Finance
Nubank’s Velez Channels Munger in Race for Long-Term Domination
- Brazil digital bank holds massive rally as growth takes off
- Expansion plans in Mexico, Colombia key to future success
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When David Velez put together his PowerPoint outlining the idea behind Nubank more than a decade ago, the goal was to disrupt Brazil’s banking industry led by incumbents like Itau Unibanco Holding SA.
Now one of the world’s largest digital banks, Nubank has crossed 100 million customers and for a brief moment last week — while Velez spoke at a company event about another record quarter — passed Itau as the most valuable financial institution in Latin America.