Nubank made its hotly anticipated debut in the international markets with an initial public offering that raised US$2.6 billion and made it Latin America’s most valuable publicly traded bank, with a market capitalization of US$52 billion.

The fortune of David Vélez and Cristina Junqueira is now comparable only to that of the richest businessmen in the region who have also been on the list for years and are now quickly displaced by this pair of financial executives.

The Colombian, David Vélez, CEO and co-founder of Nubank, rang the bell that announced the entry of the neobank to the New York Stock Exchange. With this, the Brazilian company raised US $ 2.6 billion in its Initial Public Offering (IPO) and managed to get more than 800,000 people to buy shares.

During this event, her partner, Cristina Junqueira, accompanied her and together they saw how her names went up on the board of the stock market along with the value of the shares.

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Nubank raised US$2.6 billion and now is most valuable traded bank 7

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The richest-woman in Latin America

Although Cristina Junqueira is already a woman with money, the top of her accounts is yet to be seen and her fortune can only grow in the coming years.

Junqueira’s financial feat, which has made her one of the most important businesswomen of the century, is now only comparable to the fortunes of billionaires such as the Chilean Iris Fontbona, the Mexican María Asunción Aramburuzabala or the Colombian Beatriz Dávila. Long time on the lists of the richest people in the world, after inheriting family fortunes. The difference is that for the first time, a Latin American woman became a multimillionaire on her own merits (a record that in business jargon is known as self made billionaire , or self made billionaire).

Cristina Junqueira
Cristina Junqueira

Cristina Junqueira, co-founder and CEO of the Brazilian digital bank Nubank, is now the owner of a fortune of US $ 1.300 million, after the company debuted this week on Wall Street.

After graduating from a Bachelor of Engineering and a Master’s degree from the University of Sao Paulo, she went to the United States to study a Master’s degree in Business Administration from Northwestern University.

Cristina Junqueira is one of the women with the largest capital in all of Latin America, making her the first billionaire who founded a company from scratch. & nbsp; Cristina’s startup ? The simple answer is nothing more and nothing less than the Brazilian digital bank Nubank , where she is co-founder and CEO, as well as holder of a fortune of 1,300 million dollars, after the company made its debut on Wall Street. However, not everything was so simple. An engineering graduate from the University of Sao Paulo and a business administration degree from Northwestern University in the United States, she worked for five years in one of the most important banks in Brazil.
“I worked for the largest bank in Brazil for five years and ended up making the rich richer,” she told Fortune magazine in 2019.

The richest-Colombian in the world

The businessman David Vélez is a main part of Nubank and had already become one of the great novelties in the list of the richest of Forbes magazine, published in April of this year.

The Colombian was part of a group of 493 billionaires who were in the ranking for the first time. At the time, he ranked 539 with a net worth of $ 5.2 billion.

David Vélez
David Vélez

“It is a dream for me to see the flags of Colombia, Mexico and Brazil at the door of the New York Stock Exchange,” Velez said on Thursday morning. “This IPO will increase our ability to innovate, grow, create new products and reach more customers.”

Born in Medellín, Vélez, who built his fortune in less than 10 years, signed this year, together with his wife, the Peruvian Mariel Reyes, the commitment to donate most of his fortune throughout his life to philanthropic causes that help to solve the social problems of Latin America, joining an initiative led by Bill Gates and Warren Buffett.

The Business That Made Them Billionaires

According to the BBC, in 2013, Cristina met David Vélez and, together with Edward Wible, they founded the digital bank Nubank.

“I knew the industry and I saw the perfect opportunity to prove them wrong, to build something that people really wanted,” said Cristina.

Eight years later, Nubank is one of the largest digital banks with the greatest prestige in the world, with a market value of 48,000 million dollars and the ceiling is still not seen, since this valuation has been achieved without entering the largest World markets, when they enter countries like Spain, the United States or France, the bank will undoubtedly rise in value.

For her part, Junqueira was the only Brazilian to appear in the 2020 edition of Fortune’s World’s Most Powerful Women and on the list that recognizes leaders under 40 who are changing the business world, the BBC noted.

On Thursday, Nubank made its debut on the New York Stock Exchange this Thursday, with an Initial Public Offering (IPO) of $ 2.6 billion, a milestone that makes it the most valuable bank in Latin America.

Final comments

“All the steps in building Nubank’s IPO were impeccable, from attracting Warren Buffet as a partner to the fact that they allowed the Brazilian community, which has been a fan of the brand for all these years, to access its shares through joint distribution and listing on the Brazilian stock exchange from the beginning,” Bruno Diniz, co-founder of Spiralem, an innovation consultancy.

Trading under the stock ticker “NU”, the bank sold 289 million Class A shares at US$9 each on the NYSE. In parallel, it also issued Brazilian Depositary Receipts (BDR) on the São Paulo Stock Exchange (B3).

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Nubank raised US$2.6 billion and now is most valuable traded bank 8

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Source: Prototypo