Established by Argentine entrepreneur Pierpaolo Barbieri, Uala, the digital banking start-up looks forward to doubling its operations in Argentina and Mexico by investing an impressive sum of USD 64 million.
Through this step, the company seeks to encourage people across the LatAm region to get rid of conventional banking by switching to digital banking.
Pierpaolo Barbieri, the start-up founder, mentioned in an interview with Reuters that the investment would double Uala’s 800-strong headcount and the company’s operating space.
He also mentioned that there seems immense potential for Uala to reach out to the unbanked countries in Latin America such as Chile, Peru, Colombia, and the US, and Europe.
“Latin America has a lot of potential to grow,” said Pierpaolo Barbieri, the Harvard alumni and a 33-year-old, who has transformed his identity from that of a household name to a fast-growing fintech industry magnate as the coronavirus protocol and lockdown gets more and more people to move to online transactions.
Barbieri also mentioned, “I believe we’re going to see more and more services being globalized. In Latin America, we have great opportunities to serve North America, also Europe. We are in a very good time zone, and we have excellent talent.”