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Micky Malka

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2024-12-10
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2024-12-10
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  1. “Thank you, Pedric. And what I've learned from this time together with you is that you have this. How to get to know people. And you have this amazing gift to look at beyond what most people see. So keep it. Do whatever you're doing because I think the best of Patrick is yet to”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “My father who passed away a long time ago when I was 16 years old, I remember being in high school sitting in the couch watching TV at four PM and he looks at me and said You don't deserve to be in this couch. You should be active, you should be doing something because the world has big ambitions for you. And that was it. And he turned around and left. I started working the next day. I went and applied for a job and started working. I've never stopped. And he was right. That message, that moment at that age, at that particular day was what I needed to hear to get the confidence, to get up and start. And something in him knew that he was there and I was just not waiting to initiate it.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Me and for what this means is are we going to be around in five years or ten years? The answer is I don't know. Are we going to be doing what we do today or something completely different? The answer is I don't know. Will we ever raise a fund again? I don't even know. What I know is when you put a group of people together that are passionate about meeting others and engaging and learning. The inputs into the machine are things that will make the world better. Output on the other side is magical”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Oh my God, we can do a whole podcast just on Radio. Twice before. First, the world was not ready. To see Rig leave this planet, and that's why US air flight, amongst other people, had a reason to survive. What he brings in terms of value systems, in terms of motivating everybody around him, what he brings in his energy and his charisma to always say what he thinks no matter the consequences, it's quite spectacular to watch. And he's only getting better as the years go by. I think what he's taught me the best is to live a life full of joy on how he can do it at all different levels. He's older than me, so I can always look up and see what it looks like in a different faces. I've learned how to manage the different cycles as one gets older, but more importantly, not to forget where you came from. And you can see the full loop on him now embracing even more his routes to Puerto Rico. And I think that full.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Wow, I will ride. Never forget where we came from. Always remember less decisions is best. And be genuine to yourself and to everybody around you. I'm sure they will do great.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Listen, I can swim in a river, I can swim in an ocean, I cannot swim in a pool or a hot tub or sit on one because the water is still. It doesn't move. Everything that I enjoy has to have movement. I walk every day. Nothing is static.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “So I'll probably say okay. All right, let's go figure this one out. So we just start the conversation, right? And it always goes by asking a few questions, clarifying questions, and then it goes to this path and says, okay, what have you thought about your options and double click on those a little bit? And typically they know the answer. They just haven't thought through it. So where I have the most joy when I get those challenge calls is that... Can really help them figure it out the first decision they need to make. Not all of them, just the first and the most immediate one. And when that happens, they can unlock the rest. But sometimes they're stuck in making just the first simple decision. And it's not simple, but in many ways it's always easier from the outside.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Get out of here off Silicon Valley, but actually, because the world is much bigger than Silicon Valley. And I get a lot more energy from outside that I bring back here when I'm home with my family, with my kids and at work. And that is what gets me excited. When I meet these young people, I was at the crypto conference in Singapore a couple weeks ago. It was my first time in a conference in 10 years. I've never been to one in 10 years. You know what got me excited? I heard over 35 languages being spoken in the booths. I counted them. That was so energizing. It's just a reminder that this is much bigger than one tends to, than Gary Gensler, for example. Those things are going to be really excited.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “I feel that there's so much still to be done in build that I get excited in so many different directions. But more importantly, I'll tell you, is when you travel the world, it's what gets you more excited. When you spend time and you meet people anywhere in the world, on any country, on any situation, on a vacation, on a work trip, on an airport, and you just meet these people, all of them trying to build. 99% of people in the world are good people. And you get to meet them and you see their energy and you get energized by that. I mean, I end up traveling a ton. Not because I like...”