David Vélez, founder and CEO of digital bank Nubank announced on Wednesday (11) that it will donate most of its fortune to charitable actions.

The executive joined the initiative "The Giving Pledge", a program created in 2010 by Bill Gates, Melinda Gates and mega-investor Warren Buffet - who recently invested US$ 500 million in Brazilian startup. The objective of the initiative is to encourage more billionaires to donate a slice of their assets to social causes.


Vélez and his wife, Mariel Reyes, announced that they will create a foundation focused on improving opportunities for disadvantaged children and youth in Brazil and Latin America.

In the letter justifying the donation, he pointed out some reasons for the decision: “We will not be able to take our possessions wherever we go. In this age of plenty for some, millions of people go to sleep on an empty stomach.”

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According to Forbes, Vélez has a fortune estimated at US$5,2 billion (more than R$27 billion). Now, the executive joins tycoon Elie Horn as the only Latin American to sign the “Giving Pledge”.

Founded in 2013, the São Paulo-based digital bank has become a true financial powerhouse, with more than 40 million customers and a current market value estimated at US$30 billion.

Nubank invested millions in Indian company

Nubank has invested millions in Indian fintech. Image: Shutterstock/Reproduction

After receiving so many investments and growing exponentially, it was Nubank's turn to inject a few million into other companies. Recently, the company led a round of investments of US$ 44 million (approximately R$ 226,4 million in direct conversion) in fintech Indian Jupiter, a digital bank that launched a beta app just over a month ago.

Vélez stated that Nubank and Jupiter share the same mission: “to create the best possible financial experience for clients, eliminating all the bureaucracy of the current system”.

It is worth noting that this is Nubank's first “pure investment” in another company. Until then, the digital bank had only bought other companies.

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