Ualá completes $197 million funding round, led by Allianz X with participation from Tether

Odaily Odaily: Argentine digital bank Ualá has completed a $197 million funding round, led by Allianz X, the strategic investment arm of the Allianz Group, with a $20 million investment from Tether. The round was announced in March, valuing Ualá at $3.2 billion. Ualá has over 11 million users, with operations spanning Argentina, Mexico, and Colombia. The company will use the funds to expand across Latin America, with Mexico as a key market. Ualá founder and CEO Pierpaolo Barbieri stated that this investment does not include the integration of stablecoins on the platform. Ualá operates as a licensed bank in relevant markets, and regulatory rules restrict it from conducting such integrations.