Ualá experiences massive growth—but even that has its drawbacks

Contxto – Argentine fintech Ualá has had a lot on its plate as of late, courtesy of Covid-19. 

Ten months ago it hit a major milestone by dishing out one million of its pre-paid cards in Argentina. But this month, it announced it’s distributed over two million of these cards, mostly among users outside the capital of Buenos Aires. It’s also seen a surge in app downloads and transactions.

And amidst layoffs elsewhere, the fintech launched 50 job openings. Moreover, to satisfy these growth plans the fintech plans to hire additional staff and end the year with a 600-person team. 

“The change we’d expected to see years from now is happening in a matter of weeks,” observed Pierpaolo Barbieri, Founder and CEO of Ualá. 

“Since quarantine [in Argentina] began we’ve seen an unprecedented level of growth in requests for opening new accounts.”

The startup states this acceleration within the coronavirus context has been completely organic as users search for ways to move money without leaving home. But of course, crazy growth does come with its share of hiccups. Users on social media have also recently bemoaned delays in transactions through the Ualá app. 

• Related article: Argentine fintech Ualá raises US$150 million in Series C led by Tencent and SoftBank

“Where’s my money man?”, say Ualá users

In recent weeks, Twitter has become users’ platform of choice to report problems through Ualá. Among their primary concerns are transactions not being completed or duplicated.

The fintech for its part has stated that this issue is not related to Ualá, but rather it has to do with the banking system being overloaded with transactions. 

And, of course, the startup’s staff must be just as overwhelmed with work with the surge in users.

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Let’s play “Would you rather”?

Users’ frustration is understandable (I’ve been there before). However startups are constantly working to perfect their products and even then, bugs and delays will take place. So long as they remain accessible, honest, and provide the corresponding follow-up, these obstacles can be overcome. 

It’s not perfect but would you rather live in a world where only traditional banks manage your money with their clunky apps and lousy customer service?

I think not.

Wanna hear more? We recommend you listen to the following podcast episode: Nuevo fondo para América Central Ft. Emilio González de Nu México. You can find the time stamp available in the description.

Related articles: Tech and startups from Argentina!

-ML