LatAm List – Lulo Bank, the newest product from the Gilinski family, will be the first Colombian bank that is 100% digital.
Despite the increase in digital payment services available, such as Nequi and RappiPay, Colombia still does not have a fully independent neobank. Lulo Bank is to change this.
An estimated 30 million Colombians are currently unbanked, which Lulo Bank seeks to reduce with its mission for financial inclusion in the country. Clients will have an online credit account and credit card, as well as offering other services such as investment credits, housing loans, and financing for SMEs.
“It’s about developing, through technology, the same services that a traditional bank performs, but with improved costs and experiences,” commented Erick Rincon, President of Colombian Fintech.
Lulo Bank is an exciting new player in the Colombian banking market, aiming to reach one million customers over the next three years and revolutionize traditional banking methods.
Read more on La Republica.