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Nubank IPO: Only the Beginning | Sequoia Capital US/Europe

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About a decade ago on a busy São Paulo street, I got a glimpse of the problem Nubank co-founder and CEO David Vélez would later make it his mission to solve. David was a new partner at Sequoia at the time, focusing on opportunities in Latin America, and I was traveling to Brazil every month or two to visit. Together, we would meet local founders over coffee or bacalao, get stuck in traffic, and walk Faria Lima, a busy shopping avenue similar to Union Street in San Francisco or Fifth Avenue in New York. At one bustling intersection, David pointed out there was a bank on every corner​​—and each of them had a line out the door. Rather than competing fiercely for customers, this handful of financial institutions controlled 90% of Brazil’s market, and the consumer experience was largely being ignored. They were among the most valuable companies in the country, yet simply getting a credit card from one of them often took months. To David, the long lines represented something much deeper: a b

Nubank IPO: Only the Beginning Congratulations to David and the Nubank team on today’s milestone. By Doug Leone Published December 9, 2021 About a decade ago on a busy São Paulo street, I got a glimpse of the problem Nubank co-founder and CEO David Vélez would later make it his mission to solve. David was a new partner at Sequoia at the time, focusing on opportunities in Latin America, and I was traveling to Brazil every month or two to visit. Together, we would meet local founders over coffee or bacalao, get stuck in traffic, and walk Faria Lima, a busy shopping avenue similar to Union

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