Nubank ($NU): My Thoughts On The Purple Giant of LATAM

1. Founding Story & CEO Vision

The Purple Revolution Started in a Starbucks

David Vélez didn’t move to Brazil with the goal of founding a billion-dollar fintech. He simply wanted to open a bank account. What he encountered instead was a slow, fee-laden, and outdated financial system that hadn’t evolved to meet the needs of modern consumers. That frustrating experience ultimately became the catalyst for Nubank.

Rather than accept the status quo, Vélez took action. He partnered with Cristina Junqueira, who brought deep experience from within Brazil’s largest bank, and Edward Wible, a U.S.-based software engineer with a background in systems architecture. Together, they began building what would become one of Latin America's most influential financial platforms.

In 2013, Nubank launched with a single no-fee credit card. The product wasn’t revolutionary in design—it was revolutionary in what it stood for: simplicity, transparency, and fairness. It was entirely app-based, required no branches, and eliminated the bureaucratic hurdles that plagued traditional banks. That combination of usability and trust became the foundation for Nubank’s rapid growth.

Who is David Vélez?

• Born in Medellín, Colombia; raised in Costa Rica and the U.S.

• BS and MBA from Stanford

• Professional background at Goldman Sachs, Morgan Stanley, General Atlantic

• Former Sequoia Capital investor focused on LATAM opportunities

What stands out about Vélez—and what I personally respect—is his clarity of mission. He wasn’t building a company to ride a fintech wave. He was addressing a tangible problem that affected millions of people in a fragmented financial ecosystem. That’s what makes Nubank’s story durable.

The company’s culture reflects that same ethos. It’s lean, product-driven, and engineered for scale without compromising on user experience. Vélez didn’t approach Nubank with a flashy playbook—he approached it like an operator with an eye for systems and long-term outcomes.

What started as a response to a broken system is now a platform serving more than 118 million users. And that foundation—built on actual consumer pain points—gives Nubank staying power. In an industry full of hype, Vélez took a different path. And it worked.

---

2. Business Model Breakdown