Nuestra historia 📲 #SomosUalá

Summary

The 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.