David Vélez

David Vélez is a Colombian banker, engineer, and entrepreneur known as the founder, CEO, and chairman of Nubank, recognized as the largest independent digital bank globally. Vélez holds a Bachelor of Science in management science and engineering from Stanford University and a Master of Business Administration from the Stanford Graduate School of Business. Before founding Nubank, he served as a partner at Sequoia Capital, overseeing the firm's Latin American investments, and previously worked in investment banking and growth equity at Goldman Sachs, Morgan Stanley, and General Atlantic. This combination of finance and venture capital experience provided Vélez with insight into the inefficiencies within Latin America's banking sector.

The idea for Nubank emerged from Vélez's personal experience attempting to open a bank account in Brazil, where a small number of banks dominated the market and imposed high fees for basic financial products. In response, Vélez established Nubank to offer all-digital, fee-free banking services, beginning with a no-fee credit card managed entirely through a mobile app. This approach addressed a market where annual fees for basic credit cards were common and digital banking options were limited.

Under Vélez's leadership, Nubank has experienced significant growth. Following its public offering as Nu Holdings on the New York Stock Exchange, the company achieved a valuation of $45 billion. Forbes has highlighted Vélez's role in building Latin America's largest digital bank, with Nubank serving 135 million customers. The company has become the region's largest bank by value and the fourth-largest company in Latin America, expanding access to financial services for millions of previously unbanked or underbanked individuals. Nubank has also received approval from U.S. regulators to open a national bank in the United States, reflecting its international expansion.

Vélez has received recognition within the global business and fintech communities, including being named to Forbes' list of billionaires and Time's list of the 100 most influential people in the world. He has also been included in the inaugural Iconoclast 50 by Forbes, which honors leaders across finance, business, technology, media, entertainment, and philanthropy. Vélez has been named among the 500 most influential people in Latin America and received Forbes Colombia's Excellence Award, as well as being recognized as Business Leader of the Year at the Endeavor Gala. Following Nubank's IPO, Vélez became the wealthiest individual in Colombia, according to Forbes rankings.

Beyond his business activities, Vélez is recognized for his perspectives on entrepreneurship, financial inclusion, and innovation in the fintech sector. He has participated in Stanford's dean's premier speaker series, "View From The Top," sharing insights on leadership and personal values. Through Nubank and personal initiatives, Vélez has supported programs to improve financial literacy and inclusion in Latin America, emphasizing the importance of access to financial services. His career reflects a commitment to reshaping the financial landscape in Latin America and advancing digital banking and fintech innovation.