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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 year and age|1981}}
| 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}}
| education = [[Stanford University]] (BS 2005, MBA 2012)
| birth_place = [[Medellín]], [[Colombia]]
| occupation = Banker, entrepreneur
| nationality = {{flag|Colombia}} Colombian<br>{{flag|United States}} American
| years_active = 2005–present
| citizenship = {{flag|Colombia}}<br>{{flag|United States}}
| known_for = Co-founder and CEO of [[Nubank]]
| languages = Spanish, English, Portuguese
| title = CEO and Chairman, Nubank
| alma_mater = [[Stanford University]] (BS, MBA)
| spouse = Mariel Reyes Milk (m. circa 2010s)
| occupation = Banker, entrepreneur, investor
| years_active = 2004-present
| organization = [[Nubank]]
| title = Founder and CEO
| boards = Nu Holdings Ltd.
| 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 banker, engineer, and entrepreneur who is the co-founder and chief executive officer of [[Nubank]], the largest digital bank in Latin America and one of the largest fintech companies in the world. Under his leadership, Nubank has grown from a startup founded in a São Paulo apartment in 2013 to a publicly traded company serving more than 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.


As of 2025, Forbes estimates Vélez's net worth at approximately US$10.7 billion, making him the wealthiest person in Colombia and one of the richest individuals in Latin America. His fortune derives primarily from his stake in Nubank, which went public on the New York Stock Exchange in December 2021 at a valuation exceeding $45 billion.
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 2021, Vélez and his wife Mariel Reyes Milk signed the Giving Pledge, committing to donate the majority of their wealth to charitable causes during their lifetimes.
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 and family background ==
== Early life ==


David Vélez was born in 1981 in Medellín, Colombia, into an entrepreneurial family with deep roots in business. His father co-owned a button factory, and he came from a large extended family where entrepreneurship was the norm rather than the exception—his father had eleven siblings, all of whom ran their own businesses.
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.


Growing up in Medellín during the height of Colombia's drug cartel violence left lasting impressions on the young Vélez. One early memory that shaped his worldview was leaving a shopping center just moments before it was bombed. The violence struck even closer to home when his uncle was kidnapped.
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 family made the difficult decision to leave Colombia and relocate to Costa Rica to escape the endemic violence. This experience of displacement and starting over in a new country would later inform his understanding of how difficult it can be for outsiders to navigate established systems—a perspective that proved valuable when he set out to disrupt Brazil's entrenched banking oligopoly.
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.


In Costa Rica, young David worked in his father's button factory and on the family farm, gaining practical business experience from an early age. He proved to be an exceptional student, developing a passion for financial markets while attending a German-language preparatory school.
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 ==


=== Stanford University ===
=== Stanford University (Undergraduate) ===


Vélez graduated as valedictorian from his Costa Rican prep school and won admission to Stanford University in California. At eighteen years old, he moved to the United States to begin his undergraduate studies.
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 earned a Bachelor of Science degree in Management Science and Engineering, graduating in 2005. The program combined technical training with business fundamentals, providing the interdisciplinary foundation he would later apply to building a technology-driven bank.
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.


=== Stanford Graduate School of Business ===
=== Early career and MBA ===


After several years in finance and venture capital, Vélez returned to Stanford in 2010 to pursue a Master of Business Administration at the Stanford Graduate School of Business. He completed the MBA in 2012.
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 time at Stanford GSB proved transformative, not only for the education but for the connections he made. The university's emphasis on entrepreneurship and its network of investors and founders would prove invaluable when Vélez launched Nubank.
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.


== Early career ==
=== Stanford GSB (MBA) ===


=== Morgan Stanley ===
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.


After completing his undergraduate degree at Stanford in 2005, Vélez joined Morgan Stanley as an investment banker in New York. This experience in a major Wall Street institution gave him deep exposure to financial services and capital markets.
== Founding Nubank ==


=== General Atlantic ===
=== The frustrating bank account ===


Vélez subsequently moved to General Atlantic, a global growth equity firm, where he focused on investments in Latin America. This role provided him with a unique vantage point to observe the dynamics of emerging market financial services and identify opportunities for disruption.
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.


=== Sequoia Capital ===
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.


In late 2010, while Vélez was pursuing his MBA at Stanford, Sequoia Capital recruited him to evaluate whether the legendary venture capital firm should open an office in Brazil. Although Sequoia ultimately decided against establishing a Brazilian presence at that time, they recognized exceptional talent in Vélez.
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.


