This week the Latin American fintech community came together for the second annual LendIt Fintech LatAm event. Just over 700 people enjoyed two full days of great content, networking and more.
In December last year we held our first Latin American event in Miami but this year, like all events, it was conducted online. This was actually LendIt’s third big online event so we have really started to get the hang of things, as everything went quite smoothly.
I came away with a much greater understanding and appreciation for the fintech community in Latin America. Many of the fastest growing fintech companies on the planet are located in this region. There are three main factors underpinning this growth: the large number of unbanked consumers, the deep penetration of smartphones and the poor job the incumbents are doing in serving consumers and small businesses. These things, combined with an indomitable entrepreneurial spirit, have led to several fintech companies achieving significant scale.
When it comes to scale no Latin American fintech company can come close to Nubank. Based in Brazil, with a population just over 200 million people, they have already attracted over 30 million customers to their digital banking platform. David Vélez is the CEO and co-founder of Nubank and he kicked off our keynote “stage” with Nigel Morris, the co-founder and Managing Partner of QED Investors. Nigel was also the co-founder and President of Capital One back in the ‘90s and he reflected on the many similarities between the early days of Capital One and the early days of Nubank. David also shared that, despite Nubank’s growth, the big banks in Brazil still have about the same market share as they did a decade ago demonstrating that Nubank is really growing the market. [Read more…]