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “So we never catch the check, but we framed the check and it's framing this wall as a reminder of a story that works like that. It's not dissimilar than Bercha Hathaway, keeping the name of the two companies that he took bankrupt because that was his first business. It's just reminders of who you are like that. And so we embrace a lot of those.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “As a teaching moment, so we've had many teaching moments, we had great stories here of all kinds. We had great outcomes, but we had teaching moments. And we always talk about the teaching moments. And we have a wall with all of the moments that are like that where we stick these things and we leave them in prosperity so people learn from it. That's a great story Nick is going to love me to say. When we started, he had this passion for this idea of this business in the early days. And we were just starting and he was so convinced and it was enamored. He put so much time. He gave him a million dollar check to this company to start and do all these things. And I was never convinced from day one. And I don't know. It's not about being right or wrong. It was just, but you let them do. You risk management is, can we afford that kind of bet? The answer is yes. That's a teaching moment. We'll see what it brings. Long story short, the company doesn't work and we get a check back for 93 cents.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “I incentivize all of them to try different stuff and try different experiments and go meet different people. We incentivize them to go deep in an area of any kind of area that they want to go as long as they come back and share the knowledge. And if they can articulate it, then they're learning. The other thing you do is you put them in positions to allow them to experience that. Most people are afraid of sending somebody who's 25 or 26 to a meeting because they're afraid what they're going to say you cannot be afraid. You got to do it. And if they make a mistake, own it.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “When I see people around me having joy, when you see that they're doing what they're meant to be doing, when you see that they wake up and they are asking and they're learning and they're interacting and they're building what they want to build, that gives me joy. And the younger they are, the more joy I get.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “A bad way, it's when somebody lies. I have no room for lying of any kind. My way of being the way we're at home with our kids, we embrace mistakes, we embrace multiple mistakes, but never lying. Lying is the one thing that really just gets me emotional. I always start by trusting everybody 100%. And all you can do is lose the trust. There's people that are opposite. They give zero trust and as they get, you know, you get 200% or maybe 50%. I always start at 100. And that part emotionally drains me, takes away my energy when there's lying. What gives me energy and where do I get emotional?”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Oh my God, so many. For example, 2022, when everything started to blow up, the attention to this space died 2020 to 22 was probably five years condensing to two because of COVID and lockdowns did so much to this space that accelerated everything. If we hadn't had air to breathe then and to take time to think, we would have made 100 mistakes. So the plot of actually the market slowing down dramatically was one of the best blessings we had because we saw that Fintech was dying. And if we hadn't stopped, we wouldn't have seen it. We would have missed it and make a lot of mistakes. You have to bless market cycles when they give you time to think and embrace it as a moment to think versus trying to say, oh, the momentum is gone.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “because the impact you can have is limited by the amount of people that you can touch. And the more concentrated you are there, the more impact you can have and the more present you can be. And I think, for example, if we do a good job on understanding the grid and we do thesis-driven work on what needs to happen there, how do we solve identity first? And how do we do this? And we find the one or two or three things that matter the most on identity. We should do that and not do anything else. And then think about the second chapter of the grid and then do the same. But you don't have to do 50 things to express our opinion. And I think that's where it gets diluted. It's not us, but I will even do less.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “I try to correct that on a daily basis. Definitely a lot more concentrated. And the other mistakes that are probably correct on Rivet 2, I think we already are on Rivet 2, so maybe Rubit 3 is probably the use of our time. The more time we spend in getting to know founders and spending time with them, like really getting to know them and become trusted, the more valuable and the more joy we have. So even though I feel really good that we have a bunch of friends and the best metric of that is that almost every founder that we've backed has later become an LP or an investor in our funds just because of that relationship. I will still double down and spend even more time with them.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Wow, I thought you had asked I would say for as much as I told you about concentration, I will even be more concentrated.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “A home closer to whatever kind of loan, you want to make sure they're not paying high out-of-market rates. You want to make sure they're not thinking about getting their knees broken with a bat because they cannot pay the tug on their neighborhood, but they're getting it from somewhere institutional that has a process, an underwriting, a credit score. That's why money makes life better when you can access those things, because suddenly if you can barely get a loan to pay until the next payroll, but now you can get a loan to buy a car, a mortgage, or build your own company, it will make life better.