From 2011 to 2013, Vélez worked as a partner at Sequoia Capital, leading the firm's Latin American investments from São Paulo. This period gave him unparalleled insight into Brazil's technology landscape and, crucially, into the frustrations that consumers and businesses faced with the country's oligopolistic banking sector.
=== Founding in 2013 ===


== Founding Nubank ==
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.


=== Identifying the opportunity ===
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.


During his time at Sequoia in São Paulo, Vélez experienced firsthand the dysfunction of Brazil's banking system. As a foreigner attempting to open a bank account, he encountered bureaucratic obstacles, excessive fees, and poor customer service that were standard practice among Brazil's dominant banks.
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.


Brazil's banking sector was controlled by a small number of large institutions that operated as an effective oligopoly. Fees were among the highest in the world, customer service was notoriously poor, and financial inclusion remained limited despite Brazil's large middle class. The constitution itself contained protections limiting foreign investment in banks—an unusual level of regulatory entrenchment.
=== Surviving and thriving ===


Vélez saw an opportunity to build a different kind of bank: one that would be digital-first, customer-centric, and free from the legacy costs and attitudes of traditional institutions.
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.


=== The founding team ===
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.


In 2013, Vélez co-founded Nubank in São Paulo with two partners who would prove essential to the company's success:
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.


'''Cristina Junqueira''': A Brazilian businesswoman with an engineering background who had previously worked as a product manager supervising credit card portfolios at Itaú Unibanco, one of Brazil's largest banks. Junqueira brought deep expertise in Brazilian banking operations and product development. She was introduced to Vélez through mutual contacts and shared his frustration with the status quo.
== Growth and IPO ==


'''Edward Wible''': An American who had studied computer science at Princeton University before working at Boston Consulting Group and the technology-focused private equity firm Francisco Partners. Wible completed an MBA at INSEAD in France before joining as co-founder and Chief Technology Officer. He provided the technical leadership needed to build Nubank's digital platform.
=== Scaling to 100 million customers ===


=== Seed funding and launch ===
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.


Vélez leveraged his Sequoia connections to secure initial funding. In June 2013, Sequoia Capital led a $2 million seed round, with participation from Kaszek Ventures, the Latin American venture capital firm founded by MercadoLibre alumni Hernán Kazah and Nicolas Szekasy.
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.


The founding team operated from an apartment in São Paulo, building the technology platform that would power their first product: a no-annual-fee international Mastercard credit card managed entirely through a mobile application.
=== NYSE listing ===


=== The purple card revolution ===
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.


Nubank launched its distinctive purple credit card in 2014. The product was radically simple compared to traditional Brazilian credit cards: no annual fee, transparent pricing, and an intuitive mobile app for all account management.
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.


The response was overwhelming. Brazilians frustrated with incumbent banks flocked to Nubank, and the company built a waiting list of hundreds of thousands of potential customers. Word-of-mouth growth accelerated as satisfied customers shared their experiences.
== Personal life ==


== Nubank growth and expansion ==
=== Marriage and family ===


=== Navigating regulatory challenges ===
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.


As a foreigner founding a financial institution in Brazil, Vélez faced significant regulatory hurdles. Brazilian law required a presidential decree for foreigners to receive banking permits—a process that took years to complete.
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.


The company also faced opposition from incumbent banks, which lobbied for regulatory changes that would have crippled Nubank's business model. In 2016, a proposed change to credit card payment timing would have required Nubank to find billions in working capital overnight. The company survived this threat through a combination of lobbying, public relations, and strategic positioning as an ally rather than adversary of regulators.
=== How they met ===


Rather than fighting regulatory authorities, Vélez adopted a strategy of being "the kid in the front row" who consistently exceeded compliance requirements. This approach gradually won over skeptical regulators and created barriers to entry that protected Nubank as it scaled.
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.


=== Major funding rounds ===
=== Lifestyle ===


Nubank attracted an extraordinary roster of global investors as it scaled:
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.


* '''September 2014''': $14.3 million from Sequoia Capital, Kaszek Ventures, and Nicolas Berggruen
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.
* '''June 2015''': Series B led by Tiger Global Management
* '''2017''': Became a "unicorn" with valuation exceeding $1 billion
* '''2018–2021''': Additional rounds from Goldman Sachs, DST Global, and others


Warren Buffett's Berkshire Hathaway made two investments totaling approximately $1 billion in Nubank stock, before and after the IPO—a significant endorsement from one of the world's most respected investors.
== Philanthropy ==


=== NYSE IPO (December 2021) ===
=== The Giving Pledge ===


On December 9, 2021, Nubank completed its initial public offering on the New York Stock Exchange through its holding company, Nu Holdings. The IPO raised $2.6 billion and valued the company at approximately $45 billion on its first trading day—making Nubank one of the most valuable financial institutions in Latin America and larger by market capitalization than many traditional Brazilian banks.
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.


