How the co-founder of a Latin American challenger bank plans to transform the future of finance.
Join us for the latest episode of Invest in Progress, featuring David Vélez, co-founder and CEO of Nubank – the largest challenger outside China. Vélez shares with Lawrence Burns how he's revolutionising banking across Latin America and saving users tens of billions in the process.
Episode Highlights:
Breaking the Banking Monopoly: When five banks controlled Brazil's financial sector, making services expensive and inaccessible, Vélez spotted an opportunity to disrupt the status quo with simplified processes and reduced costs.
Unlikely Disruptor: Despite having no retail banking experience, technology background, or Portuguese language skills, Vélez envisioned a technology-driven banking transformation focused on consumer needs and digital-first solutions.
Economic Impact: Nubank has returned approximately $20 billion to customers – money that would have otherwise gone to traditional banks as fees – demonstrating their commitment to affordability and customer value.
Scale and Reach: Now serving over 114 million customers across Brazil, Colombia, and Mexico, Nubank has grown into the largest challenger bank outside China by delivering a seamless digital banking experience.
Customer Love: With one of the highest Net Promoter Scores worldwide, Nubank's customer-centric approach has built extraordinary brand loyalty rarely seen in financial services.
AI-Powered Future: Vélez discusses how AI integration could evolve banking from merely \"having a bank in your pocket\" to enjoying a personalised experience akin to having a banker in your pocket too.
Worldwide Ambitions: With a methodical approach to global expansion, Nubank aims to become the world's largest retail bank by addressing inefficiencies in banking models worldwide.
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Presenter: Claire Shaw
Executive Producer: Niamh Kidd
Line producer: Jessica Rooney
Broadcast Technician: Samual O’Hare
Editors: Rhona Taylor-Craig, An Phan
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