Instead of rejecting applicants, Nubank placed them on a waitlist, creating scarcity and desire. They gamified it by giving priority to users invited by friends, simultaneously fueling viral growth and collecting valuable data for their credit models.
David Vélez found that adopting big-company management practices made Nubank feel like a big company, killing its startup urgency. The goal is not to become a traditional CEO, but to pair a founder's vision with light processes and a strong, agile team.
To avoid premature scaling, Nubank required three conditions before entering a new country: 1) Profitability in its core market (Brazil), 2) Secure banking licenses and funding, and 3) A tech platform that could launch a new market as a "call option," not an "all-in" bet.
David Vélez uses the "First they ignore you, then they laugh at you, then they fight you, and then you win" framework to describe Nubank's journey. This provides a predictable roadmap for disruptors, helping them anticipate and navigate the evolving reactions from established players.
David Vélez sees AI's potential beyond optimizing operations. He believes it will provide sophisticated, personalized financial advice to the masses, democratizing wealth management and solving for the 99% who lack access to true financial guidance, unlike their wealthy counterparts.
To break through a commoditized market where all banks looked the same, Nubank asked, "what is the most anti-bank color we can come up with?" The choice of purple was designed to evoke passionate responses and signal a complete departure from the traditional banking industry.
The contrast between Nubank's ambitious mission and its humble first office served as a powerful interview filter. Candidates put off by the environment were weeded out, while those who embraced the scrappiness were identified as true "missionaries, not mercenaries."