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{{Infobox person
{{Infobox person
| name = David Vélez
| name = David Vélez
| image =
| image = David_Velez.jpg
| caption =
| image_size = 300px
| birth_date = {{Birth date and age|1981|1|1}}
| caption = David Vélez in 2022
| birth_place = Medellín, Colombia
| birth_name = David Vélez Osorno
| nationality = {{COL}} Colombian
| birth_date = {{birth date and age|1981|11|15}}
| residence = São Paulo, Brazil
| birth_place = [[Medellín]], [[Colombia]]
| education = [[Stanford University]] (BS, 2005)<br>[[Stanford Graduate School of Business]] (MBA, 2012)
| nationality = {{flag|Colombia}} Colombian<br>{{flag|United States}} American
| occupation = Entrepreneur, banker, investor
| citizenship = {{flag|Colombia}}<br>{{flag|United States}}
| years_active = 2004–present
| languages = Spanish, English, Portuguese
| known_for = Founder and CEO, [[Nubank]]
| alma_mater = [[Stanford University]] (BS, MBA)
| title = Founder and CEO, Nubank
| occupation = Banker, entrepreneur, investor
| years_active = 2004-present
| organization = [[Nubank]]
| title = Founder and CEO
| boards = Nu Holdings Ltd.
| spouse = Mariel Reyes Milk
| spouse = Mariel Reyes Milk
| children = 4
| children = 4
| net_worth = US$10.7 billion (2025)
| residence = [[São Paulo]], Brazil
| website =
| net_worth = US$10.7 billion (January 2025)
| signature =  
}}
}}


'''David Vélez''' (born 1981) is a Colombian billionaire entrepreneur and banker who founded [[Nubank]], Latin America's largest digital bank, in 2013. Under his leadership, Nubank has grown from a startup offering no-fee credit cards to a financial technology powerhouse serving over 100 million customers across Brazil, Mexico, and Colombia.
'''David Vélez Osorno''' (born November 15, 1981) is a Colombian-American banker, entrepreneur, and investor who serves as the founder and chief executive officer of [[Nubank]], Latin America's largest digital bank. Under his leadership, Nubank grew from a startup operating out of a small São Paulo apartment into a financial institution serving over 100 million customers across Brazil, Mexico, and Colombia, making it the largest neobank in the world by customer count.


Vélez's success with Nubank made him the wealthiest person in Colombia, surpassing longtime leader [[Luis Carlos Sarmiento]]. He is known for disrupting the traditional banking sector in Latin America by offering accessible, technology-driven financial services to populations previously excluded from formal banking. Together with his wife Mariel Reyes, he has signed the Giving Pledge, committing to donate the majority of their wealth to philanthropy.
After Nubank's successful initial public offering on the New York Stock Exchange in December 2021, which valued the company at approximately $45 billion, Vélez became Colombia's richest person, surpassing longtime leader Luis Carlos Sarmiento on the Forbes billionaires list. As of January 2025, his net worth is estimated at $10.7 billion, primarily derived from his approximately 20% stake in Nubank.
 
In August 2021, Vélez and his wife Mariel Reyes joined Warren Buffett's Giving Pledge, committing to donate the majority of their wealth to charitable causes during their lifetimes. The couple subsequently launched VélezReyes+, a philanthropic platform focused on education, entrepreneurship, and social impact across Latin America.


== Early life ==
== Early life ==


David Vélez was born in 1981 in Medellín, Colombia, during one of the most turbulent periods in the country's history. His early childhood was shaped by the violence associated with drug cartels, guerrilla movements, and political instability that plagued Colombia in the 1980s and 1990s.
David Vélez was born on November 15, 1981, in Medellín, Colombia, a city that during his childhood was synonymous with the violence of drug cartels led by Pablo Escobar. His father, who co-owned a button factory with ten siblings, came from an entrepreneurial family where owning a business was the norm rather than the exception. This environment of small-scale entrepreneurship shaped Vélez's early understanding of business and risk-taking.
 
His father ran a button factory, and Vélez grew up in an entrepreneurial family environment. He had 11 aunts and uncles on his father's side, all of whom ran their own businesses—a family culture that normalized entrepreneurship and risk-taking.


One of his earliest memories was leaving a shopping center moments before it was bombed—a common occurrence during the violent era of Pablo Escobar's Medellín Cartel. The constant threat of violence cast a shadow over daily life in Colombia.
The violence that plagued Medellín in the late 1980s directly affected his family. One of Vélez's uncles was kidnapped, an experience that traumatized the family and highlighted the dangers of remaining in Colombia during that period. When Vélez was nine years old, his family made the difficult decision to leave Colombia, relocating to Costa Rica to escape the cartel violence.


