Soros, Cohen back app to lure cash from Argentine mattresses

The venture Ualá offers tech-savvy Argentines a low-cost banking alternative via their smartphones

In a country where distrust of banks makes people more likely to stuff cash under a mattress than in a checking account, a mobile banking app backed by billionaire George Soros aims to disrupt the way Argentines handle money.

The venture Ualá, which launches its app on Tuesday, offers tech-savvy Argentines a low-cost banking alternative via their smartphones. The company’s backers include Steve Cohen’s Point72 Ventures and Silicon Valley’s Bessemer Venture Partners.

Under President Mauricio Macri the economy is beginning to recover from years of isolation from global markets, capital controls, protectionist policies and soaring inflation. Ualá — a play on wallet