Tether has put $20 million into Argentine neobank Ualá. The investment came as part of a larger $197 million funding round the company announced in March.
Part of a bigger round
The $197 million round was Ualá's latest fundraising effort. Tether's contribution represents a slice of that total. The stablecoin issuer did not disclose whether it took an equity stake or what terms were involved.
Ualá's digital banking push
Ualá operates as a digital-only bank in Argentina, offering services like debit cards, loans, and investment products through its app. The neobank has been expanding its user base in the country, where traditional banking penetration remains low. The fresh capital is expected to support further growth.
Tether's investment marks one of the larger bets by a crypto company into traditional fintech in Latin America. The firm, best known for its USDT stablecoin, has been diversifying its holdings in recent years.
