In Argentina, public distrust of banks runs high.
More than half of Argentines get paid in cash and don’t have a bank account. Buenos Aires-based Ualá offers a smartphone app that includes mobile deposit accounts and prepaid Mastercards.
Through Ualá’s app, the card can be loaded with cash and used for paying bills, ATM withdrawals and money transfers at Western Union; both the accounts and card are free.
The company aims to have 10,000 users by year end. The funding, amount undisclosed, was backed by Soros Fund Management, General Catalyst Partners, and Jefferies Group, Bloomberg reports.