Cristina Junqueira: From Corporate Banking to Fintech Pioneer
Cristina Junqueira’s career trajectory took a significant turn when she decided to leave the banking sector to embrace a disruptive role in fintech. Persuaded by David Vélez, a Colombian venture capitalist, she embarked on a journey to transform the banking experience in Brazil.
Choosing to Disrupt the Banking Sector
Prior to joining this innovative venture, Junqueira faced challenges in influencing change at a major Brazilian bank. She was introduced to Vélez through a mutual acquaintance, who recognized the potential for a new digital banking platform in Brazil. This meeting was pivotal; they shared a vision of addressing the inefficiencies and poor customer experience that plagued the financial industry in Brazil.
Founding Nubank
In 2013, Junqueira, along with Vélez and American software engineer Edward Wible, established Nubank in São Paulo’s Brooklin district. Their mission focused on leveraging technology to provide cost-effective financial services and improve the overall customer experience. The following year, Nubank launched a no-fee credit card that could be managed via a mobile app, a rarity in the Brazilian market at that time.
Remarkable Growth and Leadership
Over the past decade, Nubank has experienced phenomenal growth, evolving into the world’s largest digital financial services platform outside Asia. Today, it boasts 114 million clients, including over 10 million in Mexico and 2.5 million in Colombia. The company’s current valuation stands at approximately $50 billion, making Junqueira a notable figure in the fintech space and a paper billionaire with a 2.6 percent stake in Nubank.
Career Milestones
- Education: Bachelor’s and Master’s degrees in Engineering from Universidade de São Paulo
- 2004-2007: Worked in consulting at Booz Allen and BCG
- 2008: Completed MBA at Kellogg School of Management, Northwestern University
- 2013: Transitioned from Banco Itaú and co-founded Nubank
- 2014: Launched a credit card with no annual fee
- 2020: Became CEO of Nubank Brazil
- 2021: Oversaw Nubank’s IPO in New York
- 2022: Appointed Chief Growth Officer to lead expansion efforts
Fostering Diversity and Inclusion
Junqueira stands out as a leading female executive in a male-dominated industry. Notably, she points out that throughout her career, she has yet to work under a woman. Early in her professional journey, she and one other female intern were among the few women in their firm.
Nubank has prioritized diversity from its inception, with significant efforts to recruit women and historically underrepresented groups. Currently, women occupy around 43 percent of the leadership roles at Nubank, marking a significant stride in fostering an inclusive workplace.
Balancing Family and Career
As a mother of four, Junqueira serves as an inspiration to many women navigating the challenges of balancing family and career. Her personal experiences, including securing funding during her pregnancies, highlight her belief that combining both spheres is not only possible but can lead to great success. “I get very sad when I see the number of women who still think they have to make a choice [between family and career],” she reflects. “It’s not easy… but it’s not impossible.”
Mentoring and Leading by Example
Junqueira frequently receives inquiries for advice from women seeking to find harmony between their professional and personal lives. Emphasizing the importance of communication in leadership, she offers insights derived from her extensive experiences in a growing fintech landscape.
A Vision for the Future
Now at 42, Junqueira remains optimistic about Nubank’s potential to innovate further and expand its reach. She aims to utilize the company’s technology to enhance financial inclusion not only in Brazil but across other underbanked nations, aspiring for long-term impact in the global financial sector.
As Susan Segal, president of the Council of the Americas, attests, “She has co-founded a company that has done incredibly well and at the same time juggled a family.” Junqueira embodies a new generation of leaders in Latin America who successfully navigate the realms of career and family.
