By Cassandra Garrison
BUENOS AIRES (Reuters) – Chinese language tech big Tencent Holdings Ltd has invested in Argentine cell banking service Uala, which additionally counts George Soros and Level72 Ventures LLC amongst its buyers, the start-up’s founder stated.
Uala founder Pierpaolo Barbieri stated the corporate deliberate to collaborate with the Chinese language social media-to-gaming big to additional develop its app. He declined to reveal the quantity of Tencent’s funding.
Tencent, one in all Asia’s most beneficial listed firms, introduced final 12 months it might increase investments in quite a lot of “key areas” together with digital cost, the place its service jostles with rival Alipay, backed by Alibaba (NYSE:) Group Holding Ltd.
Tencent’s personal messenger-to-payment app WeChat now has greater than 1 billion customers in China and has launched in-app companies that compete with Apple (NASDAQ:) and Google (NASDAQ:) apps.
“We’re happy with their curiosity in Uala and look ahead to collaborating on new services. This funding will enable us to develop even quicker with our product roadmap,” Barbieri stated in an e-mail to Reuters.
Argentine startups face regulatory hurdles in South America’s second largest economic system, however the nation has spawned among the area’s most profitable tech startups, together with U.S.-listed on-line market MercadoLibre Inc and Web journey agent Despegar.com Corp.
The nation, which has a big unbanked inhabitants, can be seeing a increase in digital finance from start-ups like Uala to a brand new wave of on-line banks competing with extra conventional lenders.
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