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    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
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Delayed Hong Kong Stock Exchange  -  03:08 2022-12-02 am EST
296.00 HKD   +0.54%
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Argentine fintech Uala to invest $150 mln on Mexico, Colombia expansion, CEO says

10/04/2022 | 12:15pm EST

BUENOS AIRES, Oct 4 (Reuters) - Argentina's fintech unicorn Uala will invest $150 million over the next 18 months to boost its digital banking business, mainly in Mexico and Colombia, its Chief Executive Pierpaolo Barbieri said in an interview with Reuters.

The fast-growing firm, which has a valuation of some $2.5 billion, is aiming to expand its user base at least fivefold to 25-30 million people in the next five years, from five million users currently around in Latin America.

"In the next 18 months alone we are going to invest $150 million more in growth," Barbieri, 35, said at the companies offices in Buenos Aires. "Most of those funds are going to be destined to push growth in Mexico and Colombia.

Uala bought Argentine digital banking company Wilobank this year and invested $80 million to operate in Colombia, after closing an investment round for $350 million in 2021 and acquiring Mexican bank ABC Capital.

"In a market context where others are cutting investment, we are expanding because we already have the capital," said Barbieri, adding the firm wanted to expand its financial offerings into debit cards, loans, investments, and insurance.

Major investors in Uala include China's tech giant Tencent and Japan's SoftBank. Uala, which faces regional competition from the likes of Brazil's Nubank, Mexico's Stori and MercadoLibre payment arm Mercado Pago is aiming to tap Latin America's largely unbanked population.

"Latin America is 20% digitized against 50% in Europe and 70% in China. I know that digitization will continue," said Barbieri.

"It seems to me a great shortfall of Latin America's democracies that we have so many people outside the system. In 10 years there will be no people outside the financial system." (Reporting by Nicholas Misculin; Editing by Adam Jourdan and Marguerita Choy)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EURO / ARGENTINE PESO (EUR/ARS) 0.33% 177.0653 Delayed Quote.49.21%
MERCADOLIBRE, INC. 0.43% 945.07 Delayed Quote.-30.21%
NASDAQ COLOMBIA 1.19% 283.517528 Real-time Quote.-23.40%
SOFTBANK GROUP CORP. 0.13% 6055 Delayed Quote.11.28%
TENCENT HOLDINGS LIMITED 0.54% 296 Delayed Quote.-35.55%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 168.08 Delayed Quote.62.91%
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Financials
Sales 2022 555 B 78 854 M 78 854 M
Net income 2022 110 B 15 649 M 15 649 M
Net cash 2022 101 B 14 323 M 14 323 M
P/E ratio 2022 23,4x
Yield 2022 0,45%
Capitalization 2 524 B 358 B 358 B
EV / Sales 2022 4,36x
EV / Sales 2023 3,77x
Nbr of Employees 108 836
Free-Float 63,2%
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Mean consensus BUY
Number of Analysts 54
Last Close Price 268,02 CNY
Average target price 358,26 CNY
Spread / Average Target 33,7%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Financial Controller
Chen Ye Xu Chief Information Officer
Shan Lu SEVP, President-Technology & Engineering Group
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