The successful IPO made Vélez the richest person in Colombia, surpassing longtime leader Luis Carlos Sarmiento Angulo in Forbes' billionaire rankings.
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?"


=== Geographic expansion ===
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.


Beyond its Brazilian base, Nubank has expanded into other Latin American markets:
=== VélezReyes+ ===


'''Mexico''': Launched in 2019, the Mexican operation has grown rapidly in a market with similar dynamics to Brazil—large population, underdeveloped banking services, and high fees from incumbent institutions.
In 2022, David and Mariel launched VélezReyes+, a philanthropic platform dedicated to creating opportunities throughout Latin America. The foundation focuses on three primary areas:


'''Colombia''': Vélez's home country, where Nubank launched operations to compete with traditional Colombian banks.
* '''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


As of 2024, Nubank serves approximately 100 million customers across its three markets, with Brazil remaining the largest by far.
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.
 
== Personal life ==


=== Marriage and family ===
== Business philosophy ==


David Vélez is married to Mariel Reyes Milk, a Peruvian-American entrepreneur and economist. The couple has four children, with their youngest born in 2022.
Vélez has articulated several key principles that guide his approach to business:


Mariel Reyes has her own distinguished career in social impact. Before meeting Vélez, she worked for ten years at the International Finance Corporation, part of the World Bank Group. In Brazil, she founded Reprograma, a nonprofit startup that teaches computer programming to vulnerable women, particularly Black and transgender women who face barriers to entering the technology industry.
=== "Position yourself in the scarcity" ===


The Vélez-Reyes family has lived in Brazil for more than a decade.
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.


=== Philanthropy ===
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 August 2021, David Vélez and Mariel Reyes signed the Giving Pledge, the commitment initiated by Warren Buffett and Bill Gates for billionaires to donate the majority of their wealth to charitable causes during their lifetimes or in their wills.
=== Customer obsession ===


In their pledge letter, the couple explained their philosophy: life is finite, they cannot wear two pairs of shoes at the same time, they want to enable their children to build their own paths through self-development, and there is an urgent need to invest wealth now to improve the lives of hundreds of millions of people.
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.


In 2022, Vélez and Reyes launched VélezReyes+, a philanthropic platform focused on education, democracy, and entrepreneurship in Latin America. The platform invests in these areas because the couple believes they are the pillars through which they can increase opportunities for Latin Americans.
=== Long-term thinking ===


In 2023, the Lemann Foundation announced a partnership with VélezReyes+ to accelerate social impact in Brazil, combining the resources and expertise of two of Latin America's most prominent philanthropic organizations.
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 ==
== Controversies and criticism ==


=== Competition with traditional banks ===
=== Colombian usury rate restrictions ===
 
Vélez and Nubank have faced intense opposition from Brazil's banking establishment throughout the company's history. Traditional banks lobbied regulators, questioned Nubank's business model, and attempted to use regulatory levers to hamper the fintech's growth.
 
The 2016 regulatory threat—a proposed change that would have required immediate payment to merchants rather than the standard 27-day delay—was widely seen as an attempt by incumbent banks to crush their digital competitor. Nubank survived, but the episode illustrated the risks of challenging entrenched interests.
 
=== Data collection practices ===


Nubank's digital-first model involves collecting extensive data on customers. The company reportedly maintains approximately 10,000 data points on each customer—information used to make credit decisions, personalize services, and improve products.
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 have raised concerns about the concentration of such detailed personal and financial information, though Nubank maintains that it follows strict data protection protocols and uses the information to benefit customers through better products and more accurate credit assessments.
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.


=== Roberto Campos Neto appointment ===
=== US-Colombia tensions ===


In 2024, Nubank announced that Roberto Campos Neto, the former president of Brazil's Central Bank, would join the company as Vice Chairman and Global Policy Head after completing a mandatory six-month cooling-off period.
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.


The appointment generated controversy due to concerns about the revolving door between financial regulators and the institutions they oversee. A regional court later reopened an investigation into Campos Neto's offshore holdings, reviving debate over potential conflicts of interest—though this investigation related to his tenure at the Central Bank rather than his Nubank role.
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 ==
== Awards and recognition ==


* '''Simón Bolívar Order of Democracy''' (2024) – Conferred at the rank of Grand Knight by the Congress of the Republic of Colombia in recognition of his entrepreneurial achievements
* '''Forbes Billionaires List''' - Ranked #236 worldwide (2025)
* '''Forbes Billionaires List''' (2025) – Ranked 236th worldwide with net worth of $10.7 billion
* '''Colombia's Richest Person''' - First achieved after Nubank IPO (2021)
* '''Forbes Richest Person in Colombia''' – Following Nubank's IPO in 2021, became Colombia's wealthiest individual
* '''Giving Pledge''' - Youngest signatory at time of commitment (2021)
* '''Giving Pledge Signatory''' (2021) – Joined Warren Buffett and other billionaires in committing to donate majority of wealth
* '''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


