The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 70 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 7 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Velez: Codifying values in a culture deck allowed Nubank to scale
“We were very deliberate around the type of people that we attracted, my co-founders, and how we picked them, and how we spent a lot of time trying to find them, the values that we set up, the way we organize ourselves, we put all our values in a culture deck. …”
Velez: Under-celebrating success is a feature, not a bug, for urgency
“We under-celebrate. Some people complain that we don't celebrate enough. And they're probably right, but you know what, that's probably a feature at the end of the day, not a bug.”
Velez: Nubank interviews focus entirely on character traits over career experience
“My interviews today are not interviews about career experience. They, all the interviews, when I interview somebody that's a newbie, it's all about character traits.”
Velez: Nubank will not enter e-commerce logistics or direct retail
“We're not the e-commerce. We don't want to be the e-commerce. We don't want to get into logistics, but we are a platform that cross sells all our products to these consumers.”
Duggal: Nubank refuses to scale products lacking strong customer love scores
“If we cannot get a Sean Ellis survey score, that's actually above what would Sean himself recommends well above. We're not focused on scaling it. We're focused on iterating it.”
Duggal admits Nubank struggles to balance inclusivity and safe review spaces
“And frankly, I don't think we're succeeding at balancing those two things anywhere near optimally if I'm honest.”
Duggal: Over 40% of Nubank customers use it as primary bank
“We are well north of 40% of all customers, not of actives, but of all customers. And again, that's part of us holding ourselves to a high bar. So when at, when three years ago, that metric was about 10%. And so we've grown at four X, even as we've grown the cu…”
Nubank, Rappi, and dLocal Mafias Will Build Next LATAM Startups
“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.”
Kaszek Backed Nubank's Seed Round When It Was Just a Deck
“In Nubank, we invested in the seed investment together with Sequoia, so it was a PowerPoint really early on, David Velez by himself, and that's when we joined, and then we participated out of the fund one in several rounds in the series A and the B and the C a…”
CapitalG passed on investing early in Nubank due to market unfamiliarity
“I would say one of the big, cause I looked at new bank early. That's a good example. And I think I was, while I was loved the founder and so impressed with the business traction, the risk around a new market and a model I didn't totally understand just made me…”
Nubank achieved profitability and positive cash flow in Brazil by 2019
“By the time we had that conversation again, in 2019, we were profitable in Brazil. We were cashflow positive. We have great product market fit. We are banking licenses. We were fully funded on deposits.”
Nubank's savings product grew larger than its original credit card business
“And product number two for us Which is savings is way bigger than product number one for us. And product number three is going, is growing faster than product number two.”
Velez: Founder and CEO roles require opposite, rarely overlapping skill sets
“The founder and CEO titles are generally so linked to each other, because if the founder is a horse and the CEO is a rhino, I think the Good founder and CEO is the unicorn. Is this horse that has been able to grow a horn and is this mythical creature? And I fi…”
Velez: Sequoia's flat partnership structure cannot scale to 3,000 employees
“Some of the things that Sequoia had are non-scalable. You can do that when you have 30 people, you cannot do it when you have 3000”
Velez: Nubank allocates 80% of its resources to core financial services
“We allocate today about 80% of all resources and energy to financial services, so that core continues to have most of the allocation of resources.”
Velez: Nubank's first São Paulo office cost $500 monthly for 20 people
“We started the business in a very small house in Sao Paulo. We paid, I remember the partner of Sequoia, Michael Abramson was there. His mind was blown when I told him we paid 500 dollars per month in rent, and we had 20 people working out of the house.”
Velez: Nubank marketplace counts millions of DAUs across 180+ partners
“We have several million daily active users today on, on our marketplace where our customers are Consuming or buying goods or services from over 180 different partners”
Duggal: Nubank has reached 75 million customers
“We've got 70,000,075 million customers at Newbank.”
Duggal: David Vélez targeted underserved LatAm consumers, not credit cards
“David, David, you know, just to take that new bank example was in love with the potential of unleashing the Latin American consumer who was being really badly served. He wasn't in love with, I need to build a credit card for Because of X, Y, Z reason or busine…”
Duggal: Nubank started new product verticals with teams of just 12 people
“So our insurance or investments or lending team when they started was a dozen people.”