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Because if you're sitting in Karachi or Bangalore or London or Caracas or Riyadh, and all of us have access to investing our money in the same product, the level of transparency on opportunities of investing are unique. Why does a customer only need to be at a private bank super high end to get the best products? So if you can save the same way anywhere in the world, and that's a promise of crypto in many ways, the crypto rails, the grid giving you access to the same product anywhere in the world, then people have better risk return adjusted income, which will probably allow them to buy a better home or get their kids to go to a better college or pay for tuition or have less debt. And the same on the debt side. If you have to take a loan to expand yourself, to bet on yourself, to buy a car because you need to get a better job so you can drive there.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Physical, but the walls are digital, there's physical in the middle, you're immersed in the peace, in the way it was built in the story that was trying to say, it talks to you, it lives to you, and you can tap somewhere and live with some a piece of that art. How will that feel in your story, in your life? It definitely feels a lot more richer talking back to where people are heading. And so that to me is a proxy of where the world is going on everything. An art is just ahead. But that's how we're going to feel about a lot of our things and all the podcasts that you've done around IoT, AI engines, and where money is flowing and how people are investing, all those things will show in these things in the next couple decades.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “My wife and I start to look at the museums of today, the Moa and others, and And they feel like bank branches. Feel like, why would you go to a bank branch anymore? Really? A teller, a window? What is this? And the museums feel like that. They're white, they're sterile. They have this big walls with one piece of art and a little plaque that you gotta just bend over and read or you listen on your headphones. The two things you can do is either take a photo, good luck seeing it again on your phone, you will never again see it on your phone, or take a selfie of yourself. And there's no immersive, there's no ownership. How would it feel if you go to a digital art museum that is born to be digital?”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Now they're not just one artist doing one thing. So we slowly started to get into this and then we started to meet these artists. And guess what? These artists are Most amazing people to go hang out with. There's no Primadonna's, there's no language I gotta maintain or way of speaking that I gotta say about DI or some other. They're just genuinely people that were artists other lives, but they had to study computer science because they had to get a job and they could never express themselves and suddenly they can. So you just go, you meet people or you go meet some Sprat or you go meet MPOS, which is a piece that you liked here or Scott from the Dream Machine. And there are just amazing human beings and artists. And you can see what art looked like in Paris in the 1920s when they gathered over coffees. And it felt like going back to a Bitcoin conference in 2013 when the first people were starting it. It's just that kind of energy that you cannot see. And then...”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Suddenly looked like something from the 1950s that we knew. But it was completely different. It was the same, but it was different. It was dynamic. It moved. It was the same kind of concept. And we was like, what is this? This looks like real. This doesn't look like a meme. This looks like something completely different. We went down that rabbit hole and then said, what are the crypto punks? And oh wow, there's only 10,000 of them and they're the first ever generative art ever put on chain and what does it mean? And the community of crypto punks is stronger than any other community, literally. I think it's even stronger than the community of people that own a Ferrari around the world on how they speak, how they relate, how they identify themselves. These are truly aspects that I have not seen. You are seeing network states. There's a lot of talk about network states. There are network states getting built around some of these movements. And you can see their movements.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “And it was present everywhere. It was present in the highways, in the universities, in the shopping centers, in the museums. You saw it everywhere. So we grew up seeing modern, beautiful artists and their concepts. And when we started on this journey, she's the one that got us back to that journey together in the last number of years. But then during the 2022 downturn, when things started to cool down a bit and we had more bandwidth and I had more free time, I had missed completely the NFT craziness of the first vintage of 19 to 20, completely missed it. We were so busy with other stuff. I hadn't seen anything. I was like, what are these things? People are trading these tokens. I felt like it was like game stuff, kind of meme stuff. But then in 2008, 22 stumbled upon, as I had even more free time, a R piece that's”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Growing every Venezuela, my wife and I are both from there. Venezuela had some of the most amazing artists in the world when we were kids. So in the 50s and 60s, Venezuela had the highest GDP per capita in the world. It was Saudi Arabia before we were even born. And the Venezuelan artists were leading some of the best art movements worldwide.