Argentine Fintech Ualá Buys Mexican Bank ABC Capital
- Acquisition would give Ualá access to a local bank license
- The fintech launched operations in Mexico in Sept. 2020
Buenos Aires-based fintech Ualá reached a deal to buy Mexican bank ABC Capital.
Source: UaláThis article is for subscribers only.
Argentine financial services startup Ualá has reached an agreement to buy Mexican bank ABC Capital SA, as part of its bid to keep growing abroad.
Ualá, which was valued at $2.5 billion in its latest financing round, will acquire 100% of Monterrey-based ABC Capital, according to its founder and chief executive officer Pierpaolo Barbieri. As part of the transaction, ABC’s existing shareholders will become minority shareholders of Ualá. The value of the transactions were not disclosed, and the purchase is subject to approval from Mexico’s regulators.