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Created comprehensive CEO article: founder of Nubank, Colombia's richest person, fintech pioneer, Giving Pledge signatory
 
Created comprehensive article on Colombian billionaire and Nubank founder: includes Medellín childhood, Costa Rica emigration, Stanford education, Sequoia Capital career, Nubank founding story with Junqueira and Wible, NYSE IPO, Giving Pledge philanthropy, and regulatory challenges
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{{Infobox person
{{Infobox person
| name = David Vélez
| name = David Vélez
| image =
| image =  
| caption =
| caption =  
| birth_date = {{Birth date and age|1981|1|1}}
| birth_date = {{Birth year and age|1981}}
| birth_place = Medellín, Colombia
| birth_place = Medellín, Colombia
| nationality = {{COL}} Colombian
| nationality = {{COL}} Colombian
| residence = São Paulo, Brazil
| education = [[Stanford University]] (BS 2005, MBA 2012)
| education = [[Stanford University]] (BS, 2005)<br>[[Stanford Graduate School of Business]] (MBA, 2012)
| occupation = Banker, entrepreneur
| occupation = Entrepreneur, banker, investor
| years_active = 2005–present
| years_active = 2004–present
| known_for = Co-founder and CEO of [[Nubank]]
| known_for = Founder and CEO, [[Nubank]]
| title = CEO and Chairman, Nubank
| title = Founder and CEO, Nubank
| spouse = Mariel Reyes Milk (m. circa 2010s)
| spouse = Mariel Reyes Milk
| children = 4
| children = 4
| net_worth = US$10.7 billion (2025)
| net_worth = US$10.7 billion (2025)
| website =
| website =  
}}
}}


'''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''' (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.


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.
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.


== Early life ==
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.


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.
== Early life and family background ==


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.
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.


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.
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.


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.
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.


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.
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.


== 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 ===


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 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.


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 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.
 
=== Stanford Graduate School of Business ===
 
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.
 
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.


== Early career ==
== Early career ==


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.
=== Morgan Stanley ===


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.
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.


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.
=== General Atlantic ===


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 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.
 
=== Sequoia Capital ===
 
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.
 
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 Nubank ==
== Founding Nubank ==


=== Personal frustration as inspiration ===
=== Identifying the opportunity ===


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.
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.


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.
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.


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?
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 the company ===
=== The founding team ===


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


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.
'''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.


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.
'''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.


=== Overcoming regulatory and competitive challenges ===
=== Seed funding and launch ===


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.
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.


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.
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.


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.
=== The purple card revolution ===


=== Expansion ===
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.


From its initial credit card product, Nubank expanded into:
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.


* Digital bank accounts with no maintenance fees
== Nubank growth and expansion ==
* 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.
=== Navigating regulatory challenges ===


== IPO and billionaire status ==
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.


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.
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.


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.
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.


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


== Business philosophy ==
Nubank attracted an extraordinary roster of global investors as it scaled:


Vélez has articulated a distinctive business philosophy centered on several principles:
* '''September 2014''': $14.3 million from Sequoia Capital, Kaszek Ventures, and Nicolas Berggruen
* '''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


'''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.
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.


'''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.
=== NYSE IPO (December 2021) ===


'''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.
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.


'''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.
The successful IPO made Vélez the richest person in Colombia, surpassing longtime leader Luis Carlos Sarmiento Angulo in Forbes' billionaire rankings.
 
=== Geographic expansion ===
 
Beyond its Brazilian base, Nubank has expanded into other Latin American markets:
 
'''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.
 
'''Colombia''': Vélez's home country, where Nubank launched operations to compete with traditional Colombian banks.
 
As of 2024, Nubank serves approximately 100 million customers across its three markets, with Brazil remaining the largest by far.


== Personal life ==
== Personal life ==
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=== Marriage and family ===
=== Marriage and family ===


David Vélez is married to Mariel Reyes Milk, a Peruvian-American entrepreneur. The couple has four children, with their youngest born in 2022.
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.


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.
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.


The family resides in São Paulo, Brazil, where Nubank is headquartered.
The Vélez-Reyes family has lived in Brazil for more than a decade.