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “The crypto branch who came up with the Bitcoin logo, there's no brand story there. And despite all of those things, look at what it has done. Imagine if it had a grip. One day that will happen, but not yet when you look at the best companies around the world, you took some ear from Fompei or David from Neubank or you talked to Nicolae Revolut, how they built it. They never spent a lot of money on marketing. All they did was over-deliver on what they promised. And that's what it takes.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “Our brand needed to come from the founders. Our brand needed to come is when you ask any founder who is the first person you call Would they say rivet? And if we win that battle, that's our brand. So what I've learned about it is that when you talk to entrepreneurs in our space, in space, in around e-commerce or digital financial services or crypto, crypto has a terrible brand for the record.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “It's the topic that I've been spending the most time the last two years. Outside of these trends and what we need to do here. Have some of the greatest podcasts on run stories too. I think at the end, brand is to underpromise and over-deliver on anything that you do. And that's how great brands get built. So if you can do that and you can be a great storyteller of that under promise and over-deliver, No matter what area you are, you will win. Now, what I find interesting is that most people are not trained to think about brands. No one taught them about this concept. They didn't start it in college. They didn't grow up in an environment, even though America's brands around the world are some of the best in everything. When we were building Rivid, I always said, why are we not doing active speaking or marketing or Twitter?”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “What in your framework does not give you the right to punch that card? Why get Stockholm value when you have a ray of exposure to people and as you get older your gut overtakes your brain and you gotta trust it more So that's a way I think of it I said am I gonna build a business like that? Probably not because it's not the right way it's really hard to do it and you end up gambling a lot more than you are investing but would you make an exception when you find somebody unique and just close your eyes and said don't look at it for literally five years ten years and just save this person became amazing and if not learn why definitely you should do it”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Exactly, that's all you should do in your life, and be very careful. I think we each one have one of those to just back amazing people regardless of value. So, you're not going to do that every day. You're not going to do that every year. But I put myself in your shoes and say, okay, Patrick, you have interviewed almost every smart person there is to interview in America, and eventually you will do this around the world. You have met them, you've seen them vulnerable, you've seen them speak, you've seen them interact, you talk to them online, offline, and then you find somebody who blows your mind away.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “I don't. I don't think about returns. I think returns is an output metric and I focus a lot more on the input and I let the output take care of itself. Now one thing that a friend of mine, a dear friend told me early on in this journey, Ribit was great work, you got your first fundraise, but guess what? You only truly win your stars on your shoulder when you return capital. So that stuck with me. It stuck with me in so many ways that from early on I was always thinking about it instead of trying to build an empire of AUM and I always looked up at Bershire since I was a kid. how they compounded and compounded and compounded the balance sheet. I understood that I was playing a different kind of game than that and just the differences on that.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “That model, it can break, or the inertia just expels it off. So it's very different. And we tell that with companies, like companies said, hey, but am I going to talk to you? Am I going to talk to Nick or Nikolai or Justin or Eva? Or say, no, you gotta talk to everybody. You will find that you will call Justin for something and you will call Sach for something else and you'll call Eva and you'll call Cindy. And then typically, typically when the shit hits a fan, that's when they call me. That's a call I get. When something goes really wrong. The other calls everybody else gets, but that's how it works.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “Train them in our ways, grow them in an organization that has no titles, no job descriptions. You will change your role multiple times on any given day, week or month, or year. We will shift. You gotta be able to be good at self-expressing yourself because you have to teach. Every moment you come back from a meeting, you got to teach back everybody else. We are only as good as the knowledge that you transfer to the rest of us. If the knowledge stays with one person, you're fried. It's a dead-end street that has no output. So that by itself drives a different kind of people. We don't bring stars. Everybody has become a star being here. There was nobody, oh, he was great there. We brought him here. No, they don't jail because the team wins as a whole. So that joy that comes from working together only comes when you have that. Once you put something different to the inside.