Soldiers on the streets in Columbia
“ It was the day before my birthday [ when Sequoia abandoned its Brazilian plans ], and it was a bit of a shock”
DAVID VÉLEZ, CO-FOUNDER & CEO, NUBANK
Stanford University, California, United States
Challenging Brazil’ s Banking System When Sequoia’ s Brazilian venture was abandoned due to a shortage of computer science engineers graduating in the country, David faced a career setback.“ It was the day before my birthday, and it was a bit of a shock,” he told Forbes.
However, he identified an opportunity in Brazil’ s financial sector, where five banks controlled 80 % of the market and charged high fees for basic services.
According to data, Brazilian banks derived nearly 40 % of their revenue from fees, compared with 15-20 % for banks in other leading South American countries.
Despite warnings from friends about potential opposition – with one telling him:“ They’ re going to kill you, they’ re
68 June 2025