Caetano Lacerda & Raphael Dyxklay (Barte) on How to Win Mid-to-Large B2B Customers in Latin America

Jun 3, 2025

Caetano Lacerda and Raphael Dyxklay, co-founders of Brazilian fintech Barte, discuss their impressive journey from $0 to $20M ARR, focusing on innovative growth strategies. They highlight the power of building in public as a tool for attraction and trust. Insights on navigating Brazilian market complexities and prioritizing product bets provide a fresh perspective on B2B success. Additionally, they stress the importance of adapting to customer feedback and the role of AI in streamlining payment processes for sustainable growth in Latin America.

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ANECDOTE

Caetano's Journey to Brazil

Caetano Lacerda shared how he moved from Europe to Brazil, adapting to language and culture while falling in love with the country.
His background in finance and risk-taking shaped his approach to founding Barte.

INSIGHT

Brazilian Openness to Innovation

Brazilians' openness to new people and ideas makes Brazil a naturally fertile environment for founders compared to Europe.
This openness extends to business, where even experienced professionals often warmly welcome conversation and new ideas.

INSIGHT

Inequality Drives Entrepreneurial Spirit

Economic inequality in Brazil creates a strong entrepreneurial spirit and risk appetite as many must take their destiny into their own hands.
This contrasts with wealthier middle-class societies where the incentive to take risks is lower due to stability and government support.

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Welcome to Season 4 of The J Curve with me, Olga Maslikhova.

This week, I sit down with Caetano Lacerda and Raphael Dyxklay, co-founders of Brazilian fintech Barte, which is transforming the payments and working capital landscape for mid-to-large companies.

Barte’s journey is a masterclass in efficient growth: from zero to $10M ARR in less than two years on just $1.5M of burn—and then growing sustainably to $20M ARR. Along the way, they’ve pioneered a build-in-public strategy that attracts customers, builds trust, and fosters engagement. They’ve also developed sharp insights into segmenting by use case rather than industry, prioritizing speed and first-principles thinking, and leveraging customer feedback to scale efficiently—insights that have become part of their DNA and that they generously share in this conversation.

Here’s what we cover:

What founders need to know about horizontal vs. vertical strategies in B2B
Why building in public is more than a marketing tactic—it’s a B2B growth engine
How to find product-market fit in fragmented, high-friction industries
What Brazilian complexity taught Barte about opportunity and execution
Lessons in prioritizing product bets when everything feels urgent

This episode is the second in a special three-part series brought to you by AWS.

AWS has become a key growth partner for Latin America’s startup ecosystem—helping founders scale from idea to IPO with world-class cloud infrastructure, local expertise, and a global support network. We’re incredibly happy to partner with them.

For founders and investors who see Latin America’s friction as an opportunity—and fintech as the future—this conversation is a must-listen.