Argentine Fintech Ualá Buys Mexican Bank ABC Capital (Correct)

Argentine financial services startup Ualá has reached an agreement to buy Mexican bank ABC Capital SA, as part of its bid to keep growing abroad.

Ualá, which was valued at $2.5 billion in its latest financing round, will acquire 100% of Monterrey-based ABC Capital, according to its founder and chief executive officer Pierpaolo Barbieri. As part of the transaction, ABC’s existing shareholders will become minority shareholders of Ualá. The value of the transactions were not disclosed, and the purchase is subject to approval from Mexico’s regulators.

“Our commitment to financial inclusion in Mexico is absolute,” Barbieri said from Mexico ...