Early Life
David Vélez was born in Medellín, Colombia, in 1981. His family fled cartel violence and relocated to Costa Rica when he was nine years old. Growing up in an entrepreneurial environment, with family members running their own businesses, Vélez developed a strong interest in business from a young age. He attended a German-language school in Costa Rica and later earned a Bachelor's degree in Management Science & Engineering from Stanford University, followed by an MBA from Stanford Graduate School of Business, graduating in 2012.
Rise to Success
After graduating from Stanford, Vélez began his career in finance, working in investment banking at Morgan Stanley and Goldman Sachs. He then transitioned to growth equity and venture capital, joining General Atlantic and later becoming a partner at Sequoia Capital. In 2011, Sequoia tasked him with establishing the firm's presence in Brazil. However, the plan was shelved, and Vélez, sensing an opportunity in the Brazilian banking sector, decided to build a new kind of online bank.
In 2013, Vélez co-founded Nubank in São Paulo, along with Cristina Junqueira and Edward Wible. Nubank launched its first product, an international Mastercard credit card without annual fees, and quickly expanded its services to include digital bank accounts and personal loans. The company's innovative approach led to rapid growth, making Nubank the largest fintech bank in Latin America.
Key Business Strategies
Nubank's success stems from its mobile-first approach, user-friendly interface, and commitment to providing accessible and transparent financial services. The company focused on offering no-fee credit cards and digital accounts, attracting millions of customers who were underserved by traditional banks. Vélez's vision and leadership drove Nubank to become a leading fintech company in Latin America. Nubank went public in December 2021 on the New York Stock Exchange.
Philanthropy
Vélez and his wife, Mariel Reyes Milk, have signed the Giving Pledge, committing to donate the majority of their wealth to charitable causes. They have launched the VélezReyes+ foundation, which focuses on education, entrepreneurship, and social-impact projects across Latin America.