Billionaire Founder David Vélez Resumes Control at Nubank

Nubank, Latin America’s leading digital bank, announces today that founder David Vélez resumes direct leadership, as shared in a company statement on March 24, 2025.

The Colombian-born billionaire, worth $11.3 billion, steps back into the driver’s seat of the $55 billion fintech giant. This shift follows a successful yet transitional period for the company.

It now serves over 100 million customers across Brazil, Mexico, and Colombia. Vélez, who launched Nubank in 2013 to tackle Brazil’s costly banking system, aims to streamline global operations and boost market efficiency.

The change coincides with Chief Product Officer Jag Duggal’s exit in April, after aiding Nubank’s 2021 NYSE listing. Duggal shifts to an advisory role, while Youssef Lahrech, President since 2022, takes on global product oversight, signaling a strategic realignment.

Vélez’s Leadership and the Path Forward

The company thrives financially, reporting $553 million in net income and $2.9 billion in revenue for Q3 2024. Brazil dominates with 60% of adults as clients, while Mexico boasts 10 million users.

Yet, a Q4 profit margin dip hints at challenges, pushing Vélez to steer Nubank toward untapped markets. His team, including Brazil CEO Lívia Chanes and co-founder Cristina Junqueira, now reports directly to him.

Why does a billionaire return to the grind? Vélez, who moved to Uruguay in 2022, eyes global expansion beyond Latin America. Ambitions include entering the U.S. or shifting headquarters to the U.K., leveraging a $150 million investment in Singapore’s Tyme Group.

With stock soaring 75% in 2024, he balances growth and profitability amid rising competition and interest rates. Meanwhile, executive departures like investor relations head Jörg Friedeman reflect a pivotal moment.

Vélez’s hands-on approach aims to maintain Nubank’s edge as a customer-focused tech disruptor. The company’s 2025 focus sharpens on operational agility and new markets, building on a decade of transforming banking for millions.

This leadership shift underscores Vélez’s drive to solidify Nubank’s global footprint. His return signals confidence in a vision that turned a São Paulo startup into a fintech titan, navigating economic headwinds with a founder’s resolve. The business world watches as he charts the next chapter.

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