In Good Company with Nicolai Tangen HIGHLIGHTS: David Vélez - CEO of Nubank
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Oct 10, 2025 
David Vélez, founder and CEO of Nubank, discusses his journey of transforming banking in Latin America. He highlights how his entrepreneurial upbringing shaped his vision for a customer-centric bank. Vélez shares insights into Nubank's rapid customer adoption and strong loyalty driven by superior value and approachable branding. He explores the challenges of scaling and the excitement of digitalizing financial services, as well as his mission to bridge the financial inclusion gap across the region.
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Entrepreneurial Upbringing Shaped Ambition
- David Vélez grew up in a family of micro-entrepreneurs where starting your own business was the norm.
- That upbringing instilled a bias toward building things and solving problems independently.
Banks Dominate Emerging-Market Value
- Vélez saw financial services as an attractive, dominant industry in many countries' market caps.
- He identified banking oligopolies as a root cause of poor products, high fees, and exclusion.
Low CAC Fueled By Timing And Tone
- Nubank grew mainly by word of mouth with acquisition costs of about $2–$3 per customer over 12 years.
- The timing of smartphone adoption and a friendlier product voice enabled massive viral growth.