Early Life
David Vélez was born in Medellín, Colombia, in 1981. His family relocated to Costa Rica when he was nine to escape the violence caused by drug cartels. Vélez's upbringing in an entrepreneurial family, with many relatives owning businesses, instilled in him a strong interest in business.
Rise to Success
Vélez earned a Bachelor's degree in Management Science & Engineering from Stanford University and an MBA from Stanford Graduate School of Business. He began his career in investment banking at Morgan Stanley and Goldman Sachs. He then transitioned to growth equity and venture capital, working at General Atlantic and later becoming a partner at Sequoia Capital. In 2013, Vélez co-founded Nubank in São Paulo with Cristina Junqueira and Edward Wible. The goal was to revolutionize banking in Latin America by offering accessible and transparent financial solutions. Nubank went public in December 2021.
Key Business Strategies
Nubank's success is rooted in its innovative approach to banking. The company focused on offering a user-friendly mobile platform and no-fee credit cards. Vélez and Nubank capitalized on the inefficiencies of the Brazilian banking system, which was characterized by high fees and poor customer service. Nubank has expanded its services to millions across Brazil, Mexico, and Colombia. The company also uses AI-driven models for credit underwriting and customer service. Nubank has also been expanding into new markets and product offerings.
Philanthropy
Vélez and his wife, Mariel Reyes Milk, signed the Giving Pledge, committing to donate a substantial portion of their wealth to charitable causes. In 2022, they launched the VelezReyes+ foundation, focusing on education, entrepreneurship, and social-impact projects across Latin America.
