By Julianne PepitoneCNN Business Updated 1307 GMT (2107 HKT) December 6, 2019 Chat with us in Facebook Messenger. Find out what’s happening in the world as it unfolds. When David Vélez walked into a Brazilian bank branch to open an account six years ago, he was appalled by the experience. First, he had to check his bag in a locker outside. Next, he waited to pass through a security line manned by three armed guards. He sat there for 45 minutes and finally spoke to someone, who acted like they were doing him a favor by deigning to talk about opening an account. Then, he was sent off to make a phone call to bank employees elsewhere and was later forced to return to the bank a half-dozen times over the next four months. Vélez knew his experience was common throughout Latin America, where about half the population is “unbanked,” with no bank accounts and often no credit histories. In Brazil, five banks control almost all of the market and charge high fees — with annual interest rates on credit cards recently averaging nearly 300% on unpaid balances, according to the Wall Street Journal. So Vélez decided to build something…