On Episode 30, I talk with Lorenzo Garavito of Iris. Iris is the first neobank focused on the corporate and business sector in Colombia. The needs of entrepreneurs have evolved and they now need digital solutions to help them move in this new world. When Iris first launched, they started with a digital business savings account that included free transactions, it was interest-bearing and had no maintenance fee. This was light years different than what traditional lenders and banks would offer these either small or entrepreneurial-type businesses.
Lorenzo and I discussed the current state of small and medium enterprise banking or SME banking in Colombia, why they’ve decided to launch a new digital brand, how much small business commerce has changed and so much more. I hope you all enjoy the show.
Lorenzo’s career path that led him to Iris
Why they decided to launch Iris
The Iris offering
The Colombian SME market & opportunity
The continued reliance on cash
The growth potential with digital wallets
How technology is helping to formalize the Colombian economy
How receptive the Colombian government is to fintech
“you have to forget everything you know in order to create new products for your clients”
Why Iris gives them a fresh start in the Colombia banking world
Why they believe in having one umbrella for two brands
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.