Equity
The tourist VCs in LatAm have gone home
Mar 2, 2024
In this engaging discussion, David Vélez, co-founder and CEO of Nubank, shares insights from leading a $50 billion digital bank in Brazil. He reveals how Nubank's market cap surged over 40% in just eight months. The conversation dives into why some investors remain optimistic about Latin America, despite challenges, and highlights resilient startups that offer lessons for other regions. Vélez also discusses the transformative potential of AI in improving access to financial services, underscoring the role of technology in overcoming investment hurdles.
19:36
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Quick takeaways
- Newbank's market cap increased by 40% due to exceptional growth and profitability under David Velez's leadership.
- Latin America offers venture capital opportunities despite the temporary exit of some investors, emphasizing the importance of cost efficiency for startups.
Deep dives
Success of Newbank in 2023
Newbank, under the leadership of David Velez, demonstrated exceptional growth and profitability in 2023. The company's market cap surged to $50 billion, showcasing a significant increase from the previous year. Newbank recorded a net profit of $1 billion in 2023, highlighting its ability to establish profitability while continuing to invest in growth. Velez emphasized the success of digital banking as a global trend, emphasizing the model's capacity to provide superior financial services and generate high profitability.
