Billionaire Nubank CEO Velez Sells $191 Million Stake in Firm

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 ...