The J Curve with Olga Maslikhova

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.

Welcome to Season 4 of The J Curve with me, Olga Maslikhova.This week, I sit down with João Del Valle, co-founder and CEO of EBANX—one of Latin America’s most iconic fintech stories and a company that built one of the most expansive cross-border payment platforms in the world.Founded in Curitiba—well outside Brazil’s traditional tech hub of São Paulo—EBANX was built for scale from day one. Its global-by-design approach quickly became a powerful competitive moat, allowing the company to expand into 29 countries, process billions in cross-border payments, and power transactions for global giants like Spotify and AliExpress.In this episode, we talk about what it really takes to scale global infrastructure from Latin America, why complexity is a competitive advantage, and how João evolved from founder and CTO to CEO of a company backed by Advent International in one of their largest-ever tech deals.Here’s what we cover:• How embracing regulatory and payment complexity became core to EBANX’s GTM playbook• What 2022–2023 taught João about discipline, cold-blooded decision-making, and founder-mode leadership• How João leads distributed teams across the U.S., China, and Latin America• What it means to scale sustainably without blitzscaling—and still attract a firm like Advent International• How João thinks about long-term planning, investor alignment, and the path to liquidity• Tactical insight on navigating cross-border regulation, local payment rails, and real-time systems like Pix and UPIFor global operators, fintech builders, and investors looking for real lessons in execution—this episode is packed with insight.More from us: Subscribe to our weekly newsletter ⁠⁠⁠⁠⁠⁠The J Curve Insider⁠⁠⁠⁠⁠⁠, where we go beyond the podcast to break down the most exciting investment & tech trends in LATAM. Sharp. Concise. Real business strategies and market insights you won’t find anywhere else. Delivered straight to your inbox.Follow us on⁠⁠⁠⁠⁠⁠ LinkedIn⁠⁠⁠⁠⁠⁠ or ⁠⁠⁠⁠⁠⁠Instagram

Welcome to Season 4 of The J Curve with me, Olga Maslikhova.Last week I got to spend a few days in cidade maravilhosa—Rio de Janeiro—for Web Summit, which this year attracted over 37,000 people. The event was action-packed—both inside the venue and across the city, with an incredible lineup of side events.It was a milestone week for The J Curve. We recorded our very first live episode on stage—a conversation I’ve been wanting to have for a long time, and the one we’re releasing today: a live interview with Mike Packer, partner at QED Investors.QED is the legendary firm founded by Frank Rotman and Nigel Morris—the creators of Capital One and pioneers of data-driven credit long before it became mainstream. They’ve been betting on Latin America for over a decade. Their first investment in the region was Nubank, now the most valuable digital bank in the world.Here’s what we cover:— Why growth capital is the new frontier in LatAm— What makes a founder truly fundable in 2025+— AI’s real impact across QED’s portfolio— What it really takes to IPO from LatAm— The vertical SaaS trap—and the case for vertical AIMore from us: Subscribe to our weekly newsletter ⁠⁠⁠⁠⁠The J Curve Insider⁠⁠⁠⁠⁠, where we go beyond the podcast to break down the most exciting investment & tech trends in LATAM. Sharp. Concise. Real business strategies and market insights you won’t find anywhere else. Delivered straight to your inbox.Follow us on⁠⁠⁠⁠⁠ LinkedIn⁠⁠⁠⁠⁠ or ⁠⁠⁠⁠⁠Instagram

Welcome to Season 4 of The J Curve 🎙️This week, I sit down with Marcelo Lutz and Roberto Biselli, the co-founders and co-CEOs of Capim—a vertical SaaS + fintech company that started as an MBA class project and is now doing $10M+ in ARR, serving thousands of dental clinics across Brazil.Their story breaks every rule—and proves that in Latin America’s most fragmented industries, the right wedge isn’t software. It’s credit.Instead of trying to “disrupt” dentistry with a standard SaaS tool, Marcelo and Roberto built a credit product tailor-made for the quirks of Brazilian clinics—and used it to build their way into a much bigger platform play.Here’s what we cover:• How Capim reached $10M+ ARR in 3 years without a traditional SaaS GTM• Supply-side fragmentation as a feature—not a bug—for B2B marketplaces• Understanding distribution in offline markets—without relying on paid ads• What 70,000+ dental procedures taught Capim about underwriting and risk• How to think about product sequencing in complex industriesMore from us: Subscribe to our weekly newsletter ⁠⁠⁠⁠The J Curve Insider⁠⁠⁠⁠, where we go beyond the podcast to break down the most exciting investment & tech trends in LATAM. Sharp. Concise. Real business strategies and market insights you won’t find anywhere else. Delivered straight to your inbox.Follow us on⁠⁠⁠⁠ LinkedIn⁠⁠⁠⁠ or ⁠⁠⁠⁠Instagram