When Vélez was nine years old, his uncle was kidnapped—an experience that traumatized the family. In response to the deteriorating security situation, Vélez's family made the difficult decision to relocate to Costa Rica, joining an exodus of Colombians fleeing their country's instability.
In Costa Rica, Vélez completed much of his primary and secondary education, growing up in a safer but more modest environment than his early childhood in Medellín. The experience of being an immigrant and starting over in a new country would later inform his understanding of building something from nothing - a perspective that proved valuable when founding Nubank.


Growing up as an immigrant in Costa Rica shaped Vélez's perspective and resilience. The experience of starting over in a new country as a child prepared him for the challenges he would later face as an entrepreneur.
One particularly formative childhood memory from Colombia involved leaving a shopping center moments before it was bombed. The close brush with violence reinforced the precariousness of life in Medellín during the cartel era and the wisdom of his family's decision to emigrate.


== Education ==
== Education ==


Vélez pursued his education in the United States, attending Stanford University. In 2005, he graduated with a bachelor's degree in Management Science and Engineering. Stanford's proximity to Silicon Valley and its entrepreneurial culture left a lasting impression.
=== Stanford University (Undergraduate) ===


After several years working in finance, Vélez returned to academia. He enrolled in the Stanford Graduate School of Business, earning his MBA in 2012. It was during his second stint at Stanford that he began formulating the ideas that would eventually become Nubank.
Vélez gained admission to Stanford University in California, one of the most prestigious universities in the United States, where he pursued a Bachelor of Science degree in Management Science and Engineering. He graduated in 2004 with a degree that combined technical engineering skills with business management principles.


His Stanford education provided both technical business skills and an invaluable network of Silicon Valley investors and entrepreneurs who would later support his venture.
At Stanford, Vélez was exposed to Silicon Valley's culture of innovation and entrepreneurship. The university's proximity to venture capital firms and technology startups planted seeds that would later flourish when he founded Nubank.


== Early career ==
=== Early career and MBA ===


After graduating from Stanford in 2005, Vélez began his career in traditional finance. He briefly worked at Goldman Sachs in 2004 before spending two years at Morgan Stanley as an analyst.
After completing his undergraduate studies, Vélez began his career in finance. He joined Goldman Sachs in 2004, working in the investment bank's prestigious programs. He later moved to Morgan Stanley as an analyst, gaining experience in investment banking and financial markets.


In 2008, Vélez moved to Brazil to work for General Atlantic, a global private equity firm. His role involved evaluating investment opportunities in Latin America, giving him deep exposure to the region's financial services landscape and the inefficiencies that plagued traditional banking.
His career path subsequently led him to General Atlantic, a private equity firm, and then to Sequoia Capital, where he served as a partner overseeing Latin American investments. At Sequoia, Vélez gained firsthand experience identifying and evaluating investment opportunities in emerging markets - knowledge that would prove essential when he returned to Latin America to found his own company.


From 2011 to 2013, Vélez worked as a partner at Sequoia Capital, the legendary Silicon Valley venture capital firm. At Sequoia, he led the firm's Latin American investments, gaining invaluable experience in identifying promising startups and understanding what made technology companies successful.
=== Stanford GSB (MBA) ===


His time at Sequoia was transformative. He saw firsthand how technology could disrupt established industries and how venture capital could fuel rapid growth. These lessons would inform his approach to building Nubank.
Vélez returned to Stanford to pursue an MBA at the Stanford Graduate School of Business, graduating in 2012. The MBA program reinforced his business acumen and expanded his network within the Silicon Valley investment community. During his time at Stanford GSB, he developed relationships with mentors and fellow students who would later become early supporters of Nubank.


== Founding Nubank ==
== Founding Nubank ==


=== Personal frustration as inspiration ===
=== The frustrating bank account ===


The idea for Nubank emerged from Vélez's own frustrating experience trying to navigate Brazil's banking system. As a foreigner in Brazil, he found opening a bank account to be an exercise in bureaucratic torture—endless paperwork, long lines, high fees, and poor customer service.
The inspiration for Nubank came from a personal frustration. When Vélez moved to São Paulo, Brazil, in 2012 to work on Latin American investments for Sequoia Capital, he attempted to open a bank account at one of Brazil's major traditional banks. The experience proved nightmarishly bureaucratic - requiring numerous documents, multiple branch visits, and endless paperwork for what should have been a simple transaction.


Brazilian banks were notorious for their profitability and their indifference to customer experience. The five largest banks controlled over 80% of the market and charged some of the highest fees and interest rates in the world. For many Brazilians, especially those with lower incomes, access to banking was limited or nonexistent.
For someone who had worked in the sophisticated financial services sector of the United States, the Brazilian banking experience felt absurdly outdated. Banks charged fees for everything, offered poor customer service, and seemed more interested in extracting value from customers than serving them. Vélez recognized that Brazilian banks, protected by limited competition and regulatory barriers, had grown complacent.


