Chinese tech giant Tencent invests in Argentine mobile banking startup
BUENOS AIRES - Chinese tech giant Tencent Holdings Ltd has invested in Argentine mobile banking service Uala, which also counts George Soros and Point72 Ventures LLC among its investors, the start-up’s founder said.
Uala founder Pierpaolo Barbieri said the company planned to collaborate with the Chinese social media-to-gaming giant to further develop its app. He declined to disclose the amount of investment, but said it significantly raised Uala’s valuation. Tencent, one of Asia’s most valuable listed companies, announced last year it would boost investments in a number of “key areas” including digital payment, where its service jostles with rival Alipay, backed by Alibaba Group Holding Ltd.
He said Tencent had approached his firm and that he had traveled to China to meet with Tencent’s senior team in recent months. He added the investment would help accelerate the company’s growth plans.
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