David Vélez
David Vélez | |
|---|---|
.jpg) Vélez in 2023 | |
| Born | 1981 (age 42–43) Medellín, Colombia |
| Citizenship |
|
| Alma mater | Stanford University |
| Occupation | Banker |
| Known for | Founder and CEO of Nubank |
| Spouse | Mariel Reyes Milk |
| Children | 3 |
David Vélez (born 1981) is a Colombian banker, engineer and entrepreneur. He is the chief executive officer and cofounder of the Brazilian fintech startup Nubank.[2]
Early life and education
[edit]Vélez was born in Medellín in 1981,[1] but his family fled cartel violence when he was nine years old and migrated to Costa Rica.[3] Vélez visited a German school in Costa Rica. In Cologne, Germany, he studied mathematics for a year. Vélez went on to attend Stanford University studying finance. He graduated in 2012 with an MBA.[4][5]
Career
[edit]After graduating, Vélez worked at General Atlantic in Brazil and then got a job as an analyst at financial service company Morgan Stanley.[6] He also worked at Goldman Sachs and Sequoia Capital.[7]
Nubank
[edit]The idea for Nubank came about when Vélez needed to open a bank account in Brazil. To do so, he had to keep his bag in a locker and even then the revolving door locked, trapping him at the entrance to the branch. When he needed a manager, he was kept waiting for a long time and the document requirements were very bureaucratic because he was a foreigner. After he finally managed to open an account, he noticed that everything was very expensive, with high fees for simple services. That's when he thought of creating a bank using technology, taking advantage of smartphones used for other services in Brazil. He founded the online bank Nubank in 2013 together with Brazilian Cristina Junqueira and the American Edward Wible.[1]
The company started with him and his employees as the first customers. The startup went on to receive investments from Sequoia and Khosla Ventures.[8][6]
He founded his first Nubank branch abroad at the end of 2017, in Berlin, Germany. In 2019, Nubank had over 12 million customers.[6] In 2023, the number of customers had risen to 90 million people in Brazil, Mexico and Colombia.[3]
Personal life
[edit]Vélez is married to peruvian-american entrepreneur Mariel Reyes Milk and has three children.[1][9] The couple signed the Giving Pledge in 2021 committing to donate most of their wealth to philanthropic causes.[9]
Vélez announced in 2021 that he would donate a large part of his wealth to social projects over his life.[10][11] According to Forbes magazine, he has an estimated fortune of around US$12 billion in February 2024.[3]
In September 2024, the Congress of the Republic of Colombia honored him with the Simón Bolívar Order of Democracy, conferred at the rank of Grand Knight, in recognition of his entrepreneurial achievements.[12]
References
[edit]- ^ a b c d Kauflin, Jeff; Abreu, Maria; Gara, Antoine (2023-06-29). "How David Vélez Built The World's Most Valuable Digital Bank And Became A Billionaire". Forbes.
- ^ "Até onde vai o Nubank?". epocanegocios.globo.com (in Brazilian Portuguese). Retrieved 2018-10-13.
- ^ a b c "David Velez & family". Forbes. Retrieved 2024-03-20.
- ^ "David Vélez: "Position Yourself in the Scarcity, Not in The Oversupply"". Stanford Graduate School of Business. 2019-10-22. Retrieved 2024-11-26.
- ^ England, Joanna (2022-10-04). "Fintech Trailblazer: David Vélez, CEO & Co-founder of Nubank". fintechmagazine.com. Retrieved 2024-11-26.
- ^ a b c Busch, Alexander (2019-08-04). "Nubanks David Vélez: Ein revolutionärer Finanzdienstleister". Neue Zürcher Zeitung (in Swiss High German). ISSN 0376-6829. Retrieved 2024-03-20.
- ^ "Nubank: Digital Banking Revolution with David Vélez". Ideia Veloz Business - entrepreneurship, business management. Retrieved 2024-11-27.
- ^ Mendonça, Heloísa (2018-01-18). "Fundador do Nubank: "Queremos trazer quem paga as tarifas absurdas dos grandes bancos brasileiros"". EL PAÍS (in Brazilian Portuguese). Retrieved 2018-10-13.
- ^ a b Fleischmann, Isabella (2022-10-10). "Nubank's CEO David Vélez and His Partner Mariel Reyes Launch Philanthropy Platform". Bloomberg Línea.
- ^ "David Vélez, cofundador do Nubank, e Mariel Reyes prometem doar fortuna em vida". G1 (in Brazilian Portuguese). 2021-08-12. Retrieved 2024-03-20.
- ^ Marques, Felipe (2021-08-12). "Digital Bank Founder Worth $6 Billion to Donate Most of Fortune". Bloomberg. Retrieved 2024-03-20.
- ^ "The great fortune of David Velez, Colombia's richest man". Al Día News. 2024-11-18. Retrieved 2024-11-26.