Vélez became convinced that technology could provide a better alternative. If mobile apps could transform industries from transportation to food delivery, why couldn't they disrupt banking?
Rather than simply complaining, Vélez saw an opportunity. Technology could democratize financial services, eliminate unnecessary bureaucracy, and provide banking to millions of Brazilians who were underserved by traditional institutions.


=== Building the company ===
=== Founding in 2013 ===


In 2013, at age 31, Vélez co-founded Nubank in São Paulo along with Brazilian co-founder Cristina Junqueira and American co-founder Edward Wible. The name "Nubank" played on the Portuguese word "nu" (naked) and "new," suggesting a stripped-down, modern approach to banking.
In May 2013, at age 31, Vélez co-founded Nubank in São Paulo with two partners: Cristina Junqueira, a Brazilian banker who had worked at Itaú Unibanco, and Edward Wible, an American engineer from Princeton. The company started with a simple premise: use technology to create a better banking experience.


Nubank launched with a simple product: a no-annual-fee credit card that could be managed entirely through a smartphone app. In a market where credit cards typically came with high annual fees and confusing terms, the proposition was revolutionary.
Nubank operated from a small house in the Pinheiros neighborhood of São Paulo. The founders worked long hours, with Vélez personally involved in everything from product development to customer service. Cristina Junqueira, who was pregnant with her first child during the company's Series A funding round, affectionately referred to her daughter and Nubank as "twins" born in the same period.


The company attracted early backing from Sequoia Capital, Vélez's former employer, which provided both funding and credibility. This support from Silicon Valley's most prestigious venture firm helped legitimize Nubank's ambitious vision.
The company's first product was a no-fee credit card managed entirely through a smartphone app - revolutionary in a market where banks charged annual fees averaging $200 and provided clunky, outdated digital interfaces.


=== Overcoming regulatory and competitive challenges ===
=== Surviving and thriving ===


Building a financial services company in Brazil required navigating complex regulations and powerful incumbents. Traditional banks initially dismissed Nubank as a novelty, but as the startup gained millions of customers, they began to take notice.
Building a fintech company in Brazil meant navigating an entrenched banking oligopoly that did not welcome disruption. Traditional banks, which controlled more than 80% of the market, allegedly conspired to shut Nubank down. The company faced regulatory challenges, competitive pressure, and the skepticism that any startup threatening established interests encounters.


Vélez faced skepticism about whether a digital-only bank could succeed in a country where many people still lacked reliable internet access. But Nubank bet on the rapid adoption of smartphones, even among lower-income Brazilians, and the bet paid off.
Vélez later reflected that disrupting Brazil's banking sector was "a brave move in a culture where organised crime and brutal business practices often result in personal harm." The risk was not merely financial - it was potentially personal. Nevertheless, Vélez persevered, driven by conviction that customers deserved better.


The company's focus on customer experience—with a highly rated mobile app and responsive customer service—contrasted sharply with traditional banks' reputation for poor service. Word-of-mouth recommendations from satisfied customers drove organic growth.
Nubank survived Brazil's 2015-2016 recession, various corruption scandals that rocked the country, and ultimately the COVID-19 pandemic. Each crisis that could have killed the company instead made it stronger, as customers increasingly embraced digital banking.


=== Expansion ===
== Growth and IPO ==


From its initial credit card product, Nubank expanded into:
=== Scaling to 100 million customers ===


* Digital bank accounts with no maintenance fees
Under Vélez's leadership, Nubank experienced explosive growth. The company expanded its product offerings beyond credit cards to include checking accounts, savings accounts, personal loans, insurance products, and investment services. It launched operations in Mexico in 2019 and Colombia in 2020.
* Personal loans
* Investment products
* Life insurance
* Business accounts for small enterprises


The company also expanded geographically, launching operations in Mexico and Colombia in addition to its core Brazilian market. By 2024, Nubank served over 100 million customers across the region.
By December 2021, Nubank served over 40 million customers - a number that has since grown to over 100 million across its three markets, making it the largest neobank in the world by customer count.


== IPO and billionaire status ==
=== NYSE listing ===


In December 2021, Vélez led Nubank through a highly successful initial public offering on the New York Stock Exchange. The IPO valued the company at approximately $45 billion on its first trading day, making Nubank one of the most valuable financial institutions in Latin America.
On December 9, 2021, Nubank (through its holding company Nu Holdings Ltd.) debuted on the New York Stock Exchange under the ticker symbol "NU". The IPO priced at $9 per share, valuing the company at approximately $41.5 billion. On its first day of trading, the stock rose to give Nubank a valuation exceeding $45 billion, making it one of the largest bank IPOs in history and Latin America's most valuable financial institution at that moment.


