David Velez founded Nubank in 2013 with the idea of taking on big banks in Brazil and leveraging technology to change how financial products are served in the country radically.
Mercado Libre has seen great success in providing financing to millions of people who struggled to obtain it through traditional lenders.
Just before lunch, after a morning of fireside chats at LendIt Fintech LatAm, was the heavy hitter Pierpaolo Barbieri, CEO, and founder of Ualá.
LatAm fintechs have a massive advantage over traditional financial companies: a lack of a robust, cost-heavy physical infrastructure that thwarts cross-border expansion.
The report found that the traditional playbook of developing branches and building relationships may count "for little in a world where a mobile phone is the principal' real estate', and word-of-mouth – often via social media – becomes the most powerful form of validation."
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