David Vélez

David Vélez founded Nubank in Brazil in 2013 after studying at Stanford and working at General Atlantic and Sequoia Capital. Nubank launched a no-fee credit card in a market dominated by banks charging the world's highest banking fees. It grew to over 90 million customers across Brazil, Mexico, and Colombia — making it one of the largest digital banks globally. Nubank went public in 2021 at a $41 billion valuation. Vélez's story of disrupting entrenched banking oligopolies became a model for fintech in emerging markets. Nubank's continued expansion has focused on deepening its relationship with existing customers through additional financial products — including personal loans, investment accounts, and insurance — driving revenue per customer upward while maintaining the cost advantage of its technology-first operating model.