The IPO transformed Vélez into a billionaire virtually overnight. His stake in Nubank, combined with the company's soaring valuation, made him the richest person in Colombia, surpassing Luis Carlos Sarmiento, who had held that title for decades.
The IPO transformed Vélez into one of the wealthiest people in the world. His approximately 20% stake in the company briefly made him worth more than $10 billion, surpassing Luis Carlos Sarmiento to become Colombia's richest person - a remarkable achievement for someone who had fled the country as a child.


As of the Forbes 2025 list, Vélez was ranked 236th worldwide with an estimated net worth of US$10.7 billion.
== Personal life ==


== Business philosophy ==
=== Marriage and family ===
 
David Vélez is married to Mariel Reyes Milk, a Peruvian-American economist and entrepreneur. Mariel worked at the World Bank for ten years before transitioning to entrepreneurship and philanthropy. The couple has four children, with their youngest born in 2022.
 
Together, David and Mariel have built both a family and a shared vision for philanthropy. Mariel launched a startup focused on teaching computer programming to vulnerable women in Brazil, particularly Black and transgender women - populations systematically excluded from technology careers.
 
=== How they met ===
 
Specific details about how David and Mariel met have not been extensively publicized, though both have connections to Stanford University and the world of international development and finance. They share backgrounds as Latin Americans who built careers in the United States before focusing their energies on improving their home region.
 
=== Lifestyle ===
 
Despite his substantial wealth, Vélez has emphasized that he and his wife "don't come from wealthy families" and "never lived in an environment of luxury." The rapid transformation of Nubank stock into billions of dollars worth of wealth "caught them completely by surprise," prompting serious conversations about their responsibilities.


Vélez has articulated a distinctive business philosophy centered on several principles:
The family resides in São Paulo, Brazil, where Nubank is headquartered. Vélez maintains Colombian citizenship and has expressed continuing interest in his home country's development, though he has been critical of policies he believes harm economic growth.


'''Customer obsession:''' Nubank's corporate culture prioritizes customer experience above all else. Unlike traditional banks that treated customers as captive revenue sources, Nubank sought to delight users and earn their loyalty.
== Philanthropy ==


'''Technology-first:''' From the beginning, Nubank was built as a technology company that happened to offer financial services, rather than a bank that used technology. This orientation enabled faster innovation and lower costs.
=== The Giving Pledge ===


'''Long-term thinking:''' Vélez has spoken about the importance of building for the long term rather than optimizing for short-term metrics. He has cited Charlie Munger, Warren Buffett's longtime partner, as an influence on his thinking about patient capital allocation.
In August 2021, David Vélez and Mariel Reyes became the youngest signatories to date of Warren Buffett and Bill Gates's Giving Pledge, committing to donate the majority of their wealth during their lifetimes. At the time, Vélez was 39 years old.


'''Financial inclusion:''' A core part of Nubank's mission has been expanding access to financial services for populations previously excluded from traditional banking—a particularly meaningful goal given Brazil's high levels of economic inequality.
In their pledge letter, the couple reflected on their unexpected fortune: "One day, about a year ago, we started realizing that that stock is worth a lot of money, and that created a big conversation about what do we want to do with this?"


== Personal life ==
The decision was informed by their shared values about wealth and social responsibility. Neither came from wealthy backgrounds, and both felt obligated to use their resources to address systemic inequalities in Latin America.


=== Marriage and family ===
=== VélezReyes+ ===


David Vélez is married to Mariel Reyes Milk, a Peruvian-American entrepreneur. The couple has four children, with their youngest born in 2022.
In 2022, David and Mariel launched VélezReyes+, a philanthropic platform dedicated to creating opportunities throughout Latin America. The foundation focuses on three primary areas:


Reyes has her own background in business and has partnered with her husband on philanthropic initiatives. Together they have established a collaborative approach to both family life and their charitable giving.
* '''Education''': Supporting initiatives that improve access to quality education across the region
* '''Entrepreneurship''': Helping underserved entrepreneurs access capital, mentorship, and resources
* '''Social impact''': Funding projects that address systemic inequality


The family resides in São Paulo, Brazil, where Nubank is headquartered.
In August 2023, Vélez sold $191 million worth of Nubank stock, with proceeds directed to the foundation's activities. This represented one of the largest single charitable contributions by a Latin American billionaire.


=== Return to Colombia and recognition ===
== Business philosophy ==


Despite building his career and company in Brazil, Vélez has maintained strong connections to his Colombian heritage. His success has made him a source of pride in Colombia, representing the potential for Colombian entrepreneurs on the global stage.
Vélez has articulated several key principles that guide his approach to business:


In September 2024, the Congress of the Republic of Colombia honored Vélez with the Simón Bolívar Order of Democracy, conferred at the rank of Grand Knight, in recognition of his entrepreneurial achievements. The award acknowledged his contribution to demonstrating Colombian excellence in technology and business.
=== "Position yourself in the scarcity" ===


== Philanthropy ==
At Stanford GSB, Vélez has shared his philosophy of career and business building: "Position yourself in the scarcity, not in the oversupply." He advises entrepreneurs and professionals to seek out markets or capabilities where there is unmet demand rather than competing in crowded spaces.


