Nuestra historia 📲 #SomosUalá

Ualá Argentina

14 Jan 202010:19

Summary

TLDRThe video script narrates the inspiring journey of a team aiming to revolutionize Argentina's financial system, which had left over 50% of the population unbanked. Starting with nothing but an idea and determination, they faced skepticism and challenges, including a 12-year hiatus on bank licensing. Undeterred, they persevered, developing technology and partnerships, particularly with Mastercard, to launch a digital banking solution. Their innovative approach led to rapid growth, surprising even themselves as they reached one million users in two years. The story highlights the importance of a strong team, a clear mission, and the power of innovation to disrupt traditional systems and create a more inclusive financial landscape.

Takeaways

🚀 The team started with the vision to revolutionize the Argentine financial system in 2015, driven by the fact that over 50% of the population had no access to formal banking.
🏦 They faced skepticism and were told that obtaining a banking license in Argentina was nearly impossible, with no digital banks existing at the time.
🤔 The idea was initially met with doubt, but the team's determination only grew stronger with each challenge, aiming to disrupt the status quo.
💡 The project began with extensive discussions and meetings, often held in informal settings like Starbucks, reflecting the team's innovative and unconventional approach.
🛠️ The team had to rebuild the technological infrastructure from scratch to support their ambitious goals, which took over a year and a half.
🤝 They collaborated closely with partners like Mastercard and a global processor to launch their first card, demonstrating strategic partnerships were key to their progress.
🎉 The launch of the first card in October was a significant milestone, marking the transition from idea to tangible product in the market.
📈 The initial response was overwhelming, with the number of users growing exponentially, surpassing all expectations and reaching 100,000 users within three months.
🌟 The team's hard work and dedication paid off, as they reached one million users in two years, a testament to the success of their inclusive financial system.
🌱 The company culture emphasizes transparency, horizontality, and a strong sense of mission, which is noticed and appreciated by the employees.
🌐 The success of the company has led to expansion, with staff now located in different buildings and countries, but the core values and spirit remain intact.

Q & A

What was the initial motivation behind the creation of Wallace?
-The founders were motivated by the fact that over 50% of the Argentine population had no access to the formal financial system, which they found shameful, and they wanted to change this situation.
Why was obtaining a banking license in Argentina considered a challenge?
-Obtaining a banking license in Argentina had not been possible for 12 years, and there were no digital banks or anything similar at the time, making it a significant hurdle.
What was the initial reaction of people in the financial system when the idea of Wallace was discussed?
-People in the financial system told them it was impossible, and this reaction fueled their determination to make it happen.
How did the team initially start working on the idea of Wallace?
-The team started with numerous discussions and meetings, speaking with many people within the system, and eventually moved to informal settings like a Starbucks for their first meetings.
What was the first meeting location for the team working on Wallace?
-The first meeting took place at a specific Starbucks, where they spent about 5 hours discussing their ideas.
How did the team manage to work without a formal office setting initially?
-They worked from various informal locations, including a Starbucks, the house of one of the team members, and later transitioned to remote work.
What was the process like for the team during the early stages of Wallace's development?
-The team faced many challenges, including understanding the business, learning what was available, and working for over a year and a half without being able to launch a product due to the need to reconstruct the technological infrastructure.
What was the team's approach to launching the first product?
-They worked tirelessly, even manually validating users during the initial launch weekend, and were surprised by the rapid growth and acceptance of their product.
How did the team feel when they saw the growth of Wallace in terms of user adoption?
-They were pleasantly surprised and motivated by the rapid growth, which exceeded their expectations and confirmed that their idea was resonating with the public.
What was the team's vision for Wallace in terms of the financial system in Argentina?
-Their vision was to revolutionize the outdated and closed financial system in Argentina by creating an inclusive, attractive, easy-to-use financial system for everyone.
How does the speaker describe the culture and values of the company behind Wallace?
-The speaker describes the company culture as horizontal, transparent, and open, with a strong emphasis on enjoying work and believing in the mission, which is a key factor in their success.
What was the team's initial goal for the number of cards issued by Wallace?
-Their initial goal was to issue 100,000 cards, which they considered a dream success at the time.
How did the team manage to maintain their culture as the company grew?
-They made a great effort to maintain their culture, ensuring it remained a place where people enjoyed working and believed in the mission, which was as important as the day they had no users.
What does the speaker believe is the key to Wallace's success?
-The speaker believes that the key to Wallace's success is the human team working behind it, their dedication, and the culture they have maintained.
What does the speaker see as the future of Wallace?
-The speaker sees no limits for Wallace, as they continue to innovate and have many ideas for the future, with the team taking the project personally and feeling proud of their work.

Outlines

00:00

🚀 Launching a Financial Revolution in Argentina

The script describes the inception of a project aimed at revolutionizing Argentina's financial system. The team felt a strong sense of duty to address the issue of over 50% of the country's population lacking access to formal banking. Despite the skepticism and the belief that the financial system was set in its ways, the team was motivated to challenge the status quo. They faced significant hurdles, including the absence of digital banks and the difficulty of obtaining a banking license in Argentina. The team's journey began with numerous discussions and meetings, often held in informal settings like Starbucks, and progressed to developing a product that could make a significant impact. The narrative highlights the team's perseverance, innovation, and the challenge of transforming an idea into a widely-used product.

