Michael Calvey: The Investor Behind Multiple $20+ Billion Companies
Michael Calvey: The Investor Behind Multiple $20+ Billion Companies  
Podcast: Fintech Leaders
Published On: Tue Feb 24 2026
Description: Send us Fan MailMiguel Armaza sits down with Michael Calvey, one of the most successful and legendary emerging markets investors of our time. Mike moved to Moscow at age 27 in the early 90s and built Baring Vostok into a powerhouse with $10+ billion invested in Russia. They backed now-decacorns like Yandex, Revolut, Tinkoff, and Kaspi at their earliest stages. Yandex alone was a 450x return for the fund.Along the way, he survived a 98% market crash, was detained by Russia's secret service, and made billions of dollars for his investors.He's also incredibly thoughtful about the ingredients of great founders, what separates the ones who win from those just chasing money, how the best companies constantly stack new S curves, and why being a hands-on owner but never a hands-on manager is the key to a great investor-founder partnership.Timestamped Overview00:00 From Oklahoma to Russia - Intro & Michael’s Background10:32 Building an Elite Emerging Markets Team14:36 Geopolitics, Economics, and Market Resilience20:25 Fewer Investments, Better Focus24:08 Successful Entrepreneurs Value Purpose28:47 Management KPIs and Key Insights33:45 3 Cs of Ownership Focus42:53 Marketplace vs. Fintech Growth Dynamics44:02 Marketplace Dominance and Financial Complexity52:25 Emerging Markets: Talent vs. Geopolitics54:51 Emerging Markets and Fintech Ventures01:00:20 Medici Family: Banking and Intrigue01:05:59 Starting Over as Entrepreneur Want more podcast episodes? Join me and follow Fintech Leaders today on Apple, Spotify, or your favorite podcast app for weekly conversations with today’s global leaders that will dominate the 21st century in fintech, business, and beyond.Do you prefer a written summary? Check out the Fintech Leaders newsletter and join ~85,000+ readers and listeners worldwide!Miguel Armaza is Co-Founder and General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.Miguel on LinkedIn: https://bit.ly/3nKha4ZMiguel on Twitter: https://bit.ly/2Jb5oBcFintech Leaders Newsletter: https://bit.ly/3jWIpqp