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Goldman Joins Soros, Cohen in Backing Argentine Bank-App Venture

The Uala application.

The Uala application.

Photographer: Erica Canepa/Bloomberg

The turmoil enveloping Argentina isn’t stopping some marquee investors from piling into a startup that’s attracted the backing of billionaires George Soros and Steve Cohen.

Goldman Sachs Group Inc.’s venture unit is leading the latest funding round for Buenos Aires-based Ualá, which launched its mobile banking app a year ago, according to its 31-year-old founder Pierpaolo Barbieri. The company raised $34 million in its Series B round and Goldman Sachs Investment Partners provided more than half of the capital, he said. Other investors included Ribbit Capital, Jefferies Group LLC, Cohen’s Point72 Ventures and Soros’s family office.