05:01

🌱 Growing from an Idea to a Million Users

This paragraph details the growth of the financial project from its early days to reaching a milestone of one million users. Initially, the team was unsure if their product would be successful, but they were determined to create an inclusive and attractive financial system. The launch was met with an overwhelming response, exceeding all expectations, and the team had to manually validate users due to the high demand. The narrative emphasizes the team's hard work, ambition, and the excitement of witnessing their idea come to life and impact people's lives. The company's culture is highlighted as horizontal and transparent, which the team believes contributes to their success and ability to innovate within a traditionally closed and outdated financial system.

10:01

🏆 The Success of Wallace and the Team's Dedication

The final paragraph reflects on the success of the financial project, named Wallace, and the team's commitment to their mission. The company has grown to have a presence in multiple buildings and countries, yet they strive to maintain their original spirit of openness and horizontality. The team takes pride in their work, seeing it as more than just a job but as a part of a financial revolution. The narrative underscores the importance of the team's culture, their belief in the mission, and the personal investment each member has in the project. The success is attributed to the collective effort and the shared vision of creating a better financial system for everyone.

Mindmap

Keywords

💡Financial System

The term 'Financial System' refers to the network of financial institutions, markets, and instruments that facilitate the creation, allocation, and management of money. In the video, the financial system is central to the narrative as the speakers discuss their desire to revolutionize the Argentine financial system, which had historically excluded over 50% of the population from formal banking services.

💡Inclusivity

Inclusivity in this context means creating a financial system that is accessible to all segments of the population, regardless of their economic status. The video emphasizes the founders' goal to make banking services available to those who were previously unbanked, thus promoting financial inclusion as a key aspect of their mission.

💡Digital Banking

Digital banking involves the use of technology to deliver banking services outside of traditional bank branches. The script mentions the lack of digital banks in Argentina as a problem the team aimed to solve, indicating their intention to create a modern, accessible banking alternative.

💡Banking License

A 'Banking License' is a legal permission granted by a regulatory authority that allows an entity to operate as a bank. The script points out that obtaining a banking license in Argentina had been halted for 12 years, highlighting a significant barrier to entry for the team's innovative banking model.

💡Status Quo

The 'Status Quo' refers to the existing state of affairs or the current situation. In the video, the team is described as going against the status quo by challenging established financial institutions and traditional banking models that have remained unchanged for years.

💡Innovation

Innovation is the process of introducing new ideas or methods. The video's theme revolves around the team's innovative approach to solving the problem of financial exclusion in Argentina by developing a new model of banking that leverages technology and inclusivity.

💡Unbanked Population

The 'Unbanked Population' refers to individuals or groups who do not use or have access to mainstream banking services. The script highlights that more than 50% of Argentina's population had never had access to the formal financial system, which the team aimed to change.

💡Launch

In the context of the video, 'Launch' refers to the introduction of a new product or service to the market. The team's journey culminates in the launch of their banking product, which was initially met with uncertainty but eventually led to significant growth and success.

💡Growth

Growth, in this case, refers to the increase in the number of users or customers. The video describes the team's surprise and excitement as they witness their product gaining traction, with the number of users growing from a few hundred to a million, indicating the success of their efforts.

💡Technology

Technology plays a crucial role in the video's narrative as it is the tool the team uses to create a new banking model. They had to reconstruct the technological infrastructure to support their vision of a digital, inclusive financial system.

💡Teamwork

Teamwork is the collaborative effort of a group to achieve a common goal. The script emphasizes the importance of the team's collective efforts, from the initial discussions to the launch and growth of their banking product, highlighting the spirit of collaboration and shared commitment to the mission.

💡Horizontal Company Structure

A 'Horizontal Company Structure' refers to an organizational model where hierarchy is minimized, and decision-making is more distributed. The video mentions the company's horizontal structure, suggesting a culture of openness and equality that the team believes contributes to their success.

Highlights

The team started with the goal to revolutionize the Argentine financial system in 2015.

More than 50% of the country had no access to the formal financial system, which was a source of shame.

The idea of creating a digital bank was initially met with skepticism due to the lack of recent banking licenses in Argentina.

The team faced the challenge of breaking the status quo against centuries-old financial entities.

The project began with eight people, a strong idea, and good intentions.

They had to reconstruct the technological infrastructure to support their vision.

The first meeting took place at Starbucks, indicating the informal and bootstrapped nature of the project's start.

The team worked remotely and in various locations, such as a Starbucks and a member's house, to develop the product.

The initial goal was to address the serious problem of financial exclusion in Argentina.

The team worked for over a year without launching a product due to the complexity of setting up the necessary systems.

The first card was launched in October after a long development process.

The team was obsessed with the project, working outside of regular hours and on weekends.

The launch was initially met with uncertainty, but the team was surprised by the rapid adoption of their product.

The growth exceeded expectations, with the number of users and issued cards skyrocketing in a short period.

The team had to manually validate users during the initial launch due to the unexpected high demand.

Within two years, they reached a milestone of one million users, a significant achievement for the team.

The success of Wallace is attributed to the human team's hard work and the effort to maintain a strong company culture.

The company aims to continue its spirit of transparency, horizontality, and innovation.

The team feels proud of their work and believes they have no limits in achieving further success.