Nubank: Outstanding Fintech Breakthrough

Nubank: Outstanding Fintech Breakthrough

Corporate & Sovereign Strategy IPO M&A People Video

Five years ago, David Velez and Cristina Junquiera had a bold vision. By offering a no-fee credit card through a mobile app, they figured they could grab a piece of a traditional business long dominated by Brazil’s brick-and-mortar financial institutions. After all, Brazilians had long complained of poor service at their local banks. But they sure knew their way around an iPhone. “I was very impressed with the size of Brazilian banks and their profitability on one end and how the poor the customer experience was on the other end,” says CEO Veléz, a former partner at Sequoia Capital, where he was responsible for investments in Latin America “The consumer pain in the biggest industry in Brazil

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