndustryFintech / Neobank
The story

Founded in 2017 as a prepaid Mastercard + mobile app for the Argentine underbanked, Ualá has steadily evolved from a single-card product into a multi-country financial ecosystem. The 2022 acquisition of Wilobank in Argentina and ABC Capital in Mexico marked a deliberate pivot from PSP/wallet into chartered banking, giving the company deposit-taking ability and SEDESA coverage on bank balances. The 2024–2026 Allianz partnership now layers embedded insurance on top, and Ualá Bis extends the franchise from consumer into SMB acquiring.

Last 12 months
2026-03
2026-01
Product timeline
2017
Founded by Pierpaolo Barbieri; launched prepaid Mastercard + mobile app in Argentina· launch
2021
$350M Series D at $2.45B led by SoftBank & Tencent — largest Argentine private raise to date· funding
2022
Acquired Wilobank (Argentina's first digital bank) — converting Ualá into a chartered bank· acquisition
2022
Acquired ABC Capital in Mexico to obtain a Mexican bank license· acquisition
2023
Launched Ualá Bis POS Pro acquiring product for SMB merchants· lending
2024
$366M Series E led by Allianz X, establishing Allianz as long-term strategic partner· funding
2026
Launched digital life & personal-accident insurance with Allianz· pivot
2026
$195M raise at $3.2B post-money to accelerate regional expansion· funding
Regulated entities
Bank charter (Argentine entidad financiera, acquired via Wilobank)
Argentina (BCRA) · 2022
Ualá Bank S.A.U.
PSPCP (Payment Services Provider offering payment accounts)
Argentina (BCRA Reg. 33.549)
Alau Tecnología S.A.U.
Non-financial credit provider
Argentina (BCRA Reg. 55.329)
Alau Tecnología S.A.U.
Interoperable Digital Wallet Registry
Argentina (BCRA Reg. 36.504)
Alau Tecnología S.A.U.
ALyC Integral (broker-dealer / clearing agent)
Argentina (CNV)
Ualintec Capital S.A.U.
Non-financial credit provider
Argentina (BCRA)
Ceibo Créditos S.A.U.
Bank (Mexico)
Mexico (CNBV) · 2022
ABC Capital
The stack
Payments / PSP
Ualá Bis (self-operated acquiring)POS Pro (self-operated)mPOS (self-operated)QR payments (self-operated)Payment link (self-operated)Online-store integration (self-operated)
Banking / BaaS
Ualá Bank S.A.U. (in-house)
Card issuing
Ualá Bank S.A.U. (in-house, Mastercard)
Lending
Ceibo Créditos S.A.U. (in-house) + Ualá Bank S.A.U. (in-house)Préstamos personales (instant personal loans)Consumos en cuotas (installments)Tarjeta de Crédito MastercardCeibo Créditos (POS network credit for goods)
Accounting gap: significant