Using Finance as a Force for Good
By: Drake Goodman, Huntsman ’24
Drake speaking to the International Expansion Team and CEO of Ualá in Spanish as they prepare for a presentation launching the business operations into a new country.
Ualá – Buenos Aires, Argentina
Embarking on a mission to drastically improve the lives of millions of individuals, therefore transforming socioeconomic and geopolitical trends and paradigms for the better, has become a fulfilling and impactful journey. While working for Ualá, a financial technology company based in Argentina, I have had the opportunity to seize this opportunity. Ualá is a personal financial management company that allows users to conduct financial transactions without a bank account both in the country and abroad, as well as enabling individuals to use credit, invest, and pay for services. Additionally, it enables companies to charge with low commission costs. The company has raised $194 million to date and has a rough valuation of $1 billion, allowing it to scale and grow at a rapid rate.
I am an International Expansion Associate, working directly for the company’s International Expansion Coordinator and the Head of Wealth Management, so I am working on expanding the company’s operations to other countries and regions. This includes understanding and researching the market opportunity, regulatory challenges, and related industries; however, I view the role as implementing financial inclusion and stability in regions that stand to benefit from it the most. In a world that is becoming increasingly interdependent, financial equity should be a top priority to promote progress and economic well-being, therefore supporting communities and individuals in their endeavor to have fruitful lives. Especially in regions that have high untapped potential for abundant human and social capital, our efforts should be directed in doing what we can to unlock these potentials.
Immediately stepping into the role, I soon learned that there is much more to international expansion than conducting market research, analyzing competition, and understanding potential partners or mergers and acquisitions opportunities. This work is undoubtedly important to the company’s efforts, helping us gauge how we can best position ourselves to maximize our impact in the new countries. That being said, it is also about immersing ourselves in each culture, understanding the social ramifications of our actions, and realizing how our product would transform not just lives, but entire societies. When making business decisions, we can never lose sight of what we are trying to accomplish. In our case, it is financial inclusion, which deals with the mainly unbanked population. As such, we need to understand people. We need to understand their true needs and their interests. We need to understand their motivations.
Pursuing a noble mission is never easy. There are several challenges along the journey, and even potential setbacks, but that is all the more reason we should be directing our efforts to achieve those missions. Ualá is on a mission to promote financial inclusion, which ultimately is the key to societal success, and with the help of my research, analysis, and collaboration efforts, we are making rapid progress on realizing that mission. In an effort to improve communities, I have learned that we can never lose sight of the main reason we are working: to improve the lives of others.
The Global Research and Internship Program (GRIP) provides outstanding undergraduate and graduate students the opportunity to intern or conduct research abroad for 8 to 12 weeks over the summer. Participants gain career-enhancing experience and global exposure that is essential in a global workforce. Placements and funding awards are available.