With the investment of US$200 million made by the conglomerate IHC (International Holding Company) of Abu Dhabi, in Lulo Colombia, investors from this region of the world fully enter the Colombian financial system. There was already a small investment by an Arab group in Bancolombia before, but this is the most representative.
Lulo Bank was founded by Jaime Gilinskibusinessman with four decades of experience in banking in Latin America, the United States and Europe.
(Lulo Bank receives investment of 200 million dollars).
Syed Basar Shueb, Chief Executive Officer (CEO) of the IHC said about the investment that “the fintech ecosystem in Latin America has grown rapidly, with sustained growth in all segments of the category, as well as in the active number of companies.
In the case of Colombia, significant progress has been made in terms of financial inclusion, providing access to new products that have reached more than 87% of the population. It is critical for IHC to align any operation with our global growth strategy, to acquire or consolidate new capabilities, and Lulo Colombia fits very well into our Latin American expansion plans.”
According to the digital bank, it seeks to create simple, people-centric and effortless financial services.
In addition, it was the first digital bank authorized by the Financial Superintendence, which has reached since its market launch in June this year, more than 100,000 active users. It hopes to reach more than 250,000 users by the end of 2022 and more than 1 million in the next few years.
In addition, Lulo was created to address obstacles such as excessive fees, high costs, physical and digital experiences, as well as poor customer service. By having 100% digital services, Lulo can automate its processes to increase operational efficiency.
(The last ten winners of the Nobel Prize in Economics).
“Today’s banks must lead the way with innovation, best-in-class technology, stellar products and excellent customer service. Our customers expect nothing less, and it’s time to bring them 21st century banking. Lulo was born in Colombia, for Colombians, and we hope to bring digital banking to many countries in the coming years. We are excited to have IHC as partners to fulfill our mission together with them to revolutionize the financial ecosystem in Latin America”, said Benjamin Gilinski, Chairman of the Board of Directors.
The first products on its roadmap are the Lulo Cuenta, a free savings account, a debit card from the Mastercard franchise that can be used all over the world and on the internet, and the Lulo Credito, an obligation of free destination, with approval and disbursements in minutes.
“Our users drive every decision we make. We embark on a mission to build the best financial platform in Latin America, a place that all our users love”, added Santiago Covelli, CEO of Lulo Bank and also added that “we strive every day to achieve excellence in everything we do. for our users. I am proud of what our team has built and excited for everything to come.”
At the beginning of this year the bank received the IF Design Award in Frankfurt, in the categories of user interface and interfaces for the digital media segment. This is the first time that a Colombian financial firm has received this recognition. It was also certified as a Great Place To Work in Colombia.
the arab group
IHC was founded in 1998 as part of the initiative to diversify and develop the non-oil business in the United Arab Emirates (UAE) and became the most valuable company in the Middle East with a market capitalization (stock market value) of US $169 billion).
The company focuses on promoting sustainability, innovation and economic diversification around what is the largest conglomerate in the region. IHC is included in the FTSE ADX Index (FADX 15), which represents the top 15 of the largest and most liquid companies on the ADX.
The IHC has a clear objective of enriching its portfolio through acquisitions, strategic investments and business combinations. The conglomerate has more than 372 companies and more than 53,345 employees.
In addition, IHC seeks to expand and diversify its holding company across a number of growing sectors, including real estate, agriculture, healthcare, food and beverage, utilities, infrastructure, industrial, IT technology and communications, Commerce and Entertainment, and Capital.
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