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Argentina-based fintech company Ualá has agreed to acquire the digital lender Wilobank.
Wilobank, which opened in 2017, had 240,000 savings accounts as of September, Bloomberg reported citing Central Bank data. The lender has also issued more than 170,000 debit and credit cards.
On the other hand, Ualá provides services based on a prepaid card managed through a mobile app. Since Ualá launched its services in Argentina, the fintech has issued 2.7 million prepaid cards in the country.
The acquisition is expected to fuel its growth and provide access to more customers. The financial terms of the transaction were not divulged.
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