In August 2021, Vélez and his wife Mariel Reyes signed the Giving Pledge, joining other billionaires who have committed to donating the majority of their wealth to charitable causes during their lifetimes.
This principle guided his decision to return to Latin America rather than remain in Silicon Valley. While Stanford graduates typically competed for positions at established tech companies, Vélez recognized that Latin America lacked sophisticated fintech entrepreneurs - a scarcity he could fill.


In 2022, the couple launched VelezReyes+, a philanthropic platform focused on:
=== Customer obsession ===


* Education and educational opportunity
Nubank has cultivated what observers describe as "rabid customer love." The company's focus on customer experience - simple products, no hidden fees, responsive service - differentiated it from traditional banks that treated customers as captive revenue sources.
* Entrepreneurship and economic empowerment
* Social-impact projects across Latin America


In 2023, Vélez sold approximately 3% of his stake in Nubank (25 million shares), with the proceeds largely funding his foundation and its initiatives in leadership and education across Latin America.
=== Long-term thinking ===


The couple's philanthropic focus on Latin America reflects Vélez's personal history and his belief that the region has enormous untapped potential. By supporting education and entrepreneurship, they aim to create opportunities for the next generation of Latin American leaders.
Vélez has emphasized patience and long-term vision. Rather than optimizing for short-term profits, Nubank invested in growth and customer acquisition, accepting losses for years before achieving profitability.


== Recognition ==
== Controversies and criticism ==


Vélez has received numerous awards and recognition for his entrepreneurial achievements:
=== Colombian usury rate restrictions ===


* Named to various lists of influential business leaders and technology entrepreneurs
Vélez has been publicly critical of Colombia's "tasa de usura" (usury rate cap), which limits the interest rates financial institutions can charge. He has stated that due to this restriction, Nubank can only approve credit to 15 out of every 100 Colombians who request it, compared to much higher approval rates in Brazil and Mexico.
* Featured in profiles by major business publications including Bloomberg, Forbes, and the Financial Times
* CEO approval rating of 84/100 among Nubank employees, placing him in the Top 5% of similarly-sized companies


== Impact on Latin American finance ==
Critics of Vélez's position argue that usury caps protect vulnerable borrowers from predatory lending, while Vélez contends that the restrictions exclude millions of Colombians from accessing formal credit, pushing them toward informal lenders who charge far higher rates.


Vélez's success with Nubank has had broader implications for financial services in Latin America:
=== US-Colombia tensions ===


'''Competitive pressure on traditional banks:''' The success of digital-first challengers like Nubank has forced traditional banks to improve their services and reduce fees, benefiting consumers throughout the region.
In October 2025, Vélez warned about the impact of diplomatic tensions between the United States and Colombia on foreign investment. He stated that "any investor seeing Colombia today and opening the newspapers would run away when seeing these types of fights," referring to political conflicts between the two governments.


'''Inspiration for entrepreneurs:''' Nubank's growth from startup to $45 billion company demonstrated that Latin American entrepreneurs could build world-class technology businesses, encouraging a new generation of founders.
This public criticism of Colombian government policy generated both support from business leaders and criticism from those who viewed it as inappropriate interference in political matters.


'''Financial inclusion:''' By making banking accessible to millions of previously unbanked or underbanked individuals, Nubank has contributed to financial inclusion goals throughout Brazil and the region.
== Awards and recognition ==


'''Venture capital attraction:''' Nubank's success attracted billions of dollars in venture capital investment to Latin America's technology sector, benefiting the broader startup ecosystem.
* '''Forbes Billionaires List''' - Ranked #236 worldwide (2025)
* '''Colombia's Richest Person''' - First achieved after Nubank IPO (2021)
* '''Giving Pledge''' - Youngest signatory at time of commitment (2021)
* '''Simón Bolívar Order of Democracy''' - Conferred by the Congress of the Republic of Colombia at the rank of Grand Knight (September 2024)
* '''Bloomberg New Economy Catalyst''' - Recognition for transformative business leadership
* '''Fortune 40 Under 40''' - Listed among influential young business leaders


== See also ==
== See also ==
* [[Nubank]]
* [[Nubank]]
* [[Financial technology]]
* [[Cristina Junqueira]]
* [[Banking in Brazil]]
* [[Fintech in Latin America]]
* [[List of Colombian billionaires]]
* [[Giving Pledge]]
* [[Giving Pledge]]


