OpenAI has appointed Nubank founder, Chairman and Global CEO David Vélez to the boards of the OpenAI Foundation and OpenAI Group PBC, bringing one of Latin America’s most prominent fintech leaders into the governance of the artificial intelligence company.
BNY Chairman and CEO Robin Vince has also joined both boards. OpenAI said the two executives bring complementary experience in leading global institutions, navigating technological change and expanding access to financial and economic opportunities.
The appointments come as OpenAI moves towards a possible public listing. The company confidentially filed for a US initial public offering in June, although it has not announced a timetable, valuation, offering size or final terms.
BRINGING FINTECH EXPERIENCE TO OPENAI
Vélez founded Nubank in 2013 after encountering the cost and complexity of traditional banking in Brazil. He built the company around a digital-first model designed to make financial services simpler, more transparent and accessible.
Under his leadership, Nubank has grown into one of the world’s largest digital financial-services platforms, serving more than 135 million customers. The company has established a major presence across Brazil, Mexico and Colombia and is now exploring expansion into the United States after receiving conditional approval to establish a US national bank.
Before launching Nubank, Vélez worked in investment banking and growth equity at Morgan Stanley, Goldman Sachs and General Atlantic. He was also a partner at Sequoia Capital, where he focused on investment opportunities across Latin America.
His appointment gives OpenAI access to an executive who has experience building a technology-led company in a highly regulated industry, expanding across international markets and operating within public capital markets.
OPENAI STRENGTHENS ITS GOVERNANCE
OpenAI Foundation and OpenAI Group PBC Board Chair Bret Taylor said Vélez and Vince had used technology to transform financial services and expand opportunity at a global scale.
Vélez said technology could broaden access when it is developed around people’s needs and supported by trust. He added that artificial intelligence has the potential to help individuals, businesses and economies achieve more.
The addition of Vélez and Vince expands OpenAI’s board with two senior financial-services executives as the company prepares for the demands that could accompany a public listing. Vince will also serve on OpenAI’s audit committee, according to reports.
For Vélez, the appointment marks a significant expansion of his influence beyond digital banking. Having helped reshape financial services across Latin America, he will now contribute to the governance and international development of one of the world’s most closely watched artificial intelligence companies.
Sources: OpenAI, Reuters and The Wall Street Journal.
