José Vélez, Bold | A Fintech Masterclass, Becoming a CEO, and the Art of Recruiting [Ep. 81]

The audio and video are in Spanish. These notes are a translation.

Fintech is the startup sector that attracts the most capital and talent in Latin America. And today we spoke with one of the most experienced entrepreneurs in fintech in our region: Jose Velez, CEO and cofounder of Bold.

Bold is a solution that allows SMEs in Colombia to receive card payments, and its vision is to become the banking platform for SMEs. Bold has raised 70 million dollars from investors such as Tiger Global, General Atlantic, Global Founders Capital, and Amador Holdings, and it has more than 150 thousand customers.

José gave us a class on strategy, the challenges of scaling, and Unit Economics in fintech. We also talked about the key tasks and responsibilities of the CEO, and how to recruit talent: what qualities to look for and the common mistakes entrepreneurs make.

Youtube Timestamps*

[1:25] - Fintech Lessons

How did José arrive at the fascinating world of startups?
What was Bold’s “aha” moment, and what motivated José to start a company in that particular market?
José took inspiration from Square in the USA and Stone Pagamentos in Brazil. What did he look at? What are those key aspects of the business or the strategy that define the success of a fintech?
What is the hardest part of scaling a fintech, and what lessons have been key so that José could build Bold?
How does José suggest identifying the ideal segment to be served by a fintech?
José explains how the Unit Economics of his business model work and how they can build a massive business while apparently earning so little per customer.
What opportunities does José see for expanding Bold’s services to those who are already its customers?

[16:14] - Evolution of a CEO

What are José’s responsibilities as CEO? And how do they evolve as the company goes from a validation stage to a scaling stage?
What was the hardest thing for José to get through as founder of his second startup?
José left PayU when it had more than 400 employees and was billing 80 million dollars a year. Today, he leads a team of 650 people at Bold. What is the hardest part of this process of evolving as a CEO?
How does José decide which tasks you should do as CEO, versus the tasks that should be delegated?

[27:05] - The Art of Recruiting

What qualities does José look for in executives for his company, which is growing rapidly? And what questions reveal them?
Why does José not prioritize experience when hiring people for his team?
How does José balance the speed of hiring and the time to evaluate whether the candidate is the right one?
What serious mistakes does José see other entrepreneurs make when recruiting?

[34:40] - Tweet Round

Book recommended by José
Changes José would like to see in the startup ecosystem of Latin America
Founder that José recommends interviewing

Episode Mentions

You can find José on LinkedIn

Recommended book: Utopía para Realistas by Rugter Bregman

Founder to interview: David Velez of Nubank

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Follow Enzo Cavalie on X: @enzocavalie.