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

“Last year, the value of the company 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 have a life of luxuries.”

The story is by David Vélez, 40, about his concerns when joining the list of billionaires in the new economy, as a founding partner of Nubank, a fintech offering digital financial services.

An awakening marked by grandiose moves in 2021. On December 8, the unicorn founded by the Colombian in 2013 debuted on the New York Stock Exchange worth US$41.5 billion.

The IPO, public sale of shares, made the Brazilian digital bank the most valuable in Latin America, ahead of giants such as Itaú and Bradesco.

According to Vélez, it seemed like an absurd ambition to build a bank from scratch in Brazil, after fighting with the manager of a branch of a traditional institution in Faria Lima. “It seemed impossible to have more competitors among financial agents and include millions of people in this sector.”

He decided to undertake his own business, leaving behind a successful career as an executive. “We are in the eighth to ninth year of Nubank’s history. The growth was 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, headed by Bill Gates and Warren Buffet.

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

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

“It’s the test that God is putting us through. What to do with this? The shares rose 30 times overnight”, says Horn, about the IPO process in 2005, which increased the value of the construction company and developer by 480%, reaching R$5.6 billion.

The two businessmen and their wives met in a virtual chat “Philanthropy as a Life Choice”, 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 talk about the values ​​and desires that drive them on this journey of creating more 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 a responsibility and also an opportunity to be strategic in the use of this money, and to spend it in the best way over the next five decades”, explains Vélez.

One inspiration was the biography “The Billionaire Who Wasn't”, which tells the story 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 gentleman is an example for us all.”

“The impact he created is unbelievable. I read the book and thought: this is 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 start quickly.”

To embark on this path, Vélez and his wife are creating a family philanthropic platform, in the process of assembling a team and strategy, with a focus on creating opportunities for vulnerable and disadvantaged Latin American children and young people.

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

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

In addition to having in common the fact that they are immigrants who made a fortune in Brazil, they all come from families with a tradition of philanthropy.

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

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

“My parents always placed importance on social awareness. We are in the world to leave a mark and help those who didn't have the opportunity”, says the Peruvian. “Then I met this wonderful Colombian 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 the vision of social responsibility comes from birth.

“This has always been a very big cultural value. I grew up feeling like I had 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 inequality of opportunities. In Brazil and Latin America, your place and condition of birth dictate your life path. That is very unfair. Nobody chooses where to be born.”

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

“When we did the IPO, so much money came in that we didn’t even imagine. The biggest blessing was that my children were supportive 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 to four children, including a newborn.

“We have come to the conclusion that leaving a lot of money to your children is a waste. What brings us happiness and satisfaction are situations in which we had to fight and work hard to achieve”, says Vélez.

“Giving your children a blank check is taking that sense of overcoming off the table. It’s about creating a life without obstacles and the opportunity to build a strong character.”

Other feelings guiding the path of philanthropy are finitude and legacy, points out the co-founder of Nubank.

“No matter how much money we have, no one has yet found a cure for death. We all have an ending and nothing is taken away. I won’t be able to spend all that money, no matter how creative I am, and billionaires are creative.”

Buying a jet worth millions will not generate additional happiness, argues Vélez.

“As a society, it is better to invest in people who will use this money better than leaving it in a bank account earning interest”, concludes the banker of the digital age.

Philanthropy also became a cause. The two couples hope that the example will serve as a stimulus for more adherence to the Giving Pledge.

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

For the Chilean, the donation commitment signed by Vélez and Mariel is even more powerful than that of her and Elie, who are already retired. “Mainly because they are a young couple and give up their fortune at this stage of life. It’s an example a million times stronger.” ?

Horn says he has already tried to convince many other billionaires, without success so far, but he does not intend to give up.

And he gives some advice on detachment: “I learned a trick against myself. From the moment I decided to donate 60% to charity, that money was no longer mine, but someone else's. So, it comes out of your 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 unicorns and businesspeople who approached 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 starts to change. Success will be generating a lot of value for yourself and for society. I’m optimistic.”

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