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Soros, Cohen Boost Stakes in Argentine Mobile Banking Venture

  • Ualá offers low-cost banking alternative via smartphones
  • Company expects 100,000 Ualá users by end of this year
George Soros

George Soros

Photographer: Jason Alden/Bloomberg

George Soros and Steve Cohen are expanding their stake in an Argentine tech start-up that aims to transform how people in South America’s second-largest economy save and spend.

Ualá, which launched its mobile banking app in October with backing from the billionaire investors, raised $10 million in a funding round of Series A stock led by Soros that closed last week, according to Soros Fund Management. Cohen’s Point72 Ventures and Jefferies Group LLC also participated.