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “And that was the moment where I said he gets people. He didn't start by talking about the numbers or the market. He just said X name and X name, they came from this company. This is what my guess is this is their behavior. This is the way I read, the way they speak. And this is what they're saying. And it was just so human. So I think fundamentally from the beginning, and then we added Nikolai a little bit later from Bulgaria, and he was a Morgan study. But we've just added people that had grit, had passion for the space, and had this ability to truly be humans first. Literally just good people. And after that, you just work on the skills. So our culture has been bring them young.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “He's 10 years younger than me. He's much smarter, much more thoughtful. There was one thing that I remember from our first conversation I gave them a case study to go look at. It was a company in Europe that was one of the first big fintechs and I said, go study it and we'll have breakfast and chat about it. And he came back and talked about this company, but talked about the founders by name.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “I never believed in titles and never believed in job descriptions or, hey, I'm looking for this and here's a job description. I thought it was, again, those are labels. And the mindset of labels, I think you got to start backwards. Start just finding amazing people. No assholes. Nick is one of the smartest persons I've met in my life. By the way, he's the only Ivy League guy we have in the entire rigging team, so that tells you there's a lot of joy in that story.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “And even today, when you hear his earnings call, you fast forward 15 years now or 14 years, and you hear his earnings calls and you leave the earnings call, it's exactly the same thing he was saying 10 years ago or 14 years ago. So our joy to be able to be there on those first conversations and to be as an investor still in those earnings calls because we bought more shares in the public market or whatever. It's just consistency. We look at our notes from David from our firstborn meeting when I was there in 2016 or 17 to now, it's the same.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “So they had no distractions. David was super focused on not getting distracted with any external metrics or validation. And you see it on the way he built that cap table. Same investors were there all the way from the beginning, all the way to the end. You didn't have a bunch of people coming in or coming out or changing. He just wanted to maintain discipline on how he did what he did. And on the digital side, he just truly understood always what was the customer's pain and was willing to address it directly. I remember when he started and if you were transacting with your credit card and they saw that you were paying for a vet, they will send you cookies to your house because it meant that the animal was sick. They were just really thoughtful about how to build that trust and that brand loyalty, which is so critical for the success.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “Agree with you, he's one of the best in the world by far from inception, the talent of people he convinced to move to S ⁇ o Pablo. They had no Portuguese, they had even ever been there, and yet they were moving. And from day one, from his Stanford Business class and other friends, it's just insane. was number one the way he always thought about it and he has kept that high bar even to date they are known for having some of the best talent worldwide and they're loyal and they want to stay there and want to build brands so that culture that he did was very unique the second thing was he kept his head low for as long as he could if you went to Brazil in those first five seven years they would laugh at Neubank no one knew a number no one knew a technology stack they were building no one knew anything about them and the less they gave out the better”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “I think there is. We're just starting to see the CEOs of these companies are all people that now grew up with the internet one way or the other. So they're much more native digitally than if you had to have this conversation 10 or 15 years ago. So their appetite to understand what are the limitations they have inside that they cannot replicate versus what they can do with technologies and build something that has a independent life app tied to the mothership one way or the other, it's much better now than any other time in the last 40 years.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “And say, Walmart, with your phone, the only way to do it is through one, the one app. And the beauty of working with them, we got to understand what it was to work with a big company from Inception, what are their data sets, what are their concerns on privacy, what other concerns are regulatory, how to build these kinds of ideas. And it's very unique in the sense that you have the trust of their millions of users from inception to go build something. So that was what we were doing during COVID versus trying to do a lot of other investments later stage and pay higher multiples. We were building from scratch something that right now we're starting to see the joy of it.