According to CB Insights, the fintech Ualá could become the sixth Argentine firm valued in more than $1 billion. The other five firms are Mercado Libre, Despegar, OLX, Globant and Auth0. Ualá was founded in 2017 by economic historian Pierpaolo Barbieri and received investments from billionaire George Soros, Tencent and SoftBank. Since the quarantine, the firm has issued 170,000 cards, and payment for services through the app has increased by 300%.
Argentine shares listed on Wall Street experienced declines of up to 5% and risk increased by 1.05% to 2,605 units. June, the most complicated month in local financial matters for the rest of the year, 222 billion pesos ($3.2 bn) expire.
The Ministry of Economy decided to pay more than 130 billion pesos ($1.87 bn) of the TJ20 bond that expires on June 21.
April’s RIPTE (Average Taxable Income of Stable Workers) index, shows that Argentina’s average formal wage lost against inflation and fell in real terms by 1.3% year-on-year. Thus, the legal gross salary in May in dollars would be $813 measured to the official dollar; but converted to the Settled dollar, which is another way of seeing a country’s exchange competitiveness, it would be around $470, the minimum since 2006.
The new owner assures that he already renegotiated the debt with banks and suppliers, which was around 12 billion pesos ($173 mn). It also guarantees the maintenance of the jobs and plans an expansion to Uruguay, Paraguay and Bolivia.