David Velez is the creator of Nu and currently the richest man in Colombia, according to Forbes Magazine's ranking as of early September.

According to the accounts of that international magazine, Velez has built a fortune of US$10.8 billion.

The thing is that Velez is a self-made entrepreneur, young (42 years old), his company quickly became a unicorn and he has already built his project in several countries, completely revolutionizing the financial business, with a 100% digital bank.

In all the jurisdictions where the company participates, it already has more than 100 million users who open their financial products (savings accounts and credit cards) from their cell phones.

All these reasons led Colombian Congresswoman Saray Robayo Bechara, of the U party, to present Velez with the Simon Bolivar Order of Democracy in the rank of Grand Knight, an event that took place yesterday, Wednesday, September 4. The ceremony took place in the Elliptical Hall of the National Capitol, where the Senate of the Republic of Colombia holds its sessions.

Nu's market capitalization is already at US$68 billion at yesterday's close and shows the success of this business model, based on greater operational efficiencies, since the company does not have physical offices as in traditional banking. This allows it greater room for maneuver with its intermediation margin and to offer more competitive credit and savings rates than traditional banking. In addition, the user experience with the app, as with any digital bank, is much more comforting than hourly visits to the physical offices of financial institutions.

Representative Saray Robayo Bechara highlighted Velez's career in the financial world, his commitment to education, and his desire to give back to society part of what he has achieved.

“David is an example of struggle, perseverance, and vision. He has transformed challenges into opportunities, revolutionizing the banking industry and making a real difference in the lives of millions of people,” the congresswoman explained during the ceremony.

Nubank, which Velez founded with Cristina Junqueira and Edward Wible, has a significant presence in the markets of Brazil, Mexico, and Colombia.

“In Colombia, we need more people like David Velez. His innovation and leadership have allowed many Colombians to overcome financial bureaucracy and get closer to their dreams,” said Robayo.

Vélez is undoubtedly a benchmark of entrepreneurship and success that should always be kept in our sights. Good for Representative Robayo and her recognition of entrepreneurship.