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Billionaire-Backed Ualá Launches ‘Star Product’ in Mexico

  • Credit cards to be offered through alliance with ABC Capital
  • Ualá is pending approval to finalize purchase of ABC
Pierpaolo Barbieri
Pierpaolo Barbieri

Argentina’s Ualá, the fintech company backed by George Soros, Steve Cohen and Tencent Holdings, will begin offering credit cards in Mexico through its alliance with ABC Capital.

The service will be launched starting Tuesday, according to Ualá’s Chief Executive Officer Pierpaolo Barbieri. Since the card is issued through the alliance with Mexican bank ABC, it will allow users to build a credit history that is recognized by the country’s credit bureau, something that’s not possible through cards issued by fintech firms that don’t have a banking license, he said.