The Story of Nubank

How a bad bank visit built a $70 billion empire.

The problem

Five banks controlled 80% of Brazil, charging brutal fees.

2013

David Vélez built the opposite: a no-fee purple card, run from a phone.

Explosive growth

It spread by word of mouth into the largest digital bank outside Asia.

Buffett backs it

Warren Buffett invested. Nubank IPO’d on the NYSE in 2021.

Today

Around 139 million customers and billion-dollar quarterly profits.

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