David Vélez
David Vélez | |
|---|---|
| Born | 1981 Medellín, Colombia |
| Occupation(s) | Engineer, banker, business innovator |
| Known for | CEO and cofounder of Nubank |
David Vélez (born 1981) is a Colombian-born engineer, banker, and business innovator. He serves as the chief executive officer and is a cofounder of the Brazilian digital bank, Nubank.
As of March 2024, Vélez was positioned at number 199 on the Forbes ranking of The Richest People In The World, with an estimated net worth of $10.8 billion.
Early life and education
Born in 1981 in Medellín, Vélez's family relocated to Costa Rica when he was nine years old to escape cartel-related violence. He attended a German-language school in Costa Rica and spent a year studying mathematics in Cologne, Germany. In 2012, he completed an MBA at Stanford University, concentrating on finance.
Career
Following his graduation, Vélez gained experience at General Atlantic in Brazil and took on analyst positions at Morgan Stanley. His career also includes roles at Goldman Sachs and Sequoia Capital.
Nubank
The concept for Nubank emerged from Vélez’s dissatisfaction with Brazil’s expensive and complex banking system. Motivated by the inefficiencies and excessive fees, he envisioned a mobile-first banking solution. In 2013, he co-established Nubank alongside Brazilian Cristina Junqueira and American Edward Wible.
Initially, Nubank catered to its founders and employees as its first customers and attracted funding from Sequoia Capital and Khosla Ventures. The company expanded internationally by opening its first overseas office in Berlin towards the end of 2017. By 2019, Nubank had amassed over 12 million users, increasing to 90 million clients across Brazil, Mexico, and Colombia by 2023.
Personal life
Vélez is married to entrepreneur Mariel Reyes Milk, who is Peruvian-American, and together they have three children. In 2021, the couple committed to philanthropy by joining the Giving Pledge, promising to allocate the majority of their wealth to charitable causes. Vélez has publicly stated his intention to contribute a large share of his fortune to social initiatives during his lifetime. As of February 2024, Forbes valued his net worth at around US$12 billion.
In September 2024, Colombia’s Congress honored him with the Simón Bolívar Order of Democracy at the Grand Knight level in recognition of his entrepreneurial achievements.