Uala launches in Colombia amid Latam push

On Thursday, Uala, an Argentine digital banking startup, announced its entry into Colombia, a new market for the company as it expands in Latin America and seeks to reach the region’s millions of unbanked savers.

The so-called unicorn, which has a market capitalization of over $1 billion and has investors such as Tencent of China and SoftBank of Japan, has announced that it will begin operations in Colombia with an initial investment of $80 million.

Uala offers Mastercard Inc.-branded prepaid bank cards and an app that gives users access to financial services such as money transfers, online shopping, ATM withdrawals, and financial loans.

“We are here to invest in local talent to revolutionize the market, with a financial ecosystem that is more open, more digital, and radically more inclusive,” Uala founder and chief executive Pierpaolo Barbieri said in a statement.