Thursday, June 8, 2023

Two fintechs announce they are expanding their business with new acquisitions

Two of the most important companies in the universe fintech Over the past few hours, the local firm finalized new operations to acquire other firms specialized in financial services in an effort to continue expanding its businesses.

is about Ula, one of the first Apps that allowed the opening of a digital account and access to prepaid credit cards received and recharged from the phone, announced today the purchase of Cebo Credit.

and of Nubi, one of the pioneers in offering a variety of financial products at the same time, added Pay Flex to its ecosystemA platform that gives people working in a company the possibility to move half their wealth whenever they want, by making a simple and agile request.

With this new acquisition, ULA confirms its increasingly concerted effort in more traditional banking operations, As it comes from the closure of the purchase of Willowbank (which was the country’s first digital bank) months ago. Of course, that didn’t stop its expansion into digital businesses, something it also demonstrated with the purchase of Empretienda, a e-commerce for entrepreneurs.

ciba credits is a mixture of the two: a platform founded in 2015 by Andrés Matalon and Facundo Mangieri, and is specialized in credit and financial solutions that provide financing instruments at the point of sale, an option known as “buy now, pay later” (from its acronym in English BNPL or “Buy Now, Pay Later”,

Undertaking to join ula bisu's team
Undertaking to join Ula Bisu’s team

It allows its users to “finance their purchases of goods (motorcycles, bicycles, household appliances) in fixed installments, without the need for a credit card, and for businesses to increase their sales, because through the use of technology, it quickly resolves instances of qualification, sales and recognition”, he indicated while reporting on the new acquisition. To this now added Ula’s credit offers. It already offers credit and consumption quotes up to 24 months.

“We believe that to achieve financial inclusion Various tools are required to meet the economic needs that exist among the population. According to the World Bank’s Global Findex report, only 31% of Argentines reported requesting a loan from a financial institution during 2021. At ULA we have already granted over 2 million loans and along these lines, we continue to strengthen the ecosystem, offering more formal options, building credit history in Argentina, while we also continue to support businesses” , said Ula’s credit director Joaquín Dominguez.

Nubi is paypal's local partner
Nubi is PayPal’s local partner

Nubi, which offers various financial products in the country through tie-ups with PayPal, Visa, Samsung, Transferwise and Ripple, now connects through this agile placement channel personal loan. “We are very pleased that Nubi has acquired PayFlex and continues to deliver solutions to improve the quality of life of millions of Argentines. At PayFlex, we have always been aiming to empower people’s financial lives through technology and impact on pay. We had a tool to offer with this app”, commented PayFlex CEO Ariel Luna Fontan, who created the app in 2020 by Pablo Manzano (CFO), Alejandro Placereno (CTO) and Nicolas Nivolsky (COO).

“The inclusion of Pay Flex in our ecosystem allows us to improve our value proposition for our users, expanding the solutions we offer through Nubi”, said Cristian Adamo, CEO of Nubi.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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