In this interview, Nicolai Tangen speaks with David Velez, the CEO and co-founder of Nubank, about his entrepreneurial background and the founding of Nubank. Velez discusses his upbringing in Colombia, where entrepreneurship was a core family value, and how he identified the opportunity to disrupt the oligopolistic banking industry in Brazil, which was known for poor customer service and high fees. He explains how Nubank, with its customer-centric approach, digital business model, and focus on financial inclusion, managed to acquire a significant portion of the Brazilian adult population as customers through word of mouth. Velez also touches on Nubank's expansion into savings products, its internationalization to Mexico and Colombia, and his vision for the company's future growth, emphasizing the vast potential in digitalizing financial services in emerging markets.
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