“We're in the early days of using these eighty-five million digitally only consumer base to build a marketplace to go beyond financial services and enable our customers to access non-financial services products. So this is almost a redefine of what Nubank is. More a consumer platform than a bank.”
quote is from the automated transcript, cleaned for reading:
filler sounds and stutters are removed, nothing is rephrased. names can be misheard
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More from David Vélez
Opinion
Velez: Complacency allowed emerging markets to surpass US and Europe in fintech
“I think that level of complacency in these industries, in these big countries, has stopped innovation and have permitted that a lot of these emerging markets, these technologies have leapfrog to a place today where, where Brazil, China, India are ahead of U.S.…”
David VélezSep 11, 2023▶ 36:48David Velez: How AI Changes The Future of Finance | E1059 · 20VC with Harry Stebbings
Insight
Velez: Spiky hires with obvious flaws outperform well-rounded candidates
“I rather have the people that have the There's incredible strengths in the weaknesses than the people that are okay in just certain areas. Those tend to be, if you manage them adequately, those are much more powerful type of hires.”
David VélezSep 11, 2023▶ 7:21David Velez: How AI Changes The Future of Finance | E1059 · 20VC with Harry Stebbings
PredictionOpen · timeframe Sep 2033
Velez: More Nubank-scale tech giants will emerge in LATAM within 10 years
“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.”
David VélezSep 11, 2023▶ 15:10David Velez: How AI Changes The Future of Finance | E1059 · 20VC with Harry Stebbings
Insight
Velez: Single-country startups in Chile or Colombia face severe exit constraints
“I think you run a little bit into more of the liquidity constraints where you see the businesses just building for Chile or building just for Colombia. Those tend to have much much harder exit opportunity. But when you really get Brazil and Mexico, you'll find…”
David VélezSep 11, 2023▶ 16:32David Velez: How AI Changes The Future of Finance | E1059 · 20VC with Harry Stebbings
PredictionOpen · timeframe Sep 2028
Velez: Nubank sees path to become largest bank in Brazil, Mexico, Colombia
“When we go to these three countries, Brazil, Mexico, and Colombia, we go after big markets where we see a path to be Probably the largest financial institution in each one of these countries eventually, because we are the primary bank account and we become the…”
David VélezSep 11, 2023▶ 21:11David Velez: How AI Changes The Future of Finance | E1059 · 20VC with Harry Stebbings
AssertionPartly supported
Velez: Nubank is the primary bank for nearly 30% of adult Brazilians
“So if we have 50% of the population and 60% of primary bank account, we have already close to, we have the primary bank account for close to 30% of adult Brazilians. Which, by the way, is now the highest among any bank in Brazil. We are now the most often, mos…”
David VélezSep 11, 2023▶ 22:10David Velez: How AI Changes The Future of Finance | E1059 · 20VC with Harry Stebbings
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