After the success of his company in the stock market, this Colombian becomes the richest man in his country

When it comes to starting an enterprise, the most important thing is to find fertile ground. Being able to choose the right place to lay the foundations can be more significant than the project itself. From there, let ideas flow based on the needs of the local market.

In the case of David Velez, his promised land was far from his native Medellin, more precisely in Brazil. His work led him on several occasions to the South American giant and from those trips he knew what he himself defined as the Brazilian "banking nightmare." this forced him in 2013 to leave the investment world to pass on the other side of the counter, this time as an entrepreneur. Together with two partners he founded Nubank, a digital bank that seeks to 'strip' the bureaucracy of that country's financial system and democratize access to credit and loans.

Just over six years after its birth, Fintech reached 15 million customers in Brazil and in 2019 faced its regional expansion with the opening of subsidiaries in Mexico and Argentina.

Velez had the entrepreneurial gene in his blood. Especially for his 11 uncles, who had launched themselves into the business world independently. But, for a long time, this facet remained in a state of hibernation. He left Colombia as a boy to move with his family to Costa Rica, until he finished school. Then he decided to go for the big leagues.

He studied engineering at Stanford University, where he later also performed an MBA. The first steps of his professional life were in the investment banking world: first, as an analyst at Goldman Sachs; and then at Morgan Stanley.

Finally his path would cross with Brazil during his stage as a senior associate of the Private equity-General Atlantic fund. The company sought to open an office on Brazilian lands and the Colombian was the most South American among its ranks, so it was the one chosen to carry out the formalities.

"opening an account in a bank in Brazil was a complete nightmare. I went to the branch and got caught between the doors, alarms rang and armed guards arrived. Then I had to line up for 20 minutes. I couldn't believe how horrible the banking experience in that country was," said the entrepreneur.

_{Luego de la sañida a bolsa de Nuban Vélez se convierte en la persona más rica de Colombia}

From America to the World

Mexico was the first destination chosen. The firm landed on Aztec land in May 2019 and within a few months launched its credit card, both physical and virtual, as the first star product of the portfolio.

In Argentina, after a meeting with former President Mauricio Macri, he announced his arrival on the market under the name of Nu. The businessman points out that the company will invest $2 billion in two years not only for the local banking operation, but also to develop a technology hub and data science.

Rafael Soto, former CFO of Wenance, was appointed to take over the celestial and white branch. While the company's emphasis is placed in Latin America, with more than 1,400 employees in its workforce, the executive does not rule out opening the fan to other places.

On the future of the banking business, Vélez has a very clear idea: "I think technology companies are going to be the ones that provide financial services, a model more like Amazon than a traditional bank."

Success in the bag

Nubank, seeking to lower the cost of banking services in the South American country, became on Thursday the most valuable bank in Latin America after its debut on the New York stock exchange.

With shares valued at $9, the financial technology company reached a market value of $41.5 billion.

At the close of the markets on Thursday their shares reached US $10.5, raising their market value to US $50 billion.

"today begins a new chapter in our history, a new day with the entry of Nu Holdings Ltd (Nu), the controlling company of Nu Colombia, as this entity has submitted an application to make an initial Public offer (OPI) on the stock exchanges in New York and Brazil, respectively," the bank informed all its customers.

After the successful entry into the big leagues, sources of the company, they said that they will start their business on the São Paulo stock exchange, the largest in Latin America, by means of Brazilian deposit certificates (BDRs), each of which will be equivalent to one sixth of an ordinary class A share negotiated on Wall Street.

_{Su socia, la cofundadora de Nubank, Cristina Junqueira, también sde ha convertido en millonaria}

In total, of 289 million shares, as confirmed by Bloomberg, 10% were purchased by Berkshire Hathaway Inc., magnate Warren Buffett. The remaining one was purchased by 800,000 people.

In an interview with the news agency EfE, Vélez stressed that Nubank's growth has been "incredibly fast" and the "gratifying" trajectory, because in the midst of its goal of "providing alternatives to consumers and banking the entire population of Latin America, with some 200 million people who do not have access to financial services," the Antioquia managed to ring the bell, Infobae said.

The richest

According to Forbes magazine, Vélez now has a $10.2 billion patrimony, which exceeds the $9.6 billion fortune held by billionaire Luis Carlos Sarmiento ÁNGULO, the main shareholder of Grupo Aval, who for several years remained the richest Colombian in the country.

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Likewise, this publication reported that this Colombian who built his fortune in less than 10 years has, together with his wife, Peruvian Mariel Reyes, a commitment to donate most of his fortune throughout his life to philanthropic causes that help solve Latin American social problems, joining an initiative led by Bill Gates and Warren Buffett.

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