Nubank CEO dishes on the neobank’s profit surge and how tourist VCs in LatAm have gone home

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Hello, and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our interview show, where we sit down with a guest, think about their work, and unpack the rest.

This week, we talked to David Vélez, the co-founder and CEO of Nubank, the $50 billion São Paulo, Brazil-based digital bank that offers credit cards, checking accounts and life insurance to consumers.

• How Nubank has managed to increase its market cap by over 40% in eight months’ time and post $1 billion in net profit for 2023.
• Why some investors are sticking it out in LatAm, and why it’s a great place to still put venture dollars.
• Which startups in LatAm have been the most resilient and what other regions can learn from them.