Invest Like the Best with Patrick O'Shaughnessy

David Vélez - Building the Branchless Bank - [Founder’s Field Guide, EP. 41]

9 snips
Jul 8, 2021
David Vélez, founder and CEO of Nubank, shares insights from his journey in building the world’s largest digital bank with over 40 million customers. He discusses the transition from venture capital to entrepreneurship in Latin America, emphasizing the unique challenges and opportunities of a branchless banking model. David also reflects on leadership lessons from Nubank's early days and the importance of adapting to market dynamics in emerging economies. The conversation dives into innovative customer acquisition strategies and the evolving landscape of rewards programs in banking.
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ANECDOTE

Berkshire's Nubank Investment

  • Berkshire Hathaway unexpectedly invested in Nubank, the world's largest digital bank.
  • This was surprising given Berkshire's traditional focus on incumbent banks.
INSIGHT

Customer Obsession

  • Incumbent industries often breed complacency, leading to companies taking customers for granted.
  • Nubank differentiates itself through customer obsession and a tech-driven approach.
ANECDOTE

Nubank's Origin

  • David Vélez, Nubank's founder, transitioned from venture capital at Sequoia to entrepreneurship.
  • His frustrating experience with Brazilian banks inspired him to create a better solution.
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