Milbank LLP advised Allianz X in connection with its participation in a $300 million Series E investment round conducted by Ualá, the Latin American neobank founded in Argentina. Allianz X was the lead investor in the round, which values the company at $2.75 billion on a post-money basis. The investment marks one of the largest growth equity fundraising rounds in Latin America in the past three years as well as Allianz X’s first investment in the region. The round also stands as the largest equity capital raise for an Argentina-based company since Ualá’s Series D investment round in 2021.

Ualá is a technology company providing a comprehensive ecosystem of financial solutions with over eight million users across Argentina, Mexico and Colombia. Founded in 2017 by Pierpaolo Barbieri, Ualá’s mission is to bring financial services in Latin America into the 21st century. Allianz X is the growth investments arm of Allianz Group, one of the world’s leading insurers and asset managers. Allianz X invests in innovative growth companies in ecosystems relevant to insurance and asset management. The Milbank deal team was led by Global Corporate/M&A partners Sebastian Heim and Francisco Nuñez along with associates Bianca Prikazsky and Dan Carolan. The team also included Global Corporate/M&A associate Lucy Reville and international attorney Luis Felipe Garcia Rubio; Corporate Finance and Securities partner Jonathon Jackson and special counsel Gonzalo Guitart; Tax special counsel Andrew Callaghan and associate Jade Du Berry; Antitrust partner Alexander Rinne and associate Jan Maas; Global Risk & National Security partner Bijan Ganji and associates Brian Murff and Clayton Melton; and Alternative Investments partner Catherine Leef Martin.