David Vélez’s story begins in Medellín, Colombia, where his childhood was shaped by turmoil and instability that taught him to be perceptive and focused. Entrepreneurship ran deep in the family — his father owned a button factory, and all of his father’s siblings had built their own businesses. But when David’s uncle was kidnapped, the family made a difficult choice: leave everything behind for Costa Rica, where David’s curiosity and hard work in school helped him rise to the top.
His fascination with financial markets led him to Stanford for his undergraduate degree, then his MBA. The path seemed clear — investment banking at Morgan Stanley and Goldman Sachs, followed by private equity at General Atlantic and Sequoia Capital, where he focused on Brazilian markets.
When Sequoia decided to end its Brazilian venture in 2013, David saw opportunity in the setback. Brazil’s banking landscape was dominated by five major banks charging high fees for basic services. Despite knowing he would face fierce opposition from entrenched banking powers, David co-founded Nubank. Their vision was revolutionary in its simplicity: use technology to make banking accessible to everyone.
Today, Nubank serves over 122 million across Brazil, Colombia, and Mexico, establishing itself as Latin America’s most influential digital bank. The company went public on the New York Stock Exchange in 2021 with a $41 billion valuation.
David lives by the adage that to whom much is given, much is expected. With his wife Mariel Reyes, he co-founded VélezReyes+, a philanthropic platform focused on creating opportunities throughout Latin America. In 2021, they signed the Giving Pledge, promising to donate the majority of their wealth to charity. David and Mariel also include the GSB in their philanthropic plans, and generously support expanding the GSB’s impact in shaping purposeful and principled leaders around the world. Additionally, David serves as a member of the GSB’s Advisory Council.
From a boy whose family fled violence to one of the world’s most successful entrepreneurs, David’s journey demonstrates how challenging beginnings can fuel the determination to create something better — not just for yourself, but for millions still waiting for their chance.