This edition dives into the hidden traps of M&A for venture-backed startups in Latin America. It highlights the importance of control over capital, exemplified by Blip's strategic investor choices. The discussion touches on how productivity, rather than headcount, will define future winners. Insights on conversational commerce and fintech infrastructure reveal how these sectors are evolving. Additionally, it underscores the power of resilience and adaptability in navigating market disruptions—all while encouraging founders to embrace bold moves when necessary.

Gustavo Mapeli, co-founder and CEO of Kanastra, discusses transforming Brazil's capital markets through fintech. He dives into the $300 billion opportunity within a fractured market, highlighting the importance of building trust and a diverse product strategy. Gustavo shares insights on hiring for high-performance culture and the complexities of creating customizable financial solutions. He reflects on his 15-year partnership with his co-founder and the role of effective narratives in securing venture capital, all while navigating the rapid innovation landscape.

Roberto Oliveira, Founder and CEO of Blip, shares his incredible journey from a mobile phone booth to leading one of Brazil's top AI platforms. He discusses how messaging apps like WhatsApp are outpacing traditional websites, reshaping commerce. Oliveira reveals why Brazil is a testing ground for innovative business strategies and sheds light on AI's transformative role in marketing and customer service. He also offers insights on global expansion and building a consumer-centric approach in a tech-driven world.

Welcome to Season 4 of The J Curve 🎙️This week, I sit down with Guilherme Horn, one of the most influential figures in LatAm’s fintech and tech landscape. Guilherme has built and exited multiple companies, including Agora (acquired for $500M by Bradesco), which helped transform Brazil’s stock market, and Órama, the country’s first fully cloud-based bank. Now, as WhatsApp’s Head of Strategic Markets, he’s driving a major shift in how businesses, banks, and governments leverage messaging as their primary digital infrastructure.Here’s what we cover:♢ Why WhatsApp is replacing websites and apps – The rise of C-commerce and what it means for businesses.♢ Why Brazil leapfrogged the U.S. in digital adoption – The cultural and structural reasons behind WhatsApp’s dominance.♢ AI in fintech – How automation will redefine credit, payments, and personal finance.♢ How WhatsApp is becoming a financial services hub – and all the surprising ways banks are integrating into chat.♢ What founders must unlearn when they scale – Why the skills that get you to $10M won’t get you to $100M.This episode is for founders navigating tough markets, investors looking for the next breakout tech, and operators rethinking how businesses connect with customers. It is packed with unfiltered insights you won’t hear anywhere else. Let’s get into it. 🚀More from us: Subscribe to our weekly newsletter ⁠The J Curve Insider⁠, where we go beyond the podcast to break down the most exciting investment & tech trends in LATAM. Sharp. Concise. Real business strategies and market insights you won’t find anywhere else. Delivered straight to your inbox.Follow us on⁠ LinkedIn⁠ or ⁠Instagram

In this engaging conversation, Andre Penha, co-founder of QuintoAndar and CEO of IBBX, dives into his transformative journey in Latin America's tech landscape. He reveals how QuintoAndar revolutionized Brazil's rental market by prioritizing transparency and reliability. Andre also discusses his ‘No Assholes Allowed’ hiring policy and decision-making frameworks. Looking ahead, he shares his vision for IBBX and the future of wireless electricity, hinting at its potential trillion-dollar impact while debunking common tech misconceptions.

Paulo Passoni, a leading Latin American investor and key figure in SoftBank's tech investments, dives into the challenges startups face in LatAm. He discusses the shortcomings of M&A as an exit strategy and the harsh realities of pursuing IPOs, revealing that $300M+ revenue is essential for listing. Paulo critiques the $200M acquisition trap, explores how SoftBank's investments reshaped the landscape, and emphasizes the critical role of AI in accelerating startup growth. His insights are a must for anyone invested in the future of Latin American entrepreneurship.