Exclusive Interview with David Vélez, Founder & CEO of Nubank
Nubank at a Glance: Latin America’s Digital Banking Leader
Nubank is headquartered in São Paulo, Brazil, and operates across Brazil, Mexico, and Colombia. Founded in 2013, the company has grown into one of the largest independent digital banks globally by customer base, serving tens of millions of users. Nubank operates as a fully licensed bank in Brazil and Mexico, holding banking licenses that allow it to offer deposit accounts, credit products, payments, and investment services directly rather than through a partner model.
Under the leadership of David Vélez, Nubank has positioned itself as a technology-driven financial institution focused on financial inclusion. The company is publicly listed on the NYSE and has reported consistent revenue growth, improving margins, and expanding product penetration per customer.
Interview with David Vélez, Founder & CEO of Nubank
Q1: Where is Nubank headquartered and how is the company structured?
As Founder & CEO, I oversee a fully licensed banking group headquartered in São Paulo. Nubank operates regulated banking entities in Brazil and Mexico, and a financial entity in Colombia. We hold banking licenses that allow us to take deposits and extend credit directly.
Q2: What motivated you to launch Nubank?
Before founding Nubank, I worked in venture capital and private equity. I saw firsthand how inefficient and exclusionary traditional banking was in Latin America. That inspired us to build a transparent, digital-first bank.
Q3: What are the core products offered by Nubank?
Our core products include credit cards, digital current accounts, personal loans, PIX payments in Brazil, investment platforms, insurance, and small business banking. All are integrated into a single mobile app.
Q4: Does Nubank issue IBANs or local equivalents?
In Brazil, we provide full current accounts with local account numbers and PIX keys. In Mexico, we operate under a banking license providing CLABE accounts. Our infrastructure supports instant payments domestically.
Q5: What is your approach to risk and compliance?
As a regulated bank, compliance is embedded into our technology stack. We maintain robust AML, KYC, and fraud monitoring systems. Risk appetite is managed through advanced data models and real-time credit scoring.
Q6: How does Nubank differentiate itself from incumbents?
Our differentiation lies in customer experience, lower fees, and technology ownership. We built our own core banking stack, allowing rapid deployment of new features.
Q7: How does Open Banking impact your strategy?
Open Banking in Brazil strengthens competition. We leverage APIs to allow customers to port data and consolidate financial information, enhancing personalization.
Q8: What payment rails does Nubank support?
We integrate domestic instant payment systems such as PIX in Brazil and SPEI in Mexico. These rails allow real-time transfers 24/7.
Q9: Does Nubank provide cards?
Yes, we issue debit and credit cards directly under global schemes. Card issuing is fully integrated with our digital onboarding and fraud systems.
Q10: How long does onboarding take?
Digital onboarding typically takes minutes, subject to identity verification and compliance checks.
Q11: What technology stack powers Nubank?
We operate cloud-native infrastructure with proprietary core banking technology. APIs, data analytics, and machine learning models power underwriting and fraud detection.
Q12: What is your pricing philosophy?
We focus on transparency and minimal fees. Many services, including digital accounts and transfers, are free or competitively priced.
Q13: Who are your main competitors?
In Brazil, Banco Inter, C6 Bank, Neon, Banco Original, and PagBank compete in digital banking. We also compete with traditional banks.
Q14: How is Nubank positioned financially?
We are publicly listed and have reported strong revenue growth and improved profitability metrics, driven by higher engagement and product cross-sell.
Q15: How do you approach embedded finance?
We embed financial services directly within our app ecosystem, offering seamless integration of payments, lending, and investments.
Q16: What recent developments stand out?
We’ve expanded credit offerings, strengthened profitability in Brazil, and continued scaling in Mexico while enhancing risk controls.
Q17: How do you manage fraud prevention?
Real-time monitoring, behavioral biometrics, and AI-driven risk models allow us to proactively detect anomalies.
Q18: What is your roadmap for the next 12–24 months?
We aim to deepen product penetration per customer, expand SME services, and continue strengthening our presence in Mexico and Colombia.
Q19: Long-term vision?
Our goal is to become the primary financial platform for Latin America, offering a comprehensive ecosystem of services.
Q20: Final thoughts on Nubank’s mission?
We remain committed to democratizing access to financial services through technology, transparency, and customer-centric design.
Competitors
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FAQ
Is Nubank a licensed bank?
Yes, it holds full banking licenses in Brazil and Mexico.
Does Nubank support instant payments?
Yes, through domestic instant payment systems such as PIX and SPEI.
Who is David Vélez?
David Vélez is the Founder & CEO of Nubank, leading its strategy, technology vision, and regional expansion.
Conclusion
Under David Vélez’s leadership, Nubank continues to redefine digital banking in Latin America by combining regulatory strength, proprietary technology, and customer-centric innovation at scale.
