Jaime Gilinski and his family seem to be interested in bringing Arab investment to Colombia, they are taking a large part of the cake. On this occasion they sold 49.9% of Lulo Bank to the multimillionaire business group from Abu Dhabi IHC (International Holding Company).
IHC shows its 2 latest investments with great pride, the first was the takeover bid for Grupo Nutresa where they hope to buy between 25% and 31.25% of the food company. Second, the investment of $200 million dollars by Lulo Bank.
Lulo Bank is now half Arab
The Colombian neobank founded by banker Jaime Gilinski began to gain ground in the country with 120,000 active users and 200,000 active users expected by the end of the year.
Although Lulo Bank is far from its competition (Nequi, DaviPlata), it seems that Gilinski convinced them that this was a great business and growth opportunity.
The Gilinski family cannot fail the Arabs, their multi-million dollar investments in Colombia have been significantly high, so powerful that they could lower the dollar in the coming weeks.
Benjamin Gilinski, President of Lulo Bank, said: “Digital banking has come a long way in Colombia. The adoption of new behaviors and new technologies takes time, but it is already dramatically changing the way consumers interact with financial products in our marketplace. The financial companies that win in the future will be those that understand that human behavior is constantly changing and continue to invest in new technologies. We are delighted to have IHC join our mission to revolutionize the financial landscape in Latin America.”
About Lulo Bank
Founded in 2020 in Colombia, Lulo Bank is a mobile banking app that provides money transfers, savings accounts, loans, and other financial services. With more than 90% of its 400 employees working from home, Lulo Bank offers a free and secure mobile banking app for banking from anywhere in the world.
Formally launched in 2022, the digital bank has seen impressive growth and currently serves more than 120,000 active users in the country.
For its part, IHC has a clear objective of improving its portfolio through acquisitions, strategic investments and businesses. Combinations Composed of more than 372 entities and 52,345 employees around the world.