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Tencent Joins Soros and Cohen With Stake in Argentina's Uala

The Uala application.

The Uala application.

Photographer: Erica Canepa/Bloomberg

Chinese Internet giant Tencent Holdings Ltd. is taking a stake in Argentina’s mobile payments app Uala, adding to previous investments by Goldman Sachs and billionaires George Soros and Steve Cohen.

The equity investment will be used to continue developing the fintech company in South America’s second-largest economy, according to founder and CEO Pierpaolo Barbieri. The venture is one of Tencent’s few in Latin America, after it announced a $90 million investment in Brazil’s Nubank last October.