Lifetime of Achievement: David VĂ©lez
David Vélez has transformed banking across Latin America through Nubank, the digital bank he co-founded in 2013.
Now serving millions of customers across Brazil, Mexico and Colombia, the company has risen to become one of the region's most significant financial institutions.
From Colombia to Silicon Valley
Born in Medellín, Colombia in 1982, David’s early life was shaped by his country’s turbulent history.
An early memory was leaving a shopping centre moments before it was bombed. After his uncle was kidnapped, his family relocated to Costa Rica when he was nine years old.
The son of a button factory owner, David grew up in an entrepreneurial environment. His father had 11 siblings, all of whom ran their own businesses.
In Costa Rica, he proved to be an exceptional student and discovered a passion for financial markets.
After graduating as valedictorian from a German-language prep school, he earned admission to Stanford University, where he completed both a Bachelor’s degree in Management Science and Engineering and an MBA.
His career progressed through positions in investment banking at Morgan Stanley and Goldman Sachs, followed by roles in private equity at General Atlantic.
By 2011, he had become a partner at Sequoia Capital, tasked with establishing the venture capital firm's presence in Brazil.
Challenging Brazil's Banking System
When Sequoia's Brazilian venture was abandoned due to a shortage of computer science engineers graduating in the country, David faced a career setback. “It was the day before my birthday, and it was a bit of a shock,” he told Forbes.
However, he identified an opportunity in Brazil’s financial sector, where five banks controlled 80% of the market and charged high fees for basic services.
According to data, Brazilian banks derived nearly 40% of their revenue from fees, compared with 15-20% for banks in other leading South American countries.
Despite warnings from friends about potential opposition – with one telling him: “They’re going to kill you, they’re going to kidnap your kids,” according to his Forbes interview. In 2013, at 31, he founded Nubank alongside Cristina Junqueira and Edward Wible.
Their first product was a no-fee credit card managed entirely through a mobile app, addressing a market where annual fees for basic credit cards were standard practice and digital banking was limited.
A Growing Legacy
More than a decade after its founding, Nubank has expanded substantially.
Following its December 2021 IPO as Nu Holdings on the New York Stock Exchange, the company continued building upon its customer base, which stood at 70 million in 2022.
The companyâs IPO valuation of US$45bn reflected its significant growth trajectory.
The company now operates across Brazil, Mexico and Colombia, offering services including credit cards, checking accounts and life insurance â providing financial services to previously underserved populations.
Despite his success, David maintains commitments beyond business. Together with his wife Maria, with whom he has four children, he has pledged to donate the majority of their estimated US$6bn fortune to philanthropic causes.
Davidâs journey from MedellĂn to building one of Latin Americaâs most successful financial institutions demonstrates how innovation in financial services can create substantial impact.
By challenging established banking practices and embracing technology, Nubank has helped change how millions of people across Latin America access and use financial services.
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