Nubank: The Missionaries of Modern Banking

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Mar 18, 2025

David Vélez, co-founder and CEO of Nubank, discusses his journey to revolutionize banking in Latin America. He shares how Nubank broke the monopoly of traditional banks in Brazil, saving customers billions. Despite lacking retail banking experience, Vélez's focus on technology and consumer needs led to extraordinary growth, now serving over 114 million. He emphasizes their customer-centric approach and discusses how AI will shape Nubank’s future, making banking more accessible and affordable for everyone.

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ANECDOTE

Banking Frustration

David Vélez's frustrating experience opening a bank account in Brazil inspired him to found Nubank.
He spent five months navigating complex processes, highlighting the need for simpler banking.

INSIGHT

Profitable Inefficiency

The Brazilian banking industry was highly profitable despite providing poor service.
This inefficiency created an opportunity for disruption.

ADVICE

Tackle Hard Problems

Tackle the hardest problems with the biggest potential impact.
This attracts the best talent and investors and creates a natural moat.

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How the co-founder of a Latin American challenger bank plans to transform the future of finance.

Join us for the latest episode of Invest in Progress, featuring David Vélez, co-founder and CEO of Nubank – the largest challenger outside China. Vélez shares with Lawrence Burns how he's revolutionising banking across Latin America and saving users tens of billions in the process.

Episode Highlights:

Breaking the Banking Monopoly: When five banks controlled Brazil's financial sector, making services expensive and inaccessible, Vélez spotted an opportunity to disrupt the status quo with simplified processes and reduced costs.

Unlikely Disruptor: Despite having no retail banking experience, technology background, or Portuguese language skills, Vélez envisioned a technology-driven banking transformation focused on consumer needs and digital-first solutions.

Economic Impact: Nubank has returned approximately $20 billion to customers – money that would have otherwise gone to traditional banks as fees – demonstrating their commitment to affordability and customer value.

Scale and Reach: Now serving over 114 million customers across Brazil, Colombia, and Mexico, Nubank has grown into the largest challenger bank outside China by delivering a seamless digital banking experience.

Customer Love: With one of the highest Net Promoter Scores worldwide, Nubank's customer-centric approach has built extraordinary brand loyalty rarely seen in financial services.

AI-Powered Future: Vélez discusses how AI integration could evolve banking from merely "having a bank in your pocket" to enjoying a personalised experience akin to having a banker in your pocket too.

Worldwide Ambitions: With a methodical approach to global expansion, Nubank aims to become the world's largest retail bank by addressing inefficiencies in banking models worldwide.

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Presenter: Claire Shaw

Executive Producer: Niamh Kidd

Line producer: Jessica Rooney

Broadcast Technician: Samual O’Hare

Editors: Rhona Taylor-Craig, An Phan

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