How Did David Velez Make His Money?

David Velez’s Profile Summary

Company	Nubank
Position	Chief Executive Officer (CEO)
Source of wealth	Technology and financial services
Also known as	David Vélez
Age	44
Education	Stanford University
Citizenship	Colombia, Costa Rica
Residence	São Paulo, Brazil
Family	Married, three children
Website, Social Media	https://www.nubank.com.br

Biography

David Vélez, born in 1981 in Medellín, Colombia, is a prominent entrepreneur and the co-founder and CEO of Nubank, one of the world's largest independent digital banks. At the age of nine, his family relocated to Costa Rica to escape cartel violence in Colombia. Vélez pursued higher education in the United States, earning a degree in management science and engineering from Stanford University in 2004. He further enhanced his credentials with an MBA from Stanford Graduate School of Business in 2011.

Vélez's professional journey includes significant roles in major financial institutions. He began his career at Goldman Sachs in 2004, followed by a position at Morgan Stanley as an analyst. His career path also led him to General Atlantic and later to Sequoia Capital, where he served as a partner overseeing Latin American investments.

In 2013, driven by personal frustrations with the Brazilian banking system's inefficiencies and high fees, Vélez co-founded Nubank alongside Cristina Junqueira and Edward Wible. Under his leadership, Nubank has experienced remarkable growth, expanding its customer base to over 90 million across Brazil, Mexico, and Colombia by 2023. The company's innovative approach has attracted investments from notable entities, including Sequoia Capital and Khosla Ventures.

Beyond his entrepreneurial endeavors, Vélez is committed to philanthropy. In 2021, he and his wife, Mariel Reyes Milk, signed the Giving Pledge, expressing their intention to donate a substantial portion of their wealth to charitable causes. His contributions to the financial sector and society have been recognized globally, solidifying his status as a leading figure in fintech innovation.

How did David Velez make money?
David Vélez's journey to becoming a billionaire is rooted in his strategic vision and execution within the fintech industry. After gaining valuable experience at renowned financial institutions such as Goldman Sachs, Morgan Stanley, and Sequoia Capital, Vélez identified a significant opportunity in the Brazilian banking sector, which was characterized by high fees and limited customer-centric services.

In 2013, leveraging his insights and experience, Vélez co-founded Nubank with the mission to revolutionize banking in Latin America. By offering no-fee credit cards and digital banking services through a user-friendly mobile platform, Nubank rapidly attracted a large customer base dissatisfied with traditional banking options. The company's emphasis on technology and customer experience enabled it to scale efficiently, expanding its services to millions across Brazil, Mexico, and Colombia.

Nubank's innovative approach and rapid growth caught the attention of global investors. The company secured substantial funding from prominent venture capital firms, including Sequoia Capital and Khosla Ventures. In December 2021, Nubank went public as Nu Holdings on the New York Stock Exchange, marking a significant milestone in its growth trajectory.

As of January 2025, Vélez's net worth is estimated at $10.7 billion, primarily derived from his approximately 20% stake in Nubank.

This substantial wealth accumulation reflects the success of Nubank's business model and its impact on the financial landscape in Latin America.
What is David Velez net worth?

As of 2026, David Velez’s net worth is estimated to be $14.4B.

What is David Velez also known as?

David Vélez is recognized as a pioneering entrepreneur in the fintech industry, particularly for his role in transforming banking services in Latin America through the establishment of Nubank.

Prominent achievements

David Vélez co-founded Nubank, which has become one of the world's largest digital banks, serving over 90 million customers across Latin America. Under his leadership, Nubank successfully went public, attracting significant investments and achieving a substantial market valuation.

What are David Velez’s key insights?

David Vélez emphasizes the importance of addressing market inefficiencies and focusing on customer-centric solutions. He believes in leveraging technology to democratize financial services, making them accessible and affordable to underserved populations.

Personal life

David Vélez is married to Mariel Reyes Milk, a Peruvian-American entrepreneur. The couple has three children and is known for their philanthropic commitments, including signing the Giving Pledge to donate a significant portion of their wealth to charitable causes.