The digital banking company Sjoe has announced an investment of $ 80 million to operate its operations in Colombia, the third country in Latin America where the application operates after Argentina and Mexico.

The goal of the Argentine start-up – a so-called unicorn that has more than 1 000 million in investment – is to attract people who use cash to carry out their transactions when they contract goods and services, which according to their statistics 87% of the population is. of the coffee country.

“We are here to invest in local talent to revolutionize the market, with a financial ecosystem that is more open, more digital and radically more inclusive,” Pierpaolo Barbieri, CEO of the company, said in a statement.

Among the services offered by the fintech In Colombia, there is a Mastercard debit card without maintenance costs for physical and internet purchases, cash deposits and withdrawals at ATMs and sending and receiving payments, the company reported.

The firm is based in Colombia after raising $ 350 million in resources in August 2021 in a investment round and reached a valuation of $ 2.450 million.

Major investors in Ualá include China’s Tencent Holdings and SoftBank, the Japanese technology investment giant.

The firm has issued more than 4 million cards in Argentina and Mexico.

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