=== Return to Colombia and recognition ===
=== Philanthropy ===


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.
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.


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.
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.


== Philanthropy ==
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.


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.
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.


In 2022, the couple launched VelezReyes+, a philanthropic platform focused on:
== Controversies and criticism ==


* Education and educational opportunity
=== Competition with traditional banks ===
* 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.
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 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.
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.


== Recognition ==
=== Data collection practices ===


Vélez has received numerous awards and recognition for his entrepreneurial achievements:
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.


* Named to various lists of influential business leaders and technology entrepreneurs
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.
* 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 ==
=== Roberto Campos Neto appointment ===


Vélez's success with Nubank has had broader implications for financial services in Latin America:
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.


'''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.
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.


'''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.
== Awards and recognition ==


'''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.
* '''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''' (2025) – Ranked 236th worldwide with net worth of $10.7 billion
* '''Forbes Richest Person in Colombia''' – Following Nubank's IPO in 2021, became Colombia's wealthiest individual
* '''Giving Pledge Signatory''' (2021) – Joined Warren Buffett and other billionaires in committing to donate majority of wealth


'''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.
== 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]]
 
* [[Financial technology]]
'''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.
* [[Banking in Brazil]]
 
* [[Giving Pledge]]
'''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.
 
'''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}}
 
{{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="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="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="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="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="velezreyes">{{cite web |url=https://velezreyesmas.com/en/nosotros/ |title=About us - vélezreyes+ |publisher=VélezReyes+ |access-date=2025-11-28}}</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="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>
}}


== External links ==
== External links ==
* [https://www.nubank.com.br Nubank official website]
* [https://www.nubank.com.br Nubank official website]
* [https://investor.nu Nubank Investor Relations]
* [https://velezreyesmas.com/en/ VélezReyes+ philanthropic platform]
* [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:1981 births]]
[[Category:Living people]]
[[Category:Colombian businesspeople]]
[[Category:Colombian businesspeople]]
[[Category:Colombian billionaires]]
[[Category:Colombian billionaires]]
[[Category:1981 births]]
[[Category:Colombian emigrants to Brazil]]
[[Category:Living people]]
[[Category:Colombian bankers]]
[[Category:Fintech people]]
[[Category:Nubank people]]
[[Category:People from Medellín]]
[[Category:Stanford University alumni]]
[[Category:Stanford University alumni]]
[[Category:Stanford Graduate School of Business alumni]]
[[Category:Chief executive officers]]
[[Category:Financial technology]]
[[Category:Colombian emigrants to Brazil]]
[[Category:Giving Pledge signatories]]

Revision as of 12:37, 28 November 2025

Template:Infobox person

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.

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.

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.

Early life and family background

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.

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.

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, 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.

Education

Stanford University

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.

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.

Stanford Graduate School of Business

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.

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.

Early career

Morgan Stanley

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.

General Atlantic

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.

Sequoia Capital

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.

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 Nubank

Identifying the opportunity

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.

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.

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.

The founding team

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

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.

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.

Seed funding and launch

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.

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.

The purple card revolution

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 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.

Nubank growth and expansion

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.

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.

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.

Major funding rounds

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

  • September 2014: $14.3 million from Sequoia Capital, Kaszek Ventures, and Nicolas Berggruen
  • 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.

NYSE IPO (December 2021)

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.

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

Geographic expansion

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

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.

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

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

Personal life

Marriage and family

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.

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.

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

Philanthropy

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.

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.

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.

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.

Controversies and criticism

Competition with traditional banks

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.

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.

Roberto Campos Neto appointment

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.

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.

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 (2025) – Ranked 236th worldwide with net worth of $10.7 billion
  • Forbes Richest Person in Colombia – Following Nubank's IPO in 2021, became Colombia's wealthiest individual
  • Giving Pledge Signatory (2021) – Joined Warren Buffett and other billionaires in committing to donate majority of wealth

Legacy and impact

David Vélez's creation of Nubank has had profound effects on Brazilian banking and Latin American fintech more broadly:

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.

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.

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


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