Fintech
Mariana Franza, COO of Ualá, will leave the 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 firm to pursue a new opportunity, according to sources familiar with the situation.
Sources, who requested anonymity, clarified that his exit is not linked 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 seeking to provide financial services in traditionally unbanked Latin American markets. The company reached a valuation of $2.45 billion in 2021 following a funding round with 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.
Prior to joining Ualá, Franza was CEO of Argentina’s foreign exchange market, MAE. She also worked for 11 years at Goldman Sachs, where she rose to global head of interest rate operations.
Mariana Franza’s departure marks a significant change for Ualá as it continues to navigate the competitive fintech landscape in Latin America.