The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Lessons Building Nubank to the Largest Neobank in the World, How AI Changes The Future of Finance, Leadership Lessons from Sequoia's Doug Leone & What European and US Fintech Can Learn From LATAM with David Velez, Founder @ Nubank

Sep 11, 2023

David Velez, Founder and CEO of Nubank, discusses the incredible journey of building one of the world's largest neobanks, with half of Brazil's adults as customers. He shares insights from his time at Sequoia Capital and highlights key factors behind Nubank's rapid growth. Velez explores how AI will revolutionize financial services and the valuable lessons Western fintech can learn from LATAM markets. He also touches on balancing leadership with fatherhood, providing a relatable glimpse into his personal life.

01:04:26

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Episode guests

David Velez

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Quick takeaways

Building a successful financial institution requires a strong focus on hiring top talent and creating a culture that values customer obsession.

AI has the potential to revolutionize the future of financial services by democratizing access and personalizing the banking experience.

Emerging markets like Brazil offer valuable lessons for Europe and the US in embracing fintech innovation and closing gaps in access to banking services.

Deep dives

The Journey of New Bank: From Startup to Neo-Bank

David Velez, the founder of New Bank, discusses the journey of building the largest neo-bank in the world. With 50% of the Brazilian adult population as customers, New Bank aims to be the primary bank account for individuals. Velez emphasizes the importance of the smartphone in banking, and how AI plays a crucial role in creating a personalized banking experience. He highlights the significance of the early setup of New Bank, including the careful selection of team members, the establishment of clear values and culture, and the focus on customer obsession.

Definition of success: Success is about the journey, not the destination

01:14

Building a Marketplace with Millions of Users

01:59

The type of people to hire

00:48

The Role of AI in Changing the Future of Financial Services

02:05

Intro

4min

Navigating Challenges in LATAM: From Interviews to Entrepreneurship

20min

Navigating Growth and Innovation at Nubank

13min

Navigating the Future of High Net Worth Banking

18min

Navigating Challenges and Key Lessons from Building a Neobank

3min

Balancing Fatherhood and Workplace Dynamics in a Global Context

2min

Hypothetical Dinner with Historical Icons

2min

Envisioning the Future of Finance and Consumer Technology

4min

David Velez is the Founder and CEO of Nubank, one of the largest and fastest-growing financial institutions in the world. 1 in 2 people in Brazil alone have a Nubank account. Nubank's purple credit card in Mexico is the highest-rated NPS product of any consumer product in the world. Before founding Nubank in 2013, David was a partner at Sequoia Capital between 2011 and 2013, in charge of the firm’s Latin American investments group. Before Sequoia, David worked in investment banking and growth equity at Goldman Sachs, Morgan Stanley and General Atlantic.

In Today's Episode with David Velez We Discuss:

1. From Sequoia Partner to Creating One of the Largest Financial Institutions:

What was the Sequoia interview process like?
What questions did Doug Leone really dive into when hiring David?
What impressed David most about how Sequoia interview and win talent?
What are 1-2 of David's biggest lessons from working with Doug Leone?

2. From a Small House to a $BN Public Company:

What does David believe are the 1-2 core but non-obvious reasons why Nubank scaled so fast?
What does David believe are the most non-obvious but massive opportunities Nubank has to 10x from here?
Why does David believe emerging market fintech providers will be more valuable than Western fintechs?
What does David believe Western fintechs and regulators can learn from BRIC economy fintechs?

3. How AI Changes The Future of Financial Services:

How does David believe AI will change financial services?
What products are the lowest-hanging fruit? Which products will be harder for AI to serve?
How will AI handle the ambiguity of which master to serve; the consumer and their experience or the bank and their fees and profit motive?
Will banks need to own and operate their own models? If using other models, what will differentiate them when they are layers on top of someone else's technology?

4. David Velez: The Leader and Father:

What does it mean to be a great listener? How does David approach it?
What has been David's biggest lessons from Sequoia on culture? What works? What does not?
What are David's biggest pieces of advice to raise kids that are not spoiled and are hard-working and humble?
How does David think about "efficient giving" with the philanthropy he does today?
What is the big paradox and challenge in philanthropy today?

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Lessons Building Nubank to the Largest Neobank in the World, How AI Changes The Future of Finance, Leadership Lessons from Sequoia's Doug Leone & What European and US Fintech Can Learn From LATAM with David Velez, Founder @ Nubank

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The Journey of New Bank: From Startup to Neo-Bank

The Importance of AI in Democratizing Financial Access

Lessons Learned and Future Growth

Expanding Beyond Financial Services

Lessons from Emerging Markets and Regulatory Environments

Definition of success: Success is about the journey, not the destination

Building a Marketplace with Millions of Users

The type of people to hire

The Role of AI in Changing the Future of Financial Services

Remember Everything You Learn from Podcasts