Ualá, which offers a finance management app in Argentina, raises $350 Series D led by SoftBank Latin America Fund and Tencent, at a $2.45B valuation
The dollars keep flowing into Latin America. — Today, Argentine personal finance management app Ualá announced …
Context & Ripple Effects
Ualá's $350M Series D extends a relationship, not a cold introduction: SoftBank Latin America Fund and Tencent had already led the company's $150M Series C in November 2019, when Ualá was a prepaid-Mastercard-linked mobile banking and lending product. The new round lands mid-wave in Latin American fintech — Belvo raised a $43M Series A for its open-finance API just ten weeks earlier, and Tala would follow with a $145M Series E within two months.
First-order effects
- SoftBank Latin America Fund and Tencent double down on their 2019 bet, taking Ualá to a $2.45B valuation — a 16x-plus step up in round size from the Series C — and giving the Argentine company the capital to push financial services to more of its user base.
Second-order effects
- The round sets the regional valuation benchmark that peers get measured against: Tala's $145M Series E two months later priced the emerging-markets fintech at $800M+, a fraction of Ualá's mark despite a similar mobile-first model.
Third-order effects
- The 2021 pricing did not hold as a trajectory — Ualá's $300M Series E led by Allianz X in 2024 valued it at just $2.75B, and a further $66M Series E extension in 2025 followed — suggesting the SoftBank/Tencent-era marks were peak-cycle pricing and that LatAm fintech later rounds shifted to strategic insurers over global growth funds.
The trend: Global growth capital flooded Latin American consumer fintech at 2021 valuations that subsequent strategic-led rounds have largely repriced flat.