David Vélez
Born 1981 · Age 44
Colombian-born banker, engineer and entrepreneur; cofounder & CEO of Nubank, a leading Latin American neobank.
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Life & Career Timeline
Family fled cartel violence to Costa Rica
At age nine his family relocated to Costa Rica after cartel violence and a kidnapping in Medellín.
Graduated German-language prep school (valedictorian)
Graduated as valedictorian from a German-language prep school in Costa Rica.
Studied mathematics for one year in Cologne, Germany
Spent approximately one year studying mathematics in Cologne, Germany (period cited in bios).
Graduated Stanford University (undergraduate)
Completed undergraduate studies at Stanford University (Management Science & Engineering reported in profiles).
Joined Morgan Stanley (investment banking analyst)
Took an investment banking job at Morgan Stanley after undergrad.
Joined General Atlantic (private equity) and relocated to Brazil
Moved to Brazil to open a regional office for private equity firm General Atlantic; worked on Latin America investments.
Moved to São Paulo for General Atlantic work
Stanford GSB profile notes Vélez moved to Brazil in 2008 to open a regional office for a private equity fund (General Atlantic).
Returned to Stanford GSB for MBA (class of 2012)
Returned to Stanford Graduate School of Business for an MBA program (MBA ’12).
Recruited by Sequoia Capital to build Latin America presence
While at Stanford, recruited by Doug Leone and others at Sequoia to help develop Sequoia's Latin America business.
Graduated Stanford GSB with MBA
Completed MBA at Stanford (MBA ’12).
Sequoia pulls plug on Brazil venture
On October 1, 2012 Sequoia decided to end its Brazilian venture, a triggering event that pushed Vélez toward entrepreneurship.
Set up first Nubank operations in rented São Paulo house
Founders and small team established Nubank headquarters in a rented house in São Paulo; CTO Edward Wible lived upstairs.
Seed funding: $1M from Sequoia & $1M from Kaszek
Raised initial seed backing (roughly $1M from Sequoia/Leone and about $1M from Kaszek) to start Nubank.
Founded Nubank (cofounder & CEO)
Founded Nubank in May 2013 with Cristina Junqueira and Edward Wible to launch a technology-driven, no-fee bank for Brazil.
Waiting list surges to over 1 million applicants
Within ~12 months of launch the Nubank credit card waiting list exceeded one million applicants; company approved about 20% initially as a risk control.
Series A funding: $15M led by Sequoia/QED
In August 2014 Nubank closed a $15 million Series A round led by Sequoia with participation by Nigel Morris (QED).
Launched first product: no-fee credit card via mobile app
Nubank rolled out its first product — a mobile-managed, no-annual-fee credit card — in September 2014.
Reached 1 million accepted credit-card customers
Nubank hit a key product milestone: 1,000,000 accepted credit-card customers (growth largely via referrals and word of mouth).
Raised $80M round led by Yuri Milner
In December 2016 Vélez closed an $80 million financing round led by Yuri Milner's VC firm to scale hiring and tech.
Received Brazilian banking license (exemption granted)
In May 2017, after a presidential decree gave an exemption from foreign-ownership rules, Nubank obtained a Brazilian banking license enabling deposit products.
Opened first international branch in Berlin, Germany
At the end of 2017 Nubank opened its first branch abroad (Berlin) to source tech talent and expand engineering capability.
Expanded to Argentina and Mexico; 12M+ customers
Nubank expanded into Argentina and Mexico in 2019 and had surpassed ~12 million customers worldwide.
2019 financials: $523M revenue, $78M loss
Nubank reported roughly $523M in revenue and a $78M loss in 2019 as it scaled operations.
Pandemic-driven growth: revenue nearly doubles to $963M
In 2020 Nubank's revenue almost doubled to $963M and losses narrowed to about $44M as digital banking adoption rose.
Launched life insurance product; sold 100k policies in early months
Nubank rolled out a life-insurance product (accompanied by acquisitions of digital-investing capabilities) and sold ~100,000 policies in the first two months of launch.
Signed Giving Pledge with wife; pledge to give majority of wealth
David Vélez and his wife Mariel Reyes Milk signed the Giving Pledge in 2021, committing to donate most of their wealth to philanthropic causes.
Nubank IPO as Nu Holdings on NYSE; ~$45B valuation
In December 2021 Nubank (Nu Holdings) completed an IPO on the NYSE with an approximate valuation near $45 billion.
Reported customer milestone ~70 million
Published sources reported Nubank had ~70 million customers around 2022 (company growth continuing across Brazil, Mexico, Colombia).
Spoke at Stanford GSB 'View From The Top' (culture & entrepreneurship)
Visiting Stanford GSB event (View From The Top) — Vélez spoke to students about founding Nubank and culture. Visit coincided with his 10-year MBA anniversary.
Public appearance at Web Summit Rio de Janeiro
Vélez appeared at major fintech/conference events such as Web Summit in Rio (image caption 2023).
Nubank reaches ~90 million customers across Brazil, Mexico, Colombia
By 2023 the company's customer base reportedly rose to approximately 90 million users in its key markets.
Personal: Married to Mariel Reyes Milk; three children
Public biographies list Vélez's spouse as Mariel Reyes Milk and the couple as parents of three children (children hold Brazilian citizenship in reports).
Philanthropy commitment public statements (donating significant wealth)
Vélez publicly stated in 2021 and later that he would donate a large portion of his wealth over his life to social projects; ongoing commitment highlighted in 2024 profiles.
Forbes estimate: Vélez fortune ~US$12 billion (Feb 2024)
Some sources (Forbes/others) reported Vélez's fortune around US$12B in Feb 2024.
Ranked #199 on Forbes The Richest People in the World with $10.8B
As of March 2024 Vélez was ranked #199 on Forbes' global rich list with an estimated net worth of $10.8 billion.
Award: Simón Bolívar Order of Democracy, Grand Knight (Congress of Colombia)
In September 2024 the Congress of the Republic of Colombia honored Vélez with the Simón Bolívar Order of Democracy at the rank of Grand Knight for entrepreneurial achievements.
Profile: FinTech Magazine 'Lifetime of Achievement' feature
FinTech Magazine published a June 3, 2025 feature profiling Vélez's transformation of banking across Latin America and Nubank's growth.
Key Achievement Ages
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