Nubank

About

Nubank is a Brazilian digital bank founded in 2013 by David Vélez, Cristina Junqueira, and Edward Wible in São Paulo, Brazil ¹. It is the largest neobank in Latin America, serving over 90 million customers across Brazil, Mexico, and Colombia ². The company launched its first product — a no-fee credit card managed entirely through a mobile app — in 2014 ³. Vélez, a Colombian-born Stanford MBA, previously worked as a partner at Sequoia Capital scouting Latin American investments before founding Nubank ¹. Junqueira brought deep experience from traditional Brazilian banking, while Wible provided the technical foundation as CTO ¹. The company went public on the NYSE on December 9, 2021, raising $2.6 billion at a $41.5 billion valuation — making it the most valuable financial institution in Latin America at the time of listing ⁴⁵.

Funding History

Total private funding raised: approximately $2.1 billion across all pre-IPO rounds ¹⁸.

What Investors Say

“The conversation with David ran way over. He was a great communicator… he was not only a half-pager; he was a two-pager, a three-pager.” — Doug Leone, Sequoia Capital, on meeting David Vélez before the seed investment ²¹

“This definitely got Sequoia’s attention because it was not just a ‘me too,’ it was fundamentally rethinking an entire industry.” — Doug Leone, Sequoia Capital ²¹

“We first backed Nubank when it was one founder with an idea and we are excited to keep following their journey for years to come.” — Doug Leone, Sequoia Capital, on the Series G round ¹⁸

“Nubank is one of the most innovative fintechs in the world. Last year, Nubank launched a series of new products and exceeded three million active customers using only the advice of its loyal customer base. We are excited to continue our partnership with David and the Nubank team as they revolutionize the future of financial services in Brazil.” — Tom Stafford, Managing Partner, DST Global, on the Series E ¹⁴

“Nubank is one of best companies globally we’ve seen attacking it. We look forward to supporting their growth and expansion as leaders.” — Alex Sacerdote, Whale Rock Capital Management, on the Series G ¹⁸

What Founders Say

“There is a lot of opportunity to build the next generation of financial services, so we will continue to invest and grow for a very long time.” — David Vélez, CEO and Co-Founder, on the IPO ⁵

“As I look back on the past eight years, everything that we have been able to accomplish as a company is just remarkable.” — David Vélez, on the Berkshire Hathaway investment ²⁰

“With this new round of funding, we will be able to grow and scale our recently launched operations in Mexico and Colombia.” — David Vélez, on the Series G ¹⁸

“We found so much value in partnering with Tencent, particularly everything there is to learn about the Chinese financial market.” — David Vélez, on the Tencent investment ¹⁵

“All three of us saw a massive opportunity, using technology, data and truly thoughtful service to eliminate the complexities and anxieties that customers face everyday dealing with Latin American banks.” — David Vélez, Cristina Junqueira, and Edward Wible, from the IPO prospectus ²²

Sources