Latin America

“It has shown that in Latin America, there's going to be a lot of other hundred billion dollar companies”

“And there's another very important point for Latin American, is that if you connect And do orders for an hour in wrapping. You'll earn, in average, twice the minimum wage of Latin America.”

“48 hours after reading that message, we implemented an on-demand ATM where users could order the equivalent to a hundred dollars or 200 dollars, and a courier will deliver the cash for them. Latin America, everyone uses cash. We would deliver cash for them in …”

“And my view of why it has failed in certain areas is it's actually that I think companies have tried to do it too early in their life cycle. And you have to do it once you have a very strong core, when you actually have won the first country.”

“US and Europe is too easy. You're going to work very, very, very hard to make the life of the one percent, five percent better. If you move to Latin America, you're going to work very, very hard to make the life of 99% of the people, 70% better. So, ultimately…”

“We also recently backed a Mexican company called Kavak, which we're convinced could end up being one of the largest companies ever built out of Latin America.”

“We had the most extraordinary roller coaster journey with something like a hundred competitors in the region doing exactly what we were doing at the peak of the bubble in early 2000.”

“We talk about fintech being default local versus Default Global, because you want to hop from one country to the other, even if it's next door in Latin America, you've got a different set of regulation, a different set of infrastructure, probably a different s…”

“Online payments started growing like a hundred percent month over month.”

“Like you've got NewBank, Rappi, Dlocal, right? And so like the kind of mafias from those companies are going to spin out and join the next generation of companies or grow the next generation of companies.”

“I think in Latin America, it's going to take a little bit longer for a couple of reasons. One, they haven't felt yet as much of the competition, I would say, from the earlier fintechs”

“The complexity of serving the operations is a lot higher, but the cost for it a lot lower. So your unit economics, if you're Kasai, can be that much better, right?”

“LATAM as a whole is large. It's six hundred and fifty million people in 33 countries.”

“Well, you know, if we can continue to do this, my goal would be to invest five billion dollars a year in the foreseeable future.”

“And to be fair, we have a competitive advantage. And that's the fact that we have seen these business models being deployed in China and India and the US. So when companies shop in Latin America with a similar business model, we don't need to test whether the …”

“I mean, half the population is unbanked, right?”

“We have produced, I think, a total of 22 unicorns last year, where before that, there were like one, so it's been amazing what I'm seeing in Latin America.”

“I was looking at the market share of unicorns that we have in Latin America. It's over 84% of companies”

“And in our most mature hubs in Latin America, we are already generating 500 orders per hub, whereas we would only need 1000 per month in order to break even on the actual lease cost. So we're already in a situation in most of our Latin American cities and geog…”

“So it takes twice as long for the United States to achieve the same contribution margins as in Latin America, but over a five to 10 years horizon, you will see margins converging to very, very similar levels.”

“The product margins for fresh produce in Latin America are significantly higher than the product margins for fresh produce in the United States.”

“Allows us to tap into a product margin into procurement margin of up to 50% if we procure local food, fresh items, or locally produced packaged food items as local and as direct as possible.”

“When you look at that tech penetration index in a more developed country like the United States, that's around 52%. Even if you look at, you know, China, that number is 20%. You look at India, it's 15%. But when you look at what the tech penetration level is a…”

“Myself and my co-founder Alex, working out of his living room in his apartment in Rio de Janeiro in Brazil. And, you know, fast forward two years later, we were over 1200 employees present in six different countries across Latin America. The company was doing …”

“And if there's one thing where world-class in Latin America is fraud. So if you can solve this issue in Latin America, you got, you probably have a mousetrap that can solve this issue globally.”

“Latin America is now about 15% of what we do.”

“The hangover of a period of excessive abundant capital globally, not just in Latin America, is that you have a large percentage of the companies Who got lost in this abundance of liquidity and today don't have viable business models and will unfortunately ceas…”

“This time around, at least 30% of the capital came from people who were permanently committed to the region.”

“In Latin America, consumers tend to consolidate their financial lives with one primary institution.”

“Latin America had the lowest percentage of venture investing as the percentage of GDP of whatever than any other region in the world, I think as close to Africa.”

“And Latin America, if you add the GDP of Latin America, we happen to be two X India with one quarter of these people or one third of the people.”

“If you look at the returns of GA, people often don't know, but if you truly study GA, the great returns have come from Latin America.”

“There's a lot of adverse selection. There's some founders who Might or might not be great who play really well in New York and in San Francisco. And so if you wait for them to come to you, that's all you'll think Latin America is.”

“When we were investors in Uber, you know, we had to keep it a secret that after New York, three of the top five cities were Latin American cities.”

“Latin America has something like 25% of the world's fintechs. 25%, a quarter of the world's fintechs are in Latin America.”

“Latin America is, to me, the land of opportunity, and I think Latin America is the only place where, which is great, because there are more opportunities than capital available. Everywhere else, There's more capital than opportunities available, which drives c…”

“I am a huge believer in the macro story of Latin America, and I think the next 10 years are going to be the best 10 years of Latin America for two very, very simple reasons.”

“And in 2021, notably, venture went from something like four and a half Billion a year to sixteen billion a year. Now it's back to less than a billion a quarter. So we're back to the four and a half.”

“And in places like Latin America, where the opportunity is the middle of the pyramid, the bottom of the pyramid, nothing represents that better than a bicycle.”

“By now we have one of the largest digitally native consumer platform, consumer basis in Latin America with eighty five million customers.”

“Latin America as a region is the third largest GDP in the world. It's a region that has six hundred fifty million people, very large GDP, a GDP per capita that is three to five x India,”

“I do think now that the kind of the setup for more new banks in the region exists. And you'll see them over the next five to 10 years.”

“Financial services is the single biggest market cap in the region.”

“We would have Become the leading financial institution in Latin America, especially in these three markets. Clearly, we made that, we kind of checked that box. We've gone beyond Latin America. Not sure exactly where, but we've gone beyond in terms of internati…”

“I think Spaniards entrepreneurs, it's a small secret we have there, but it's actually pretty natural for us to expand into LATAM, which is a massive market, right? There's a cultural and language thing there, right?”