Reinvention passion: How did Nubank turn banking pain into a financial game-changer? David Vélez reveals recipe at Converge

December 14, 2023

“As an immigrant in Brazil, I had to go and open a bank account one afternoon, and it was the most painful experience anybody could imagine.”

This pain point is the foundation of a story as interesting as it is inspiring. The legend of how David Vélez built Nubank, an innovative digital bank that has revolutionized the financial industry. As the company, which was founded in 2013, describes itself, its mission is to “fight complexity to empower people in their daily lives by reinventing financial services.”

Martín Migoya, CEO and Co-founder at Globant, had a captivating dialogue with David Vélez, CEO and founder of Nubank, at this year’s Globant Converge event, AI: Limitless Disruption, a global gathering with high-profile thought leaders and industry-relevant speakers leading the way in technology. 

The discussion revolved around the importance of company culture in building successful businesses. David Vélez highlighted the idea of “reinvention passion” being an integral part of culture. He affirmed this by stating that Nubank’s core value is to challenge the status quo and remain hungry for innovation. The interview also touches on the challenges faced by Nubank, including skepticism from traditional institutions and the perception of being a small player against larger competitors.

“The most crucial part about reinvention now is to question ourselves continuously. It’s allowing the new people who join Nubank to question everything. And the old people there have the openmindedness and the humility to realize that we don’t have all the answers and that somebody new can have a better idea about how we do things—and having that mental flexibility around being challenged on how we do things inside,” stated David. 

Nubank, which has 90 million customers in Brazil, Mexico, and Colombia and could reach a market capitalization of up to $100 billion by 2026, according to Bloomberg. Indeed, Nubank has forged a sweeping lead by reinventing the financial industry. What’s the secret ingredient?

Watch the entire conversation and discover the insights of this engaging moment at Converge here.

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