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David Velez: We're still a little ant, and our strategy is long-term, says David Velez of Davos - Money Times

David Velez: We’re still a little ant, and our strategy is long-term, says David Velez of Davos – Money Times

Velez in Davos

Co-founder of nubank (naked), David Veleza financial technology “It’s still a little ant” and has a long-term strategy to restore the initial value of the shares when the market opened in New York. For him, it is still impossible to tell.

Vélez, who participates in World Economic Forumat Davosin Switzerland, also talked about a drop in fintech stocks.

“We’re still focused on building and on the same strategy. We’ll talk in five years,” he said, according to the Valor Econômico website.

Regarding the market value of the company, which, according to the most skeptical, seemed “irrational abundance and would be closer to reality at the moment”, Velez was categorical:

“That’s cool,” he said, “because being ignored is the best thing that can happen.” “We were ignored in Brazil for three to four years. Nobody looked at us. We went through four stages (a phrase attributed to) Gandhi: first they ignore you, then they laugh at you, then they fight you, then you win. Now we are ignored again.”

In a conversation with some Brazilian journalists, according to Valor, Velez stated that “the value of the banking market in Latin America is 1 trillion US dollars and there are still 250 million people without bank accounts in the region, and the digital model is very large. It is more profitable than traditional institutions, because it does not There are branches, for example.

“Until then, there will be crises, there will be cycles, it is Latin America, but in the long run …”, he said, perhaps giving indications of Nubank’s future expansion to other continents.

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Despite this, Velez told reporters, “Nubank is focused on Brazil, Mexico and Colombia and reaches nearly 60 million customers – mainly in Brazil.” “We still need to grow with that base,” he said.

setbacks

The market capitalization of Nubank is currently $15.53 billion.

In the debut of Nubank on the Nasdaq Stock Exchange, the company’s shares reached 9 US dollars, making the company’s market value exceed 40 billion US dollars, ahead of banks such as Itaú Unibanco (ITUB4), leaving Velez’s fortune, a Colombian, above seven of the ten richest Brazilians in the world, according to Forbes.

At that time, Velez beat such billionaires as Eduardo Saverin, Jorge Paulo Lemann and Marcel Hermann Telles.

Currently, according to the list, Andre Esteves, from BTG Charter, in front of the co-founder of Nubank. Esteves net worth is estimated at $5.5 billion, while Vélez has $3.7 billion.

The happiness of fintech was short-lived. With the loss of stock value, Nubank’s market capitalization has also declined, now at about $17 billion – less than Santander, which has a value of $47.21 billion, of Bradesco, with a valuation of $4,0 billion and Itau, which has increased to about 45 billion US dollars.

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