Exploring Global Opportunities in Fintech

In recent years, Shawn has noticed an increasing number of US-based peers taking executive roles outside their native countries. Today’s guests, Rob Kottmeier and Geoff Thiessen, are two such cases, having held roles at Brazilian fintechs (Rob at NuBank and Geoff at Creditas.)

Logistics

After the pandemic made remote work more feasible, both Geoff and Rob, drawn to the excitement of a new market and fast growth, took roles at the Brazilian unicorns while remaining in the US. Despite being more than a 10 hour flight away, both Geoff and Rob found “commuting” to be pretty easy. For Geoff, the distance felt inconsequential. Covid lockdowns meant everyone — Brazil or not — was dialing in remotely at first.

Nubank’s unique hybrid approach brought each team into the office for one week each quarter. From Rob’s perspective, it was the best of both worlds, balancing flexibility and connection (and efficient use of corporate real estate!) Another bonus of remote work? For Geoff, virtual meetings allowed him to translate Portuguese to English in real-time with Google Translate.

Talent

For Latin American fintechs, Shawn sees a ‘middle management’ experience gap: an abundance of promising junior talent and impressive senior leaders, but fewer experienced middle managers. Geoff found that in Brazil, fintechs are “batting above their weight” when recruiting and that the big four banks in Brazil have created a pool of competent recruits. By carefully hiring flexible thinkers and devoting time weekly to teaching a credit curriculum, Geoff found great talent.

Cultural Differences

Rob and Geoff both praise the positive, friendly Brazilian culture, but it has a flip side. As Rob explains, there is a hesitancy to critique. Geoff found it essential to encourage dissent, to counteract the strong respect for hierarchy in Brazilian culture.

Idiosyncrasies vs. Universal Credit Truths

Working in a new market, says Geoff, clarifies the difference between universal and market-specific knowledge. Each market has unique ‘ingredients’ but the ‘recipe’ of credit remains the same. Infrastructure, like robust identity verification or payments systems like Pix, and culture require adaptations. For example, Rob says, alternative data is essential in the Brazilian market, where credit bureau scores hold less weight among consumers. Geoff advises that you need to dig into every nuance when learning a new market, since some small, unintuitive differences will be critical.