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “And what I learned from that experience was they are playing an infinite game. They're here to serve hundreds of minutes of customers and they really, really care about making their lives better. And we sat down and we sort of structure with Doug and John Furneaux, the CEO of the US, this idea of building a new company from scratch with the right team led by Omer and David that we convinced to join from inception from the beginning to go build a company that was going to serve their hundreds of millions of customers with digital financial products and shut down all of the services that they had been built since 1990 that had never accrued more than 1% of their sales. And so we did that. It's a company called OneApp. It's under second or third year of existence. It's actually quite big inside the Walmart stores. If you want to pay”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “So we went to see him. Before that, we had walked the Walmart stores. We have transacted every single financial product that you can imagine from the money center to the prepaid cars to the remittances. We had tried everything. And we had all of the user flows and all of the things. And we had found two bugs in their systems. So when we show up in their office, I sit down in the room with Doug and I say, hey, listen, before we start, I want to tell you that we try every product and we found two bugs and here they are. And I show it to them. And he literally gets out of the room, leaves me alone on his conference room, and comes back five minutes later with a $20 bill. And he says, you're $20. He says, what is this? This is a bug bounty we pay at Walmart. And he gives me $20.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “He left me an offer. Hey, if you're ever in Bentonville, drop me a line. I don't know. Why would I go to Bentonville except to see him? I texted him in January and said, hey, I'm going to go to Ventonville. Can I stop by?”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “This goes to that point we were discussing during the COVID era, you had fintech or financial services blowing up around the world, growing up to the right, everything was becoming digital, people were stuck in their homes, they were using more and more financial products. But also the cost to acquire customers, the way to get the attention of them, the way to build a brandup they trusted was becoming more and more difficult. So we sat on a whiteboard right before COVID and saying, who could be a great partner to build a financial services company with a brand that people already trust, that we could go and do something completely different, but digital from inception. And Walmart was one of the top two brands that we had on that list.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “This concept of making money better. And that has driven me since I was five or six years old and it will probably drive me until my last day in this planet. Which this concept of every time money becomes better, people live better lives. Doesn't mean more money. It means better money. It means it's easier to access. It's easier to save. It's easier to get a loan. It's easier to do aspects with it that you couldn't do before so you can build your vision and your life. So the metrics that I care the most at Rivet, it's more than number of people that we touch every year in trying to make their lives better because that will probably drives the output of what investors want, which is returns and impact and all of those measures. But right now we touch 900 million people every year with financial services that we make their life.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “here if a lot of people allow me to make mistakes and keep leaving but there's times in society when that's not allowed but we should not forget that that's hard”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “It's current center. It's central. It's the central system of everything. First and foremost, we're all humans and we all have flaws and we all have attributes. You're not willing to embrace those, both of them, then you're in the wrong business. We have had a share of founders that have found themselves in controversies that have not been fun for them or their families. And we end up going out, reaching out to them, calling them, meeting them in person, and then even backing them for the next venture when that occurs in their lives and being there from early days. Why? Because we had conviction. We got to know them. We saw them. We did our work. And no matter what you read out there, no matter what people say, if you really understand them as humans and they recognize that there was a mistake made and we're all humans, we all make mistakes. I wouldn't be.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “As a team here, we have the conviction we just don't listen to anybody else. We just don't listen. And people will say, no, but this and that. I'm like, thank you. Conviction is one of the most important traits, I think, for any human. If you don't have conviction, you end up diversifying. And diversifying is lack of conviction. It's not an investment philosophy. It's just like a conviction. So most people that are successful in life and find joy in life is because they found a handful of things in their lives that makes them very happy. You don't need 50, you don't need diversification. You don't think of that. You don't have more kids to diversify. You have more kids because you have conviction that you can be a good parent.”

    2024-12-10 · Invest Like the Best · Micky Malka - Building Ribbit - [Invest Like the Best, EP.401] · IDENTIFIED FROM THE TRANSCRIPT · source