== References ==
== References ==
{{Reflist}}
 
{{reflist|refs=
<ref name="wikipedia">Wikipedia: David Vélez</ref>
<ref name="stanford">Stanford Graduate School of Business: David Vélez Profile</ref>
<ref name="bloomberg">Bloomberg Billionaires Index: David Vélez</ref>
<ref name="forbes">Forbes: Colombia's Richest Billionaires</ref>
<ref name="sequoia">Sequoia Capital: David Vélez Profile</ref>
<ref name="velezreyes">VélezReyes+ Foundation Official Website</ref>
<ref name="bloomberglinea">Bloomberg Línea: Nubank's CEO David Vélez and Partner Mariel Reyes Launch Philanthropy Platform</ref>
<ref name="givingpledge">The Giving Pledge: David Vélez and Mariel Reyes</ref>
<ref name="fintechmagazine">FinTech Magazine: Lifetime of Achievement - David Vélez</ref>
<ref name="endeavor">Endeavor: The Nubank Story</ref>
<ref name="ceoworld">CEOWORLD Magazine: David Vélez Sells $191 Million Stake in Nubank</ref>
<ref name="semana">Semana: David Vélez alerta sobre tensiones Colombia-EEUU</ref>
}}


== External links ==
== External links ==
* [https://www.nubank.com.br Nubank official website]
 
* [https://investor.nu Nubank Investor Relations]
* [https://www.nubank.com.br/ Nubank Official Website]
* [https://velezreyesmas.com/ VélezReyes+ Foundation]
* [https://www.gsb.stanford.edu/alumni/news/catalyst/david-velez-05-mba-12 Stanford GSB Profile]


{{DEFAULTSORT:Velez, David}}
{{DEFAULTSORT:Velez, David}}
[[Category:Chief executive officers]]
[[Category:Colombian businesspeople]]
[[Category:Colombian billionaires]]
[[Category:1981 births]]
[[Category:1981 births]]
[[Category:Living people]]
[[Category:Living people]]
[[Category:Colombian billionaires]]
[[Category:Colombian businesspeople]]
[[Category:Colombian emigrants to the United States]]
[[Category:Colombian bankers]]
[[Category:Chief executive officers]]
[[Category:Stanford University alumni]]
[[Category:Stanford University alumni]]
[[Category:Stanford Graduate School of Business alumni]]
[[Category:Stanford Graduate School of Business alumni]]
[[Category:Financial technology]]
[[Category:People from Medellín]]
[[Category:Colombian emigrants to Brazil]]
[[Category:Fintech people]]
[[Category:Giving Pledge signatories]]
[[Category:Giving Pledge signatories]]
[[Category:American people of Colombian descent]]

Latest revision as of 07:49, 22 December 2025

Template:Infobox person

David Vélez Osorno (born November 15, 1981) is a Colombian-American banker, entrepreneur, and investor who serves as the founder and chief executive officer of Nubank, Latin America's largest digital bank. Under his leadership, Nubank grew from a startup operating out of a small São Paulo apartment into a financial institution serving over 100 million customers across Brazil, Mexico, and Colombia, making it the largest neobank in the world by customer count.

After Nubank's successful initial public offering on the New York Stock Exchange in December 2021, which valued the company at approximately $45 billion, Vélez became Colombia's richest person, surpassing longtime leader Luis Carlos Sarmiento on the Forbes billionaires list. As of January 2025, his net worth is estimated at $10.7 billion, primarily derived from his approximately 20% stake in Nubank.

In August 2021, Vélez and his wife Mariel Reyes joined Warren Buffett's Giving Pledge, committing to donate the majority of their wealth to charitable causes during their lifetimes. The couple subsequently launched VélezReyes+, a philanthropic platform focused on education, entrepreneurship, and social impact across Latin America.

Early life

David Vélez was born on November 15, 1981, in Medellín, Colombia, a city that during his childhood was synonymous with the violence of drug cartels led by Pablo Escobar. His father, who co-owned a button factory with ten siblings, came from an entrepreneurial family where owning a business was the norm rather than the exception. This environment of small-scale entrepreneurship shaped Vélez's early understanding of business and risk-taking.

The violence that plagued Medellín in the late 1980s directly affected his family. One of Vélez's uncles was kidnapped, an experience that traumatized the family and highlighted the dangers of remaining in Colombia during that period. When Vélez was nine years old, his family made the difficult decision to leave Colombia, relocating to Costa Rica to escape the cartel violence.

In Costa Rica, Vélez completed much of his primary and secondary education, growing up in a safer but more modest environment than his early childhood in Medellín. The experience of being an immigrant and starting over in a new country would later inform his understanding of building something from nothing - a perspective that proved valuable when founding Nubank.

One particularly formative childhood memory from Colombia involved leaving a shopping center moments before it was bombed. The close brush with violence reinforced the precariousness of life in Medellín during the cartel era and the wisdom of his family's decision to emigrate.

