"I can't spend all the money, no matter how creative I am," says Nubank CEO

“Last year, the company's value became enormous. One day, you wake up and think: Wow, what do we do with these shares? It's a lot of money. We don't need it, we don't live a life of luxury.”

The account is from David Vélez, 40, about the anxieties of joining the ranks of billionaires in the new economy as a founding partner of Nubank, a fintech company providing digital financial services.

A wake-up call marked by grand milestones in 2021. On December 8th, the unicorn founded by the Colombian in 2013 debuted on the New York Stock Exchange valued at US$41.5 billion.

The IPO, or initial public offering, made the Brazilian digital bank the most valuable in Latin America, ahead of giants like Itaú and Bradesco.

According to Vélez, building a bank from scratch in Brazil seemed like absurd ambition, after arguing with the manager of a branch of a traditional institution on Faria Lima. "It seemed impossible to have more competitors among financial agents and include millions of people in this sector."

He decided to become an entrepreneur, leaving behind a successful executive career. “We are in the eighth or ninth year of Nubank's history. The growth has been much faster than we imagined. Nobody expected to reach almost 50 million customers,” says Vélez.

Five months before the IPO, on August 11, 2021, he and his wife, Peruvian economist Mariel Reyes, 41, had joined The Giving Pledge, spearheaded by Bill Gates and Warren Buffett.

They thus became signatories to a pact, already signed by 231 billionaires from 28 countries since 2010, to dedicate at least half of their fortunes to social causes throughout their lives.

The same public commitment was made in 2014 by Elie Horn , 77, founder of Cyrela, and his wife, Susy, 66, who pledged to donate 60% of their assets valued at US$1.3 billion.

“It’s the test that God is putting us through. What are we going to do with this? The stock went up 30 times overnight,” says Horn, regarding the initial public offering (IPO) in 2005, which increased the value of the construction and real estate development company by 480%, reaching R$ 5.6 billion.

The two businessmen and their wives met for a virtual chat titled "Philanthropy as a Life Choice," the 3rd edition of the Bem Maior Movement Dialogues, to inspire other Brazilian billionaires.

Folha had exclusive access to the conversation mediated by social entrepreneur Monique Evelle. The video will be available on the movement's YouTube channel from 11 am this Tuesday (29).

Over the course of 50 minutes, the two pioneering couples discuss the values ​​and desires that drive them on this journey to create greater social impact as a result of the business success they have achieved.

“After reading many books by philanthropists, we came to the conclusion that it was both a responsibility and an opportunity to be strategic in the use of this money, and to spend it in the best way possible over the next five decades,” explains Vélez.

One inspiration was the biography "The Billionaire Who Wasn't," which chronicles the life of Chuck Feeney, co-founder of the Duty Free Shoppers Group.

The American created a foundation, The Atlantic Philanthropies, to which he donated his entire fortune, estimated at US$8 billion.

“He’s fantastic,” says Horn, who heard the philanthropist speak at a Giving Pledge meeting in San Francisco, USA. “This man is an example for all of us.”

“It’s unbelievable the impact he’s had. I read the book and thought: that’s the life I want to live,” says the Colombian. “Feeney spent all the money he earned on hospitals and universities in the United States, Ireland, and Vietnam. A great influence to donate while alive and get started quickly.”

To pursue this path, Vélez and his wife are creating a family-run philanthropic platform, currently in the team-building and strategy development phase, focused on creating opportunities for vulnerable and disadvantaged Latin American children and youth.

Mariel, a former World Bank employee, is the founder and CEO of {reprograma}, a social startup based in Brazil that trains marginalized women in programming and supports their entry into the technology market.

The Horns, on the other hand, invest in causes such as combating sexual violence against children and adolescents and strengthening the culture of giving in Brazil, through the Instituto Liberta and Movimento Bem Maior, initiatives created after joining the Giving Pledge.

Besides sharing the common trait of being immigrants who made their fortune in Brazil, they all come from families with a tradition of philanthropy.

“When he died, my father had little left, but he donated 100% to charity. He was the best mentor I ever had. He taught me the way to go,” says Elie, a Jewish man born in Syria who arrived in São Paulo as a baby.

Mariel says her grandparents were Methodist missionaries who worked with refugees. They lived in Vietnam, Jamaica, and Cuba.

“My parents always valued social awareness. We are in this world to leave a mark and help those who haven’t had the opportunity,” says the Peruvian woman. “Later, I met this wonderful Colombian man who shares this value of giving back.”

Raised in Costa Rica, where his family moved when he was 8 years old fleeing violence in Colombia in the late 1980s, Vélez says that his vision of social responsibility comes from his upbringing.

“This has always been a very important cultural value. I grew up feeling a responsibility to the community, to do good and have an impact on people's lives.”

Especially in a context of enormous social inequality. “The big problem is the inequality of opportunities. In Brazil and Latin America, your place and circumstances of birth dictate your life trajectory. This is very unfair. Nobody chooses where they are born.”

Born in Chile and living in Brazil for 44 years, where she moved after getting married, Susy also talks about the culture shock of wealth.

“When we did the IPO, so much money came in that I never imagined. The greatest blessing was that my children supported us from the beginning. Seeing that they are following the same path is a huge joy.”

The Horns have three adult children, while David and Mariel are parents of four children, including a newborn.

“We came to the conclusion that leaving too much money to our children is a bad thing. What brings us happiness and satisfaction are situations that we had to fight for and work hard to achieve,” says Vélez.

“Giving children a blank check takes away that sense of overcoming challenges. It creates a life without obstacles and opportunities to build a strong character.”

Other sentiments that guide the path of philanthropy are finitude and legacy, points out the co-founder of Nubank.

"No matter how much money you have, nobody has yet found a cure for death. We all have an end, and you take nothing with you. I won't be able to spend all that money, no matter how creative I am, and billionaires are creative."

Buying a multi-million dollar jet won't generate additional happiness, argues Vélez.

"As a society, it's better to invest in people who will make better use of that money than to leave it in a bank account earning interest," concludes the digital-age banker.

Philanthropy has also become a cause. The two couples hope that their example will encourage more people to join the Giving Pledge.

“Elie and I were discreet, but we have to tell our story so that others can be inspired,” says Susy.

For the Chilean woman, the donation pledge signed by Vélez and Mariel is even more powerful than hers and Elie's, who are already retired. "Especially because they are a young couple and are giving up their fortune at this stage of their lives. It's an example a million times stronger."

Horn says he has tried to convince many other billionaires, without success so far, but he doesn't intend to give up.

And he offers a piece of advice on detachment: “I learned a trick to work against myself. From the moment I decided to donate 60% to charity, that money is no longer mine, but belongs to others. So, it comes out of my pocket more easily. It worked for me. I became a manager and no longer an owner.”

Vélez says he is surprised by the number of entrepreneurs from other unicorn companies and businesspeople who have contacted him after the announcement of joining the Giving Pledge, saying they would like to be part of this list of philanthropists.

"Before, perhaps the definition of success was being on the 'Forbes' list. The idea was to be as rich as possible. Now that's starting to change. Success will be about generating significant value for oneself and for society. I'm optimistic."

This article was originally published on the Folha de S.Paulo newspaper website .