Chinese Internet powerhouse Tencent has made another investment in the Latin American fintech scene, buying a stake in Argentine mobile banking firm Uala.
Tencent joins George Soros and Point72 Ventures as Uala investors. Terms of the deal have not been disclosed.
Uala provides users with a prepaid card and app that can be used to transfer money, top up mobile phone credit, and get insights into spending.
The firm has issued more than 500,000 cards in little over a year and tells Bloomberg that it plans to start lending through the app in 2019.
In October, Tencent invested $180 million in Brazilian neobank Nubank.