Soros, Cohen Back App to Lure Cash From Argentine Mattresses
- Mobile app Ualá offers users banking services at no fees
- Less than half of Argentina’s population has a bank account
The Uala website
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In a country where distrust of banks makes people more likely to stuff cash under a mattress than in a checking account, a mobile banking app backed by billionaire George Soros aims to disrupt the way Argentines handle money.
The venture Ualá, which launches its app today, offers tech-savvy Argentines a low-cost banking alternative via their smartphones. The company’s backers include Steve Cohen’s Point72 Ventures and Silicon Valley’s Bessemer Venture Partners.