Publications
Publications
- February 2025
- HBS Case Collection
Hyperscaling Dreams: Ualá’s Path from Startup to Fintech Champion
By: Juan Alcacer and Manuel Franck
Abstract
Ualá, founded by Pierpaolo Barbieri in 2017, is a fast-growing fintech company on a mission to revolutionize financial services in Latin America. Starting with a 14-person team and a prepaid card linked to a digital app, Ualá rapidly expanded into a comprehensive financial services platform. By early 2022, it served over 4 million users across Argentina, Mexico, and Colombia, offering solutions in payments, credit, wealth management, and business payment processing. Ualá’s hypergrowth was driven by a record-breaking $350 million funding round in 2021, enabling it to enter new markets, secure banking licenses, and acquire financial institutions. However, this rapid expansion surfaced key challenges, including regulatory pressures, leadership development, and the need to balance centralization with local market adaptation. Facing shifting investor demands for profitability over growth, Ualá confronted critical decisions about user acquisition strategies, leadership restructuring, and talent scaling to secure its position in the competitive fintech landscape.
Keywords
Banks and Banking; Leadership; Venture Capital; Talent and Talent Management; Strategy; Credit; Banking Industry; Argentina; Mexico; Colombia; Latin America
Citation
Alcacer, Juan, and Manuel Franck. "Hyperscaling Dreams: Ualá’s Path from Startup to Fintech Champion." Harvard Business School Case 725-408, February 2025.