Crucible Moments

Nubank ft. David Vélez - An Outsider Upends the Brazilian Banking System

63 snips
Jan 23, 2025
In this engaging discussion, David Vélez, the Founder and CEO of Nubank, shares his unique journey from Colombia to revolutionizing Brazil's banking system. Alongside co-founder Cristina Junqueira and Sequoia Capital's Doug Leone, they detail their battle against a banking oligopoly that imposed high fees on customers. Their story of resilience and innovation reveals how Nubank transformed the financial landscape with a strong focus on ethics and customer care, achieving over 100 million users and marking a significant milestone in fintech.
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ANECDOTE

Origin of Nubank

  • David Vélez had a terrible experience opening a bank account in Brazil.
  • This sparked the idea for Nubank, a customer-centric digital bank.
ADVICE

Building the Founding Team

  • Build a complementary founding team to cover your weaknesses.
  • Focus on A+ players early on, as they attract similar talent.
ANECDOTE

Contrarian Co-founder Choice

  • David Vélez chose Cristina Junqueira, a young Brazilian banking insider, as a co-founder.
  • Despite mixed reviews, her challenging nature was seen as entrepreneurial.
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