Good morning, Broadsheet readers! Former New Zealand PM Jacinda Ardern could see her legacy dissolved by male successors, Instacart’s new IPO is the next step in Fidji Simo’s ascent, and Nubank cofounder Cristina Junqueira moves into the bank’s second decade.
– Take two. Almost two years ago, the Brazilian fintech company Nubank went public. In May, the digital bank with 85 million customers celebrated its 10th anniversary. Those were two milestones that cofounder Cristina Junqueira wanted to see the company through—and she thought she might feel satisfied moving on after they passed. Instead, she’s delved into a new role at Nubank, finding a next chapter within the Warren Buffett-backed company she cofounded.
“Now that I’ve been through both [the 10-year mark and IPO], you could think, ‘OK, well you’re good, right? You can just enjoy the wealth that you built or whatever,'” she says. And Junqueira, indeed, could have sailed off into the sunset. During Nubank’s 2021 IPO pop, her stake in the company was valued at $1.3 billion. Today, Nubank’s stock is down about 42% from that IPO high, with shares up 92% year to date.
“But the reality is, there’s still so much ahead of us,” she says. In the company’s early days as a startup, she had a wide-ranging role that touched nearly every part of the business; her cofounder, David Vélez, has served as CEO. In its second decade, she has a more focused position overseeing marketing and communications as well as operations in Brazil, Mexico, and Colombia while Nubank seeks to expand its global reach. In Colombia, Nubank launched with a credit card product, similar to its brand-building strategy in Brazil; in Mexico, it’s introduced savings and debit card products.
“It has allowed me to do something I love, which is continue to learn and grow,” she says. And “brush up on my Spanish,” she adds.
In Nubank’s 10 years, Junqueira has seen vast changes in the Latin American startup ecosystem. There’s much more money “flowing” to the region now, she says. And, today, there’s much more “glamor” attached to becoming a founder than there was when she left her banking job to start a company.
“It’s still very interesting,” she says of her job, 10 years in, “and very fulfilling.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
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ALSO IN THE HEADLINES
- Troubling transition. As New Zealand readies for new elections, former Prime Minister Jacinda Ardern's legacy of supporting women’s rights is on the line. Next month’s contest will see two men named Chris face off for PM. Neither has been outspoken on women’s issues, and women candidates say they now face extraordinary abuse. New York Times
- Delivering success. Instacart CEO Fidji Simo’s ascent in the tech industry hit new heights when the grocery delivery company went public on the Nasdaq last week. Simo was born into a fishing family in France and climbed Facebook's ranks under Sheryl Sandberg’s guidance. Her next test is whether she can leverage Instacart's advertising to beat out competitors. Financial Times
- Comedians get serious. Female comedians say that abuse of the kind Russell Brand is accused of is widespread in an industry where there are few checks on male stars. In a YouTube video, comedian Kate Smurthwaite said the allegations against Brand, which he denies, were “nowhere near scratching the surface” of the wider problems. The Guardian
- Fiscal friends. Treasury Secretary Janet Yellen, alongside Chinese Vice Premier He Lifeng, unveiled a pair of economic working groups in an effort to cool fiscal tensions between the U.S. and China. Yellen tweeted that the groups will be “a durable channel of communication between the world’s two largest economies” and “promote a healthy economic competition between our two countries.” Fortune
- Slowing down on AI. Elizabeth Reid leads Google search, the tech company's most well-known feature. Unlike competitors, Reid is taking a much slower approach to AI integration since she believes that chatbot features aren’t the end-all-be-all for most searchers. Fast Company
ON MY RADAR
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PARTING WORDS
"I am not a creative person. I can’t draw, I can’t sketch, I can’t make anything. I just have to make sure things are being done right."
—Anna Wintour, editor-in-chief of American Vogue and chief content officer of Condé Nast, on her notoriously detailed managerial style
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