Miguel Armaza is joined by David Vélez, Founder and CEO of Nubank, the largest independent digital bank in the world. Nubank has over 25 million clients and has raised $1.2 billion from some of the most prestigious venture capital funds in the globe, including Sequoia, Ribbit Capital, DST, Kaszek Ventures, and QED. David grew up in a family of Colombian entrepreneurs. The concept of being your own boss was engrained in him daily and he always thought he would launch a company at an early age. However, after graduating from Stanford University, he found himself lost at the thought of starting a venture. He didn't know where to even begin. So, he took a more traditional route and joined Morgan Stanley, which later led him to General Atlantic, to focus on growth equity. Armed with 5 years of investing experience, he went back to Stanford in 2010 to pursue an MBA. His goal was to leverage the MBA experience to find a business idea. However, shortly after starting school, he was approached by non-other than Sequoia Capital to lead their Latin American group. He took the chance, but after almost 3 years with Sequoia, it became evident that the startup ecosystem of the region was not robust enough for them, and the Latin American strategy was scrapped. David saw this as an opportunity and decided it was time to start something. Inspiration His painful experience of opening a bank account in Brazil, which he describes as “almost going to jail”, convinced him there was a better way of doing banking in the country. Not only was customer service terrible, but banks were charging astronomically high interest rates to creditworthy customers. This is where Nubank was born. During his years at GA, David had the chance to work alongside Nigel Morris, Co-Founder of Capital One. David credits Capital One as a big inspiration for Nubank, as a data-driven company with a culture focused on recruiting the best analytical talent. Another source of inspiration was Tinkoff, a Russian neobank with a similar focus and excellent customer experience. Additionally, learning from technology companies like Amazon and Netflix convinced David that Nubank should be a technology company that happens to operate in financial services, and not a bank that uses technology. In his own words, “This makes all the difference”. Culture If there’s something that stands out when talking to David, it’s his dogged determination on building a customer-centric company culture that also takes care of its employees. In fact, back in 2013 when launching Nubank, he created two company presentations. One for investors and another one about company culture that he used to recruit his co-founders and first employees. He is clearly proud that the latter hasn't changed much in the last seven years and he continues to deliver this presentation to every single new employee at the company. Interestingly, in light of the COVID-19 pandemic, the Nubank culture has overperformed and employee engagement has never been better. Be it through the creation of a 20 million reais (≈US$3.8 million) fund for customer assistance or by providing over 1,000 remote service stations for their employees to work from home, the pandemic has allowed them to prove to clients and employees that they live and breathe these company values. Post-COVID World David argues that the current crisis doesn’t necessarily create any new trends, but instead accelerates several tendencies and behaviors that were already taking place. From digitalization to more flexible remote working policies, these trends are only accelerating. However, more importantly, David is convinced the pandemic is forcing companies to rethink their values and embrace a much broader view of capitalism, through a model that requires companies to show integrity and take care of their customers, their people, their communities, and the environment. As evidenced by their recent actions, Nubank is certainly adopting this philosophy.