Education

Stanford University (Undergraduate)

Vélez gained admission to Stanford University in California, one of the most prestigious universities in the United States, where he pursued a Bachelor of Science degree in Management Science and Engineering. He graduated in 2004 with a degree that combined technical engineering skills with business management principles.

At Stanford, Vélez was exposed to Silicon Valley's culture of innovation and entrepreneurship. The university's proximity to venture capital firms and technology startups planted seeds that would later flourish when he founded Nubank.

Early career and MBA

After completing his undergraduate studies, Vélez began his career in finance. He joined Goldman Sachs in 2004, working in the investment bank's prestigious programs. He later moved to Morgan Stanley as an analyst, gaining experience in investment banking and financial markets.

His career path subsequently led him to General Atlantic, a private equity firm, and then to Sequoia Capital, where he served as a partner overseeing Latin American investments. At Sequoia, Vélez gained firsthand experience identifying and evaluating investment opportunities in emerging markets - knowledge that would prove essential when he returned to Latin America to found his own company.

Stanford GSB (MBA)

Vélez returned to Stanford to pursue an MBA at the Stanford Graduate School of Business, graduating in 2012. The MBA program reinforced his business acumen and expanded his network within the Silicon Valley investment community. During his time at Stanford GSB, he developed relationships with mentors and fellow students who would later become early supporters of Nubank.

Founding Nubank

The frustrating bank account

The inspiration for Nubank came from a personal frustration. When Vélez moved to São Paulo, Brazil, in 2012 to work on Latin American investments for Sequoia Capital, he attempted to open a bank account at one of Brazil's major traditional banks. The experience proved nightmarishly bureaucratic - requiring numerous documents, multiple branch visits, and endless paperwork for what should have been a simple transaction.

For someone who had worked in the sophisticated financial services sector of the United States, the Brazilian banking experience felt absurdly outdated. Banks charged fees for everything, offered poor customer service, and seemed more interested in extracting value from customers than serving them. Vélez recognized that Brazilian banks, protected by limited competition and regulatory barriers, had grown complacent.

Rather than simply complaining, Vélez saw an opportunity. Technology could democratize financial services, eliminate unnecessary bureaucracy, and provide banking to millions of Brazilians who were underserved by traditional institutions.

Founding in 2013

In May 2013, at age 31, Vélez co-founded Nubank in São Paulo with two partners: Cristina Junqueira, a Brazilian banker who had worked at Itaú Unibanco, and Edward Wible, an American engineer from Princeton. The company started with a simple premise: use technology to create a better banking experience.

Nubank operated from a small house in the Pinheiros neighborhood of São Paulo. The founders worked long hours, with Vélez personally involved in everything from product development to customer service. Cristina Junqueira, who was pregnant with her first child during the company's Series A funding round, affectionately referred to her daughter and Nubank as "twins" born in the same period.

The company's first product was a no-fee credit card managed entirely through a smartphone app - revolutionary in a market where banks charged annual fees averaging $200 and provided clunky, outdated digital interfaces.

Surviving and thriving

Building a fintech company in Brazil meant navigating an entrenched banking oligopoly that did not welcome disruption. Traditional banks, which controlled more than 80% of the market, allegedly conspired to shut Nubank down. The company faced regulatory challenges, competitive pressure, and the skepticism that any startup threatening established interests encounters.

Vélez later reflected that disrupting Brazil's banking sector was "a brave move in a culture where organised crime and brutal business practices often result in personal harm." The risk was not merely financial - it was potentially personal. Nevertheless, Vélez persevered, driven by conviction that customers deserved better.

Nubank survived Brazil's 2015-2016 recession, various corruption scandals that rocked the country, and ultimately the COVID-19 pandemic. Each crisis that could have killed the company instead made it stronger, as customers increasingly embraced digital banking.

Growth and IPO

Scaling to 100 million customers

Under Vélez's leadership, Nubank experienced explosive growth. The company expanded its product offerings beyond credit cards to include checking accounts, savings accounts, personal loans, insurance products, and investment services. It launched operations in Mexico in 2019 and Colombia in 2020.

By December 2021, Nubank served over 40 million customers - a number that has since grown to over 100 million across its three markets, making it the largest neobank in the world by customer count.

NYSE listing

On December 9, 2021, Nubank (through its holding company Nu Holdings Ltd.) debuted on the New York Stock Exchange under the ticker symbol "NU". The IPO priced at $9 per share, valuing the company at approximately $41.5 billion. On its first day of trading, the stock rose to give Nubank a valuation exceeding $45 billion, making it one of the largest bank IPOs in history and Latin America's most valuable financial institution at that moment.

The IPO transformed Vélez into one of the wealthiest people in the world. His approximately 20% stake in the company briefly made him worth more than $10 billion, surpassing Luis Carlos Sarmiento to become Colombia's richest person - a remarkable achievement for someone who had fled the country as a child.

