00:02:04 · Nik Storonsky, David Senra
[00:02:04] S1: So maybe I started with twelve years ago with what we started. So I started with a simple cut which allowed you to spend money abroad at interbank rates, avoiding effective banking fees and with good FX rates. And then at later stage, expanded into other products into credit, wealth and trading, crypto, business accounts. We also build a lot of non financial services business. So as a result now, we are a large digital bank providing all the services the banks provide, plus providing a lot of services on top of it. For example, you can book stays with us. You can buy e seams and so on. And then the idea is to build a large global bank, which is number one in at least 100 countries. That's what we are trying to do now. So right now we're live in 30... Probably 38 countries. In majority of them, we have banking licenses. And then we are slowly expanding 10, 15 new markets every, I would say, one to two years. [00:03:08] S0: Okay. So this goes back to, again, we just hit on how this conversation started. You're super competitive. You say these like little lines, right? That you're like, you just drop there. But like, you're just like, oh, I want to build the number one bank in a 100 different countries. Yeah. You understand that's a wild, wild thing to say and an ambition. And I don't think you say it casually, oh yeah, just want to be a 100, top number one in a 100 countries. Like you actually mean it. So like go into like how this... Like what is your inner monologue in terms of, like, competition and how you view, like, this game that you're playing?
00:03:08 · David Senra, Nik Storonsky
[00:03:08] S0: Okay. So this goes back to, again, we just hit on how this conversation started. You're super competitive. You say these like little lines, right? That you're like, you just drop there. But like, you're just like, oh, I want to build the number one bank in a 100 different countries. Yeah. You understand that's a wild, wild thing to say and an ambition. And I don't think you say it casually, oh yeah, just want to be a 100, top number one in a 100 countries. Like you actually mean it. So like go into like how this... Like what is your inner monologue in terms of, like, competition and how you view, like, this game that you're playing? [00:03:42] S1: Yeah. Basically, mentally, for me, if I chosen to do this game, right, and as I said before, I need to be in number one on this. And right now, is a huge opportunity in the world while we have many countries. And then in in each country, we have 10, 20, 30, 40, 50 banks. They're all very fragmented. Basically, there is a unique chance in the world to build a global bank, which provides much better services and products at a much better price in every single country. And then effectively to optimize, compete with these banks, to to drive prices on their products down, to improve customer experience, to save customers' time as well, because you don't need all these physical branches for banks and so on.
00:03:42 · Nik Storonsky, David Senra
[00:03:42] S1: Yeah. Basically, mentally, for me, if I chosen to do this game, right, and as I said before, I need to be in number one on this. And right now, is a huge opportunity in the world while we have many countries. And then in in each country, we have 10, 20, 30, 40, 50 banks. They're all very fragmented. Basically, there is a unique chance in the world to build a global bank, which provides much better services and products at a much better price in every single country. And then effectively to optimize, compete with these banks, to to drive prices on their products down, to improve customer experience, to save customers' time as well, because you don't need all these physical branches for banks and so on. [00:04:23] S0: Will you say more about this, like, this ambition or this, like, competitive drive that you have? So like, like, how how does it manifest in your life every day? Like, you wake up with just like a burning desire to achieve mission success? Are you looking yourself in the mirror and just like, I'm not doing enough? Like, what is happening? Like, I'm interested in you, the entrepreneur, and then we'll talk about the business, but like, this is
00:04:23 · David Senra, Nik Storonsky
[00:04:23] S0: Will you say more about this, like, this ambition or this, like, competitive drive that you have? So like, like, how how does it manifest in your life every day? Like, you wake up with just like a burning desire to achieve mission success? Are you looking yourself in the mirror and just like, I'm not doing enough? Like, what is happening? Like, I'm interested in you, the entrepreneur, and then we'll talk about the business, but like, this is [00:04:40] S1: the fascinating part for me. Well, basically it's a banking business and the way I view it, Okay. If I chosen to be in this business, I need to be number one in it. And obviously, are tens of thousands of banks in the world. And what it means to be number one, okay, it needs to be number one in country one, two, three, four, and so on. Let's say it's a 100 countries. Then in terms of competition, how I look at competition, I mean, to be honest, I don't really look at competition. I look at kind of myself. Right? And then what would I do to beat up myself, right, to outcompete, to outsmart somehow? And the philosophy is very simple. So every day you need to be, like, almost 100% every day. And then even if you lose to competition, then you can't really blame yourself because, okay, every day you're at 100%. Right? So I think, you know, that's that's the mentality that will help you win most likely.
00:05:35 · David Senra, Nik Storonsky
[00:05:35] S0: I love this. Have you spent any time with Toby Luque, the founder of Shopify? No. Not yet. Okay. So he was on the show. I'm actually recording with him in another two weeks. But he says he likes to take the view that he's a corporate raider, that somebody now has bought Shopify. It's him. And he's like, the hell was the previous management doing? How would I essentially improve every single element of what this previous management was even though it also is him? So you said basically the same thing. It's like, well, okay, you can't really control what your creditors do. I can control what I do. Let me analyze how I'm doing and then how would I beat me you know, from the outside. [00:06:10] S1: Yeah. That's part of the game, Azuliya. [00:06:12] S0: Why do think you have this opportunity to be number one? Like, what do you see that they're doing wrong that you think think think that you can do better?
00:06:12 · David Senra, Nik Storonsky
[00:06:12] S0: Why do think you have this opportunity to be number one? Like, what do you see that they're doing wrong that you think think think that you can do better? [00:06:18] S1: A lot of them, they are are... They're not founders. That's number one. Right? So they're there only for three, four years at best. They just collect their bonuses and the search rate. And then they might, you know, optimize certain parity metrics. But I mean, they they are not really 10x people. Right? So they are... Mean, I they're just there for their bonuses effectively for three, four years. As a result, they don't really need... Do bold decisions. They always play in defense. They never play in defense. I have a different style. Right? So... Yes. Of course, I play defense as well, but I always think, okay, what I can do more. Right? Which industry I can go? Like, which product can I launch? And so on. So it's like, you know, always pushing myself, pushing myself to do more. [00:07:00] S0: Why do think it's important that you're competing against non founders? [00:07:03] S1: I mean, it's much easier to compete not against founders. Right? If I would be competing with all the banks and they were all founder led as a road, we would all have, you know, much better products by now. So that's not what's happening. Right? Yeah. [00:07:17] S0: Say more about the difference between... In your perspective between a founder and a professional CEO.