Natalia also shared insights into the challenges and opportunities that the country faces in digitalization and financial inclusion. Natalia and her team have introduced innovative solutions to help people save, invest, and improve financial management. Discover their journey!
The path to creating Colombia’s first digital bank
After being welcomed by Juanjo Gómez, CMO of Coinscrap Finance, Natalia told us about her career path and how she came to found and lead Lulo X. During her final university years in International Relations, she specialized in Global Transformations and Development, which led her to work at a digital agency focused on consulting and digital transformation projects.
Five years later, she traveled to Jakarta (Indonesia) as a volunteer to bring banking services closer to the refugee population. She was responsible for implementing the “Refugeeks” program, working with Hong Kong-based hackers to improve the financial future of underprivileged communities.
This experience inspired her to combine her profession with her life’s mission: to transform finance in Colombia to make it more accessible and simple. Joining Lulo Bank as a Product Owner in 2019 marked the start of her journey toward building the country’s first digital bank.
Natalia Jiménez Aristizabal,“We are now the company that provides technology products and services to the rest of the group, leading in exponential growth and innovation.”
CEO at Lulo X.
The launch of Lulo X and the arrival of a bank with a purpose
Lulo X’s mission is to create a bank with ethical and sustainability elements at its core. Despite initial resistance from established players and regulators —who were not yet fully prepared for “virtuality”—, they pushed forward with innovation by creating a rapid prototyping and experimentation team.
This independent project managed to avoid regulatory rigidity, serving as the seed for Lulo X. Natalia’s team identified a common insight among the population: “Money doesn’t seem to stretch as far as it used to”. One solution was to offer the option to save in a currency less affected by inflation and devaluation.
As regulations don’t allow dual accounts in local currency and US dollars, Lulo X seized this market niche by creating savings and investment products in USD. Blockchain technology made this possible.
A growth strategy leaded on social impact
Juanjo asked if the experimental lab that Natalia mentioned was Lulo Labs. “Yes, that’s how it started,” Natalia replied. “As the Product Owner of the bank’s deposits team, my knowledge of user experience and global services led us to start connecting as the discontented group.”
Initially created to improve Lulo Bank, the lab grew to a level that justified its own entity: Lulo X. “For me, it’s a dream, the innovation spin-off of the group”, she said. It materialized in a tangible product, a CryptoWallet that allows users to save and invest in digital USD.
Juanjo asked how they identify people’s needs and start the innovation process. The CEO emphasized the need for informed decisions, maintaining constant contact with customers and non-customers alike. This provides market insights that translate into essential truths for the team.
They strive to solve real population problems and measure results to keep improving. Natalia explained the creation process of Lulo X a year ago, before continuing to talk about this neobank’s most disruptive products.
Constant innovation with a focus on financial service users
Natalia is proud of this one-stop-shop for Colombian finance, describing it as a people-centered, user-friendly app with an exceptional interface. She explained that their most disruptive product is “pockets”. Initially, they created a high-yield savings account to attract customers with returns well above competitors.
💡 Natalia Jimenez said…
“We provide information, offer the tool, and deliver a tangible benefit, which are key to fostering a healthy habit. In this case, saving”
While savings accounts were typically used as checking accounts in Colombia, simplifying data analysis and investment processes greatly enhanced the financial education of users. “Pockets” became a popular product, allowing users to set savings goals, budget, and earn high returns.
Don’t miss the podcast with all the details!
Regulation and experimentation: The perfect balance for a Fintech
Their strategy has been to separate scenarios: one team works on strengthening the core business, while others explore future scenarios, including discovery exercises, validations, and hypothesis-building to outline possibilities and begin prototyping.
“This approach allows us to maintain a healthy dialogue with our investors and shareholders, addressing short-, medium-, and long-term needs within a market that requires innovation to stay relevant”, Natalia said.
Our Marketing Director took the chance to ask her about her recent trip to Silicon Valley. She explained that she had the opportunity to connect and collaborate within an “ecosystem with the perfect ingredients for entrepreneurship”. One of her biggest takeaways was learning how mature startups manage to continue standing out in the market.
Lulo X’s expansion and global impact
Juanjo then steered the conversation toward an important topic: Lulo X’s growth strategy in the Colombian market and potential for expansion to other territories. Natalia emphasized the importance of creating a product that can transform a country: “If someone can transform their relationship with money, they can transform their life”.
For this reason, she wants Lulo X to reach every corner of Colombia. With over 900,000 downloads, the app already has a presence across all departments in the country. She attributes this success to their communication strategy, based on organic traffic, referrals, and word of mouth. Despite digitalization challenges, they are reaching every location.
“For any digital player, competition is global, especially from Lulo X’s perspective.” They compete not only with local wallets but also with the world’s best financial platforms. She is thrilled to talk about their communication strategy: “We are a different, simple, and useful product”. High yields exceeding 4% also set them apart.
If you’d like to know more about Colombia’s first digital bank, don’t miss part two of this Coinscrap Finance Meets episode, or visit our YouTube channel. You can also listen to the full podcast here.
Thanks for reading!
