Ualá COO Mariana Franza to Depart Latin American Fintech •

Mariana Franza, a former Goldman Sachs banker who has served as chief operating officer of Argentine fintech Ualá for the past three years, is leaving the company to pursue a new opportunity, according to sources familiar with the situation.

Sources, who requested anonymity, clarified that her exit is not connected to the company’s recent decision to lay off 140 employees, or 9% of its workforce, aimed at eliminating overlapping roles. Ualá, under the leadership of founder Pierpaolo Barbieri, operates in Argentina, Mexico, and Colombia.

Ualá’s press office has not yet commented on Franza’s departure.

Ualá is part of a wave of fintech startups striving to provide financial services in traditionally underbanked Latin American markets. The company reached a valuation of $2.45 billion in 2021 following a funding round featuring investments from SoftBank Group Corp. and Tencent Holdings Ltd. Early backers included George Soros, Goldman Sachs, and Monashees.

Despite strong investor support, Ualá faces stiff competition from well-funded rivals such as Nu Holdings Ltd. and MercadoLibre Inc.

Before joining Ualá, Franza was the chief executive officer of Argentina’s foreign exchange market, MAE. She also had an 11-year tenure at Goldman Sachs, where she rose to become the global head of interest rate operations.

Mariana Franza’s departure marks a significant shift for Ualá as it continues to navigate the competitive fintech landscape in Latin America.