The billionaire co-founder of Nu Holdings Ltd., the world’s biggest standalone digital bank, sold shares in the company for the first time since its 2021 IPO, raising about $191 million.
David Velez said in an interview that he sold 3% of his stake in the Sao Paulo-based company, or 25 million shares. The proceeds will largely go toward funding his foundation with his wife Mariel Reyes, which is focused on leadership and education initiatives in Latin America.
“I didn’t want to do this until at Nubank we could remove a lot of important doubts like: Can you ever make money? Can you keep growing? And the last three quarters have been phenomenal,” said Velez, who is chief executive officer and chairman. “So now I’m taking 3% of the chips off the table to start increasing in investing in the other side of the big mission that is driving us today.”
Read the full story on Bloomberg here.