In Good Company with Nicolai Tangen David Vélez: Building Nubank, Transforming Banking Across Latin America, and Serving Millions of Users
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Oct 8, 2025 
David Vélez, founder and CEO of Nubank, shares his inspiring journey transforming banking across Latin America. He reveals his personal frustrations with traditional banking, sparking the idea for Nubank. The conversation dives into Nubank's unique branding, customer obsession, and viral growth strategies, including the innovative use of waiting lists. Vélez discusses the societal responsibility of banks and how Nubank is expanding its impact across countries. His insights on leadership and fostering a mission-driven culture provide valuable lessons for aspiring entrepreneurs.
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Entrepreneurial Roots
- David Vélez grew up in a family of micro-entrepreneurs which instilled a bias for building things.
- That upbringing pushed him toward entrepreneurship despite a finance career in New York.
Opening A Bank Account Took Months
- David recounts a painful personal experience opening a bank account in Brazil that took months and charged exorbitant rates.
- That encounter crystallized the market pain he wanted Nubank to solve.
Oligopolies Meet A Digital Window
- Banks dominate market cap in many countries and form oligopolies with poor products and high fees.
- Smartphone adoption and digitalization created a rare window to disrupt incumbents.