Argentine FinTech Ualá has closed its Series C funding round at $150mn.
The round included Tencent and Softbank’s Latin Americafocused Innovation fund.
Ualá is a personal finance management app linked to a prepaid card.
Users can transfer money, invest, request loans, make payments and top up prepaid services.
What does this mean?
While the company offers similar services to challenger banks it has stated it will not look to become a bank. Nor will the bank use its new finance to expand abroad – the company wants to perfect its product and penetration in the Argentinian market first.