Lulo Bank announced that it received an investment of US$200 million from the International Holding Company (IHC) conglomerate, with which the digital bank reaches a valuation of US$400 million.
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With that, Holding Company (IHC) acquired 49.9% of the shares of Lulo Colombia, Holding of Lulo Bank.
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“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 (…) it is critical for IHC to align any operation with our global growth strategy , to acquire or consolidate new capacities and Lulo Colombia fits very well in our expansion plans to Latin America,” said Syed Basar Shueb, Chief Executive Officer of IHC.
And Basar added that, 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”.
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Following this investment, the neobank, owned by the Gilinski family, plans to strengthen its expansion plan in Latin America. In fact, they plan to reach 250 thousand clients to end 2022 and exceed one million in the medium term.
“Today’s banks must lead the way with innovation, best-in-class technology, stellar products and excellent customer service,” said Benjamin Gilinski, Chairman of the Board of Lulo Bank.
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