The tourist VCs in LatAm have gone home

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2 • 372 Ratings

🗓️ 2 March 2024

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week, Mary Ann talked to David Vélez, the co-founder and CEO of Nubank, the $50 billion São Paulo, Brazil-based digital bank that offers credit cards, checking accounts and life insurance to consumers. How Nubank has managed to increase its market cap by over 40% in eight months’ time. Why some investors are sticking it out in LatAm, and why it’s a great place to still put venture dollars. Which startups in LatAm have been the most resilient and what other regions can learn from them. All right, sit back, hit play and have some fun with us. Equity will be back next Tuesday due to a U.S. holiday on Monday. See you then! For episode transcripts and more, head to Equity’s Simplecast website. Equity drops at 7 a.m. PT every Monday, Wednesday and Friday, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. TechCrunch also has a great show on crypto, a show that interviews founders and more! Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Hello and welcome back to equity a podcast about the business of
0:14.6	startups where we unpack the numbers and nuance behind the headlines. I'm
0:18.6	Mary Ann Azavado and this is our interview show where we sit down with a
0:21.8	guest think about their work and unpack the rest.
0:24.9	Today we're once again talking to Devide Vales, the co-founder and CEO of New Bank, a
0:29.5	South Paulo based digital bank that offers credit cards checking accounts and life insurance to
0:33.8	consumers it's a company that just crossed a market cap of 50 billion dollars.
0:38.4	Devid welcome to the show.
0:40.3	Good Marianne thank you so much for having me.
0:42.3	Yes thank you for being here. Today we'll be talking about a variety of topics. We'll get into what's been going on with New Bank over the last 12 months. We'll do a Lat-AM-in, including discussing whether or not global
0:54.7	VCs have been abandoning the region or not. We'll discuss which Latam
0:59.1	startups have been the most resilient in this downturn and more.
1:03.0	Why don't we dive in?
1:04.0	Let's do it.
1:05.0	Great, so as I mentioned in the introduction, New Bank just crossed a market cap of $50 billion.
1:10.8	Now last year when we talked, the was valued at if I recall correctly about
1:15.1	35 billion dollars so what happened over the past year I mean I know very
1:20.3	recently you just announced that you ended 2023 with a net profit of $1 billion.
1:26.4	So was that the first time that you recorded a profit?
1:29.6	We started recording a profit towards the end of 22. We were
1:34.0	already in the last couple of cars 22. We were profitable, but we were able to
1:38.0	really show significant profitability and increasing throughout 2023.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from TechCrunch, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of TechCrunch and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.