For most startups, the hardest early challenge is identifying a market and a product to serve it. That wasn’t the case for Nubank CEO David Velez, who understood the massive potential for success if he could break into Latin America’s most valuable economy with even a moderately modern banking offering. Instead, the challenge was how to rebuild the concept of a bank in a country where banking is widely hated, all while the incumbents heavily entrenched with the state worked to block every move. Nubank knew its market and geography,…
