Baker McKenzie advises Goldman Sachs on Argentina’s largest fintech deal to date

Baker McKenzie has advised Goldman Sachs on its investment in Argentinian personal finance app Ualá, in what the law firm described as the largest fintech deal to date in the South American country.

In addition to enabling customers to manage their finances, Ualá is also an electronic payment processor and an issuer of MasterCard prepaid cards, and was developed by UK-based Bancar Technologies Limited.

Goldman Sachs is the lead investor in the latest funding round of Bancar Technologies. The investment amount was not disclosed. 

“This is the first deal of its kind in the Argentine fintech market and the largest fintech transaction to date in Argentina,” Gabriel Gόmez-Giglio, a partner at Baker McKenzie in Buenos Aires and head of the firm’s banking and finance group for Argentina and Latin America, said.

Baker McKenzie acted as local counsel performing the due diligence of Ualá and advised Goldman Sachs on the local transactional matters. The Baker McKenzie team consisted of partners Gabriel Gόmez-Giglio and Francisco Fernández-Rostello, as well as associates Cecilia Máspero, Geraldine Mirelman, Felipe Graham and Ayelén León.
 
Additionally, Goldman Sachs was advised by Gibson, Dunn & Crutcher LLP, which acted as international legal advisers. The Gibson, Dunn & Crutcher LLP team comprised partner Richard Birns and associates Drew McLelland, Eric Cohen, Meghan Hungate, Brenda Rivera and Ella Alves Capone.