Colombian Neobank Lulo Secures $200 Million to Further Democratize Banking
International Holding Company (IHC), an Abu Dhabi-based, publicly traded company comprising more than 372 entities with international operating segments, announced an investment of 734 million dirhams ($200 million) in Lulo Colombia, an entity in which they already owned 25%.
Lulo Bank is the new player in the financial and neobank industry in the region. With an accelerated growth in Colombia, the neobank seeks to expand its operation in Latin America. Lulo was cofounded by Jaime Gilinski, an entrepreneur with more than 45 years of banking experience in Latin America, the United States and Europe, who saw the opportunity to create the first digital bank in Colombia to democratize financial services and eliminate the frictions that Colombians face today.
Photo courtesy of Xresch.