Money & Me: ‘A balanced life is more important than being super rich’

Entrepreneur Valerie Konde cofounded UAE-based FinTech spend management platform Pemo last year.

Born in France and raised in Senegal, she lived in Paris and New York before reaching Dubai 12 years ago with e-commerce incubator Rocket Internet.

Ms Konde worked with Societe Generale and Google, founded a non-profit organisation in Senegal and an online marketplace for entry-level art collectors.

Pemo received $12 million seed funding and follows the model of one of Ms Konde’s former European employers. It enables bosses and employees to automate expenses management with greater efficiencies and transparency.

Ms Konde, 39, lives in Dubai International Financial Centre with her husband, who works in private equity, and their son, aged 7.

How did you experience money growing up?

My dad’s originally from Cape Verde, a poor family. My mum is half-Senegalese, half-Italian from a more privileged family. They studied in Europe and went to Senegal when I was one, they were both doctors.

I lived with poverty around me, aware of the differences, the gap. As a child, I was concerned about it but also understood I was on the lucky side.

The way I’ve been brought up, the culture I’ve been surrounded by … money does not necessarily make you happy. It does help, but I’ve seen very poor people super happy across Africa, more from community solidarity and being grateful in their culture … the feeling no matter what, things are going to be OK.

When did you first earn money?

Pocket money and when I was a child selling handmade bracelets to family and anyone passing by in the street next to the peanut seller. That’s probably the first time I made money and could buy my own stuff.

My son is much more driven. Two years ago, he started saving “to buy Burj Khalifa”. We try to teach him the value of money, that you need to work to make a living, buy things and live in a nice house.

I left Senegal when I was 17 to study in Europe. It was important for me to be more independent, make my own money and sustain myself.

I was in Paris doing an internship, €300 ($325) a month, and also selling ice cream at Haagen-Dazs for another €300.

What drove you towards start-ups?

My first real salaried job was in 2006 as an investment banker on a New York trading floor, good money for someone who was 22.

But I lived the 2008 crisis in front of my window. That shook me, made me ask questions and I made my first investment in myself to do an MBA. It opened my mind to other things.

Rocket Internet was in fashion. One of the (founding) Samwer brothers showed up to recruit on campus. They were starting a Middle East team and I had an aunt living in Dubai.

Have your money habits evolved?

For a long time, I was much more of a spender. I always saved but over the years, money came and went because I started companies; I would take a highly paid job, save, then launch but try to maintain the same living standards.

Now I’m a reasonable spender, I don’t have high demands and wishes. I save when I can, but I’m not obsessed.

With age and having a kid, it changed; my husband says what worries me most is being able to pay for Harvard University for our son, so saving became more important.

When you become a grown-up, you should be able to save and buy meaningful stuff.

How do you grow wealth?

I invested in real estate in Portugal and Dubai. It’s more tangible, something I understand. Also there’s utility to it; you can live in it or rent it.

Also, when I have money, I invest in early stage start-ups, but only businesses I really understand.

Any financial milestones?

My first bonus was a big thing, the first time I was seeing bigger money in my bank account. I was 22. The bonus in banking is really important.

Another milestone was when I paid off debts; after the MBA was probably the poorest I’d been.

That’s also probably the most meaningful investment. Maybe I’ll know later on my best investment, but I learnt about things other than banking, and built an amazing network.

What about cherished purchases?

Maybe my first car. Not because of the car itself, a Mini Cooper, but because that was the most valuable thing I had owned.

It was not like enjoyment, an artwork or experiences with friends and family, which I enjoy much more today. But it was somehow special.

How do you feel about money?

It helps me to have a comfortable, easier life, which I value, but it’s not an end goal.

Money is a definition of success for many people; I don’t think I’ve had that relationship with money. Having a balance in life is much more important than having lots of money.

Obviously, if you are successful, money ends up coming along the way, but it’s more a fuel than motivation.

Are you wiser with it?

I started thinking more about investing later in my career. In the beginning, it didn’t really matter. So I did become wiser. Now, if I have a bit of money, let me find a way to invest to try to optimise it.

What I regret financially is to have missed the early days of cryptocurrency … I was very informed about what was going on and was scared to jump in and buy.

If I had to say something to my younger self, it may be: “Sometimes you have a good nose for things, just go for it rather than thinking about it too much.”

I would try to be bolder in my choices, rather than asking myself a million questions.

Are you less risk-averse?

I’m quite a risk-taker, but with caution. I started companies from zero with little money to live on, quite often without fearing what will happen.

When I left Google to start a company selling art online, that was way more risky (than Pemo).

Probably it’s age, more of a grown-up choice or driven by the fact I’ve seen the (business) models that work well in the Middle East have been proven elsewhere.

What spending brings you joy?

Going on trips, weekend meals, having friends over. And art. I cannot afford very expensive pieces, maybe one day, but I love to invest in young artists.

I buy pieces I like visually, I can relate to, and I’m drawn to the history of the artist, essentially African.

My approach is not investment-driven, although I happen to make good investments. I learnt how to value an artwork, so I tend to naturally go in that direction.

And your future financial direction?

To reach as early as I can some kind of financial independence.

For me, luxury means you work to enjoy yourself, not having that requirement to make money. It’s freedom and happiness, more than the amount in my bank account.

I would enjoy being able to make more start-up investments, not to necessarily make money, to be in the African start-up ecosystem, helping founders, trying to help them raise money, as an angel investor, also as a mentor. To somehow give back to Africa.