The Argentine digital bank Ualá is actively pursuing new banking licenses to expand its operations throughout Latin America, according to founder and CEO Pierpaolo Barbieri. In a recent interview on Bloomberg Línea's podcast "La Estrategia del Día con Jimena Tolama," Barbieri revealed the company's ambitious growth strategy.
"We believe there is much more to do and we're searching for opportunities both in Mexico to continue expanding our business and to keep growing in the rest of the region," Barbieri stated during the podcast.
While Mexico remains Ualá's current priority, where the company aims to grow from 2 million to 10 million users in the coming years, Barbieri expressed interest in other Latin American markets. When asked about Brazil, he acknowledged its potential but noted his preference for "more overlooked" markets with less innovation and digitalization, which he finds "much more interesting."
Ualá already holds banking licenses in Mexico and Argentina, acquired through the purchases of ABC Capital and Wilobank respectively, and operates in Colombia with a financing company license. This regulatory approach, according to Barbieri, allows the company to offer a broader range of products and services while avoiding the complications of regulatory transitions.
The digital bank recently secured a $300 million Series E investment round in November 2024, which Barbieri views as validation of their strategy. The company achieved profitability in Argentina in 2024, seven years after its launch, and expects to reach profitability in Mexico by 2026.
For those interested in hearing the complete interview, you can listen to the podcast "La Estrategia del Día con Jimena Tolama" on Bloomberg Línea.