David Vélez Osorno, CEO of Nu Holdings LTD and founder of Nubank, has been named Entrepreneur of the Year 2025 by La República, for revolutionizing digital banking in Latin America and recent expansion into the United States. The award highlights Nubank's 2025 milestones, including key partnerships and new financial products. Other fintech leaders were also nominated for their innovations in Colombia.
David Vélez Osorno, born in Medellín, Colombia, and educated at Stanford University, founded Nubank in 2013 in Brazil with Cristina Junqueira and Edward Wible. Motivated by frustrations with traditional banking, such as long lines and bureaucracy, Vélez aimed to simplify financial services through technology, eliminating the need for physical offices.
Nubank began operations in Colombia on September 30, 2020, with a digital credit card and now has over four million active users. In 2025, the company recorded profits of US$2.900 million and achieved significant milestones, such as an agreement with Oxxo in Mexico for deposits and withdrawals at over 22,000 stores, and Nu México obtaining a banking license for credit cards on April 16.
In Colombia, Nu launched 'Cajitas para mi gente' on May 20 to encourage savings from $10,000, and in October surpassed 3.5 million users, reaching four million by year-end. On October 21, it introduced new products like the NuControl card, Morada Abrecaminos card, Ligero Nu loan (from $100,000 to $5 million), and Personal Nu loan (up to $45 million). In November, it partnered with Amazon in Brazil to expand credit.
The Entrepreneur of the Year 2025 recognition stems partly from conditional authorization to operate as a bank in the United States, advancing to the banking organization phase with requirements from the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve. Nubank plans to fully capitalize the institution in 12 months and open in 18 months.
Experts note the impact of neobanks. 'Neobanks are dynamizing the Colombian financial system, especially for young clients who have not previously been in the formal landscape,' said César Ferrari, Financial Superintendent. Gabriel Santos, President of Colombia Fintech, added: 'This type of entity has a different way of operating, putting clients and technology at the center for better cost efficiency.' Marcela Torres, General Manager of Nu Colombia, stated: 'The revolution in Brazil did not happen by accident. Colombia must learn that technology is just the enabler; the real engine is the decision to remove barriers'.
Other nominees include Javier Suárez of Davivienda for DaviPlata, María Lorena Gutiérrez of Grupo Aval for Tag Aval, Luz Ángela Castro of Ocesa for Vive Claro, and Andrés Vásquez Echeverri of Nequi for Nequi Negocios.