Personal life

Marriage and family

David Vélez is married to Mariel Reyes Milk, a Peruvian-American economist and entrepreneur. Mariel worked at the World Bank for ten years before transitioning to entrepreneurship and philanthropy. The couple has four children, with their youngest born in 2022.

Together, David and Mariel have built both a family and a shared vision for philanthropy. Mariel launched a startup focused on teaching computer programming to vulnerable women in Brazil, particularly Black and transgender women - populations systematically excluded from technology careers.

How they met

Specific details about how David and Mariel met have not been extensively publicized, though both have connections to Stanford University and the world of international development and finance. They share backgrounds as Latin Americans who built careers in the United States before focusing their energies on improving their home region.

Lifestyle

Despite his substantial wealth, Vélez has emphasized that he and his wife "don't come from wealthy families" and "never lived in an environment of luxury." The rapid transformation of Nubank stock into billions of dollars worth of wealth "caught them completely by surprise," prompting serious conversations about their responsibilities.

The family resides in São Paulo, Brazil, where Nubank is headquartered. Vélez maintains Colombian citizenship and has expressed continuing interest in his home country's development, though he has been critical of policies he believes harm economic growth.

Philanthropy

The Giving Pledge

In August 2021, David Vélez and Mariel Reyes became the youngest signatories to date of Warren Buffett and Bill Gates's Giving Pledge, committing to donate the majority of their wealth during their lifetimes. At the time, Vélez was 39 years old.

In their pledge letter, the couple reflected on their unexpected fortune: "One day, about a year ago, we started realizing that that stock is worth a lot of money, and that created a big conversation about what do we want to do with this?"

The decision was informed by their shared values about wealth and social responsibility. Neither came from wealthy backgrounds, and both felt obligated to use their resources to address systemic inequalities in Latin America.

VélezReyes+

In 2022, David and Mariel launched VélezReyes+, a philanthropic platform dedicated to creating opportunities throughout Latin America. The foundation focuses on three primary areas:

  • Education: Supporting initiatives that improve access to quality education across the region
  • Entrepreneurship: Helping underserved entrepreneurs access capital, mentorship, and resources
  • Social impact: Funding projects that address systemic inequality

In August 2023, Vélez sold $191 million worth of Nubank stock, with proceeds directed to the foundation's activities. This represented one of the largest single charitable contributions by a Latin American billionaire.

Business philosophy

Vélez has articulated several key principles that guide his approach to business:

"Position yourself in the scarcity"

At Stanford GSB, Vélez has shared his philosophy of career and business building: "Position yourself in the scarcity, not in the oversupply." He advises entrepreneurs and professionals to seek out markets or capabilities where there is unmet demand rather than competing in crowded spaces.

This principle guided his decision to return to Latin America rather than remain in Silicon Valley. While Stanford graduates typically competed for positions at established tech companies, Vélez recognized that Latin America lacked sophisticated fintech entrepreneurs - a scarcity he could fill.

Customer obsession

Nubank has cultivated what observers describe as "rabid customer love." The company's focus on customer experience - simple products, no hidden fees, responsive service - differentiated it from traditional banks that treated customers as captive revenue sources.

Long-term thinking

Vélez has emphasized patience and long-term vision. Rather than optimizing for short-term profits, Nubank invested in growth and customer acquisition, accepting losses for years before achieving profitability.

Controversies and criticism

Colombian usury rate restrictions

Vélez has been publicly critical of Colombia's "tasa de usura" (usury rate cap), which limits the interest rates financial institutions can charge. He has stated that due to this restriction, Nubank can only approve credit to 15 out of every 100 Colombians who request it, compared to much higher approval rates in Brazil and Mexico.

Critics of Vélez's position argue that usury caps protect vulnerable borrowers from predatory lending, while Vélez contends that the restrictions exclude millions of Colombians from accessing formal credit, pushing them toward informal lenders who charge far higher rates.

US-Colombia tensions

In October 2025, Vélez warned about the impact of diplomatic tensions between the United States and Colombia on foreign investment. He stated that "any investor seeing Colombia today and opening the newspapers would run away when seeing these types of fights," referring to political conflicts between the two governments.

This public criticism of Colombian government policy generated both support from business leaders and criticism from those who viewed it as inappropriate interference in political matters.

Awards and recognition

  • Forbes Billionaires List - Ranked #236 worldwide (2025)
  • Colombia's Richest Person - First achieved after Nubank IPO (2021)
  • Giving Pledge - Youngest signatory at time of commitment (2021)
  • Simón Bolívar Order of Democracy - Conferred by the Congress of the Republic of Colombia at the rank of Grand Knight (September 2024)
  • Bloomberg New Economy Catalyst - Recognition for transformative business leadership
  • Fortune 40 Under 40 - Listed among influential young business leaders

See also

References


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