Luis Silva, CEO/Founder of Cloudwalk – Building a Multiplanetary Fintech, Why GenAI is Your Ally (And Future Boss), From Zero to $400M in Revenue
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I sat down with Luis Silva, CEO & Founder of Cloudwalk, where they are building an interplanetary payment network. Headquartered in Brazil, Cloudwalk has now expanded internationally, is profitable, and recently crossed annual revenues of $400 million. They are backed by Valor Capital Group, Coatue, DST Global, Plug and Play, The Hive, and many more.
In this episode, we discuss:
Benefits of extreme long-term planning – why you should think in thousands of years, not just in quarters or decades.
“I say that we're building an interplanetary payment network, starting in Brazil. So, first Brazil, then the whole planet Earth, and then other planets. And initially, the reaction is ‘Oh, that's crazy. It's a joke. It's pretty funny.’ But I really mean it. Because when you start thinking in terms of 10,000 years. In 10,000 years human civilization is going to be interplanetary. That's for sure.”
As a member of the Long Now Foundation, Luis has learned that stories and principles have the power to endure for millennia. As entrepreneurs build for the distant future, they must consider how to craft inspiring narratives and build on resilient, foundational concepts. Thinking thousands or even tens of thousands of years into the future completely changes your perspective on business. It forces companies to consider how their technologies and decisions may impact civilization, society and the planet over the very long run. Taking the long view helps simplify decisions in the present. When Silva considers how Cloudwalk may serve interplanetary commerce in 10,000 years, the strategic path for the next 20 years comes into clear focus. Extreme foresight breeds extreme clarity.
An optimistic take on AI – why Luis is convinced this technology will help humans become better humans and improve society
“The future is about relationships between humans because the Ais are going to do anything… intelligence is a commodity.”
Luis is convinced that the rise of GenAI will commoditize basic intelligence, but being human will become even more valuable. As AI systems get smarter, qualities like relationships, creativity and emotional intelligence that make us distinctly human will be where we can offer the most value. In his view, advanced AI will help humans reach our full potential. Rather than replacing us, GenAI systems of the future will take on mundane work and allow people to pursue their passions. Companies like Cloudwalk are already using AI to massively boost productivity and let employees focus on improving society.
How treating GenAI as an ally can help you massively accelerate and improve productivity
“Half of the customer experience we give today to our customers is managed by humans. And half of the customer experience is managed by AIs. We created this AI agent. It's called Claudio.”
Cloudwalk has achieved the top spot in customer experience in Brazil by employing a hybrid model that combines AI with human support. This approach ensures that while half of the customer interactions are efficiently managed by AI, the other half receives the personal touch of human agents. This balance has been crucial in maintaining high customer satisfaction and operational efficiency. The centerpiece of Cloudwalk's AI strategy is 'Claudio', an AI agent developed using large language models, including OpenAI's technology, and further enhanced with Cloudwalk's own datasets and models. This AI agent is so adept at handling customer queries and issues that it often gets mistaken for a human, demonstrating its advanced capabilities in understanding and responding to customer needs.
Beyond customer service, Cloudwalk is leveraging AI in a critical area: fraud prevention. Silva highlighted the use of AI algorithms to prevent significant financial losses. This application of AI is particularly vital in the context of Brazil's instant payment systems, where rapid transactions can be prone to fraud. Cloudwalk's AI not only detects potential fraud but also ensures the security and integrity of financial transactions.
By providing AI tools to all employees, Cloudwalk has seen productivity increase 50% or more as routine tasks are automated. Silva believes the next generation of "AI managers" could further boost efficiency 100x by overseeing work allocation.
From humble beginnings in a small town in Brazil to building a global fintech giant, founder advice… and a lot more!
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“[In entrepreneurship] I think you're going to have the best time of your life. But also you're going to have the worst time of yourlife. Most of the time It’s going to be like eating glass every day.”
Luis doesn't sugarcoat the entrepreneurial experience; he describes it as a mix of the best and worst times. Founders should be prepared for extreme highs and lows, akin to "eating glass every day." This stark metaphor underlines the resilience and mental fortitude required to navigate the startup landscape. His advice? Embrace this rollercoaster ride, recognizing that the challenging moments are as much a part of the journey as the triumphant ones. Amidst the turmoil, it’s also important to take care of yourself and find joy in the journey. He advises future founders to take care of themselves and their families, ensuring that personal well-being isn't sacrificed for business success.
Luis also reminds founders that with today’s technology we have "godlike powers." He urges future founders to think beyond profit and business growth, considering how their technological innovations can positively impact society and the planet. This perspective is not only ethically sound but also aligns with a growing trend in the business world where societal impact is becoming a key measure of success.
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Miguel Armaza is Co-Founder & Managing 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.
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