Abdon Nacif, Co-Founder of Nexu - Building a Profitable Fintech, The Power of Servant Leadership, Developing Mental Toughness

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Abdon Nacif, Co-Founder of Nexu, the leading auto financing and dealership software platform in Mexico and one of the fastest-growing fintech companies in Latin America.

Nexu is growing fast, approaching $50 million in net annual revenue, and has been profitable for nearly two years. They have raised just over $30 million in equity and over $150 million in debt from Altos Ventures, Valor, HSBC, Wollef, Y Combinator, Fintech Collective, Clocktower, FJ Labs, and Gilgamesh Ventures.

I’m a big fan of Abdon and I love getting a shot of inspiration after every conversation with him. Not only have I known Abdon for over a decade, but at Gilgamesh Ventures we have been investors in Nexu for the past three years, with a front-row seat into their incredible story.

In this episode, we discuss:

Developing mental toughness as an entrepreneur

“It's not about stubbornness, Miguel, it’s more about understanding first principles. If you're going to offer value, if you're disciplined, we think that with discipline, you can reach the impossible, right? So work hard, focus on it, and do not distract yourself with unimportant things. Do not distract yourself with what other people think”

Building a company, especially one with large and global ambitions, is a grueling, emotional journey. For Abdon, success requires more than just intellect—it demands mental toughness and the ability to persevere through fear and uncertainty. By consistently pushing through tough situations and staying focused on long-term goals, company leaders can develop the confidence and resilience needed to move forward, even in the darkest minutes when you see no light at the end of the tunnel. It's not easy, and Abdon shares that his co-founder relationship with Fernando Gómez, has been absolutely vital in navigating the toughest moments.

Near-death experiences and a pivotal decision that resulted in a shift of business model

“We've had so many near-death experiences at Nexus… there were many times where there was no light on the other side of the tunnel. When we were in a hole that we thought that we could not get out of… we have an investor that twice told us we were written off their books.”

Surviving near-death experiences requires first-principle thinking and relentless focus. Nexu faced multiple periods with no light at the end of the tunnel during its early years, when the company’s original business model wasn’t scaling as expected. In 2018, with only $200,000 in the bank and an investor writing them off, the team made a bold pivot to financing customers directly at car dealerships. This decision was driven by a belief in the fundamental value they could offer, despite the overwhelming challenges, limited resources, and lack of direct lending experience.

Survival demanded creativity and sacrifices from the team. Nexu had to take some extreme measures to stay afloat, including asking key employees to lower their salaries in exchange for stock options, and also arranging for some staff to be temporarily hired by another firm to prevent losing these valuable team members. Abdon spent this period basically living at car dealerships for over a year, while his co-founder, Fernando, knocked on every possible door to secure debt financing.

The principles and discipline that led them to build a profitable business at a very early stage

“Life is about the person that you become, not just what you achieve.”

Nexu’s healthy unit economics are the result of disciplined growth fueled by necessity and focus. Early on, Nexu wasn't a "sexy" company. Instead, they faced challenging equity rounds, which forced the team to operate with discipline and do more with less. This lean approach is today embedded in the company’s culture, allowing Nexu to achieve profitability about 18 months ago. Even before market conditions made profitability a priority and the incentives were stacked very differently, in 2020 and 2021, Nexu was already focused on driving the company to profitability. There is also a strong sense of unity and purpose that distinguishes Nexu's cohesive culture, where employees deeply care about their work and mission. You can trace a direct line connecting the company’s cultural strength and their early challenges

Abdon's leadership philosophy and focus on authentic, selfless leadership… and a lot more!

“Reed Hastings, the Co-Founder and CEO of Netflix, came, and I loved something that he said. And he said, ‘to be a great leader, you got to be a great person. You got to become a great person’. So, it's something that we strongly believe here at Nexu.”

“I don't think that starting a company is for anybody. It's not a cool, sexy thing to do, nor glamorous. It's really tough. It pushes you to your limits.”

For Abdon, true leadership comes from a combination of servant leadership and authenticity. He believes leaders must be selfless, supporting and empowering their teams, while also being true to themselves. This authenticity is the essence that builds trust and stability within the team, as employees can more or less predict how their leader will act and respond. Leadership is not about emulating others, but about being a consistent and genuine version of oneself.

Abdon’s Book Recommendation:

He is a big advocate for embracing tough challenges as a path to growth, inspired by the Stoic principles in The Obstacle is the Way by Ryan Holiday.

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Miguel Armaza is Co-Founder & General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.