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“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.”

“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…”

“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…”

“The highest-rated-NPS consumer product in the world in any category is our purple, is Nubank's purple credit card in Mexico. It's a 94 NPS.”

“And this is just the beginning. You'll see this trend just accelerating, I think, over the next five, 10 years when you start thinking about open banking, when you start thinking about the uses of crypto, when you start thinking about how, what AI could do in …”

“I think then AI and this vision around AI really private banker could become the catalyst for accelerating the immigration towards a fully digitalized private banker. And at that point, then you really start attacking the one percent. You really start offering…”

“We think that AI is now the second platform shift that might actually be able to take it to its final conclusion. And so if the smartphone was the bank in every pocket, AI is the bank and the banker in every pocket. And that really is the catalyst to Enable hu…”

“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…”

“And on top of that, AI, the AI private banker, the self-driving banker is the leading platform, the leading way where consumers are interacting with us, probably even beyond the smartphone. So I think those are would be, those would be the key pieces of that.”

“Customers will have less apps in their phone, not more, and they will not have five banking relationships or 10 banking relationships or five different wallets. So I would expect a significant consolidation of that over the next few years”

“I honestly think there is no limit. It can be one of the largest companies in the world. I'm very confident with that.”

“About 25, 30% of companies in the Nasdaq today didn't exist 23 or 30 years ago. If you look at Ivo Vest by Brazil and Mexico, there's still incumbents that existed a hundred years ago. So the opportunity for disruption, a lot of these markets exist today.”

“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. M…”

“Today we can serve customers that need a 50 dollar loan profitably. We can serve customers that have 200 dollars to invest Profitably.”

“I think this means a bias, even a bigger bias to build organically versus an M&A driven strategy as we think about the next five to 10 years of growth in the business.”

“They were gonna do it to two. That meant we were gonna need to raise a billion reais. Overnight. And that was going to be quickly the end.”

“When you go to Brazil and you see customers paying 450% APRs and paying a ton of different fees and waiting four months to open a bank account, or you go to Mexico and you see five banks owning 90% of all the assets of the system, the pain is 10 X where you mi…”

“We're getting to a point where almost 50% of the Brazilian adult population is a customer of Nubank.”

“I don't think JP Morgan can say that about customers of theirs in the US.”

“The first thing that came to mind was the first interview was with the head of the firm, not with the youngest analyst. In most firms, you start from the bottom, and then you go up, and Sequoia is the opposite. You go from the top, and then you go down, and yo…”

“That was an insight that I took to Novak, and that was a foundational insight around the culture that we have today, where we want to treat everybody as a partner. Everybody needs to feel that they have a seat at the table, the youngest, The oldest, the person…”

“In credit cards, we have about 15% market share, but in personal loans, we have five percent market share. In investments, we have about two percent. In insurance, we have one percent.”

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

“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.”

“The moment we don't need to put a banking branch in every quarter, the cost to serve a customer goes down by 20 to 50 X. The cost to serve somebody goes close to zero.”

“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. …”

“Monday morning, there were 15,000 customers on Twitter of the Central Bank of Brazil saying, you cannot do this.”

“This is a capital intensive business. No matter how well we do it, we're gonna need capital and the best way to get access to capital Is in the public market.”

“After two years before Sequoia, where we all kind of came to a set conclusion that we didn't want to really start a business in Brazil, which meant I was, Doug wanted me to go back to California and helping them think, invest globally”

“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.”

“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.”

“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,”

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

“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”

“The fact that you have five banks in the hands of 85, 90, about 85, 90% of the entire market in the hands of banks was something to be solved.”

“I just, I remember specifically one trip where we signed three term sheets.”