== Legacy and impact ==
== See also ==


David Vélez's creation of Nubank has had profound effects on Brazilian banking and Latin American fintech more broadly:
* [[Nubank]]
 
* [[Cristina Junqueira]]
'''Financial inclusion''': Nubank has provided banking services to millions of Brazilians who were previously unbanked or underserved, offering access to credit cards, savings accounts, and other financial products.
* [[Fintech in Latin America]]
 
* [[List of Colombian billionaires]]
'''Competition''': The success of Nubank has forced traditional banks to improve their digital offerings, lower fees, and enhance customer service—benefiting even those who don't use Nubank directly.
* [[Giving Pledge]]
 
'''Fintech ecosystem''': Nubank's success has inspired a wave of fintech entrepreneurs across Latin America and demonstrated that technology companies can compete with entrenched financial institutions.
 
'''Talent development''': The company has trained thousands of technology and finance professionals who have gone on to start or join other Brazilian startups.


== References ==
== References ==


{{Reflist|refs=
{{reflist|refs=
<ref name="bloomberg">{{cite web |url=https://www.bloomberg.com/billionaires/profiles/david-v-osorno/ |title=Bloomberg Billionaires Index - David Velez |publisher=Bloomberg |access-date=2025-11-28}}</ref>
<ref name="wikipedia">Wikipedia: David Vélez</ref>
<ref name="stanford">{{cite web |url=https://www.gsb.stanford.edu/alumni/news/catalyst/david-velez-05-mba-12 |title=David Vélez, '05, MBA '12 |publisher=Stanford Graduate School of Business |access-date=2025-11-28}}</ref>
<ref name="stanford">Stanford Graduate School of Business: David Vélez Profile</ref>
<ref name="sequoia">{{cite web |url=https://sequoiacap.com/podcast/crucible-moments-nubank/ |title=Nubank: An Outsider Upending the Brazilian Banking System |publisher=Sequoia Capital |access-date=2025-11-28}}</ref>
<ref name="bloomberg">Bloomberg Billionaires Index: David Vélez</ref>
<ref name="cnn">{{cite web |url=https://www.cnn.com/2019/12/06/business/nubank-david-velez-risk-takers |title=Nubank, a Brazilian startup, is changing the way millions of people bank |publisher=CNN |access-date=2025-11-28}}</ref>
<ref name="forbes">Forbes: Colombia's Richest Billionaires</ref>
<ref name="fortune">{{cite web |url=https://fortune.com/crypto/2023/10/09/future-of-finance-nubank-ceo-david-velez-brazil-fintech-latin-america-crypto-digital-banking/ |title=Future of Finance: Nubank's Vélez discusses fintech's rise |publisher=Fortune |access-date=2025-11-28}}</ref>
<ref name="sequoia">Sequoia Capital: David Vélez Profile</ref>
<ref name="velezreyes">{{cite web |url=https://velezreyesmas.com/en/nosotros/ |title=About us - vélezreyes+ |publisher=VélezReyes+ |access-date=2025-11-28}}</ref>
<ref name="velezreyes">VélezReyes+ Foundation Official Website</ref>
<ref name="givingpledge">{{cite web |url=https://philanthropynewsdigest.org/news/digital-bank-founder-wife-join-giving-pledge |title=Digital bank founder, wife join Giving Pledge |publisher=Philanthropy News Digest |access-date=2025-11-28}}</ref>
<ref name="bloomberglinea">Bloomberg Línea: Nubank's CEO David Vélez and Partner Mariel Reyes Launch Philanthropy Platform</ref>
<ref name="endeavor">{{cite web |url=https://endeavor.org/stories/the-nubank-story/ |title=Fireside Chat with David Velez: Nubank's Decade of Innovation |publisher=Endeavor |access-date=2025-11-28}}</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://velezreyesmas.com/en/ VélezReyes+ philanthropic platform]
* [https://www.nubank.com.br/ Nubank Official Website]
* [https://www.gsb.stanford.edu/alumni/news/catalyst/david-velez-05-mba-12 Stanford GSB profile]
* [https://velezreyesmas.com/ VélezReyes+ Foundation]
* [https://www.gsb.stanford.edu/alumni/news/catalyst/david-velez-05-mba-12 Stanford GSB Profile]


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

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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