David Velez: How the Nubank founder made his billions
What is David Velez’s family background?
Born in Medellin, Colombia, David Velez grew up amidst the turmoil and danger of warring drug cartels.
Fearing for their safety, Velez’s family fled Colombia when he was nine years old. Velez spent his childhood and adolescence in Costa Rica before heading north to attend college.
What is David Velez’s educational and professional background?
David Velez went to the prestigious Stanford University in Northern California, earning a bachelor’s in Management Science and Engineering and subsequently a Master’s of Business Administration from Stanford’s Graduate School of Business.
He put his education to use upon graduation, working as an investment banker at Morgan Stanley General Atlantic, and Goldman Sachs.
He climbed the corporate ladder to become a partner at Sequoia Capital, overseeing the banking firm’s Latin American interests.
What inspired Velez to found Nubank?
As a Latin American himself, David Velez specialized in Latin American banking investments, studying the practices of large countries like Mexico, Brazil, and Colombia.
Velez observed that a few banks formed a banking monopoly in Brazil that charged exorbitant and unfair prices to customers.
He thus founded Nubank in 2013 in Sao Paulo Brazil, as a digital startup bank. Over the past decade, Nubank has become a leading bank in Mexico, Colombia, and Brazil with over 35 million customers.
What are Nubank’s practices?
Nubank offers checking and savings accounts, credit cards, and life insurance at fair prices, valuing transparent business practices.
How Does Velez give back to the community?
David Velez has joined the ranks of billionaires like Warren Buffet, Bill Gates, and Melinda Gates in donating most of his billions to charity as part of a foundation called The Giving Pledge.