
The J Curve with Olga Maslikhova
The J Curve, hosted by seasoned investor and Stanford GSB alum Olga Maslikhova, is your front-row seat to Latin America’s tech revolution. Ranked in the top 5% of global videocasts, we bring you unfiltered conversations with the visionaries—entrepreneurs and investors—who are redefining the tech landscape in Brazil and beyond. Tune in bi-weekly for insider stories, hard-earned lessons, and strategies behind some of LATAM’s most groundbreaking tech successes.
Latest episodes

Aug 27, 2024 • 59min
Marcelo França, founder & CEO at Brazilian fintech infrastructure company Celcoin: three critical choices that made Celcoin a fintech leader in Brazil
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Marcelo França, founder & CEO at Celcoin, a brazilian financial infrastructure company that has recently raised a $125M in a Series C round led by global growth equity investor Summit Partners with the participation from the existing investor Innova Capital and John Coughlin, a former senior executive with Corpay. This financing comes at a time of rapid growth for Celcoin,which recorded US$63 million in annual recurring revenue in the first quarter of 2024 – a 140% increase compared to the same period last year. Celcoin processes over 200 million Pix transactions monthly and has already established itself as the leading provider of Open Banking solutions for licensed institutions in Brazil. Notably, this investment marks Summit Partners' first venture into Brazil and Latin America.
We talk about the evolution of the Brazilian financial ecosystem, focusing on pivotal moments like the Central Bank’s PIX initiative, which revolutionized digital payments in Brazil. We also touch on the decision to pivot Celcoin from a B2C model to an infrastructure provider and the strategic importance of M&A in their growth.
In today's episode we discuss:
1. Banking on change: the defining moments of Brazil's fintech evolution
2. Mastering the pivot: three key decisions that elevated Celcoin to the top of Brazil’s BaaS and embedded finance markets
3. Navigating growth capital: key lessons from the frontlines
4. Merging minds and products: how M&A became a catalyst for Celcoin's rapid expansion?
5. Tech that grows: Celcoin’s strategy for sustainable scalability
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

Aug 13, 2024 • 1h 5min
Dileep Thazhmon, founder and CEO at $2.1B tech unicorn Jeeves: LATAM is the future of fintech
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Dileep Thazhmon, founder and CEO at Jeeves, a corporate spend and expense management platform for global businesses. Jeeves has raised over $260m from the likes of GIC, Tencent, a16z, CRV and more. Its last reported valuation was $2.1B. Since its public launch early in 2021, Jeeves scaled across 22 countries in North America, South America, the UK and Europe. In Latam the list of its customers include Bitso, Hotmart, Avenue, Buser and Cayena.
In our conversation we unpacked Jeeves unique playbook for entering new markets, discussed why Latin America and Brazil in particular is such a lucrative opportunity for Jeeves and how to build strong relationships with investors when pursuing a contrarian strategy like global expansion across 22 countries.
In today's episode we discuss:
1. Vamos Latam: why focusing on Brazil and Mexico can be a game-changer for US fintech startups?
2. Jeeves global expansion playbook: practical strategies for entering new markets with a localized approach
3. Choose the right market: why fintech infrastructure and regulatory environments matter for scaling?
4. Cap table strategy 101: how to excel at raising capital with a contrarian go-to-market strategy?
5. Low ego, high output mentality: how to hire leaders who build exceptional teams and drive success at scale?
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

Jul 30, 2024 • 1h 7min
Rafael de Albuquerque, CEO & founder at global data analytics company Zoox Smart Data: $200M data giant built without VC funding
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Rafael de Albuquerque, CEO & founder at Zoox Smart Data, a global tech company that offers integrated solutions in big data, analytics, AI & ML. Zoox has over 1650 enterprise customers in 25 countries including the likes of Pepsi, Burger King, F1, PWC and Telefonica.
Rafael’s journey from selling Wi-Fi routers door-to-door to building a $100m in revenue global data analytics business from Brazil is nothing short of remarkable and paved with countless setbacks and failures. His relentless drive to overcome obstacles and pivot business models serves as a valuable example for other entrepreneurs. In our conversation, we explored how building a successful company without VC funding demands strategic thinking and resourcefulness. Leveraging early investor relationships and focusing on customer-driven growth were crucial in scaling the business. We also discussed the importance of family support for sustaining long-term business success and performance.
In today's episode we discuss:
1. Zoox Sales Playbook: how to build a robust enterprise sales strategy?
2. Mastering the pivot: how and why (!) to leverage customer feedback to transform your enterprise?
3. Optimize your startup cap tablet: key benefits of strategic investors vs. traditional VCs
4. Customer-centric innovation: how to boost growth and market relevance by co-creating with customers?
5. Turning failure into fortune: Rafael’s lessons in business
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

Jul 16, 2024 • 1h 6min
Dave Nangle, founder and CEO of VEF, an emerging markets-focused, growth-stage fintech investment firm: Forget billion-dollar IPOs; M&A is the name of the exit game in venture capital!
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Dave Nangle, founder and CEO of VEF, an emerging markets-focused, growth-stage fintech investment firm. VEF's Latam portfolio includes the likes of Creditas, Solfacil, Gringo and Konfio.
We talked about Dave’s investment strategy, focusing on growth-stage companies that have nailed unit economics and product-market fit. We discussed the most common mistakes founders make when pitching to VEF, what makes Brazil one of the most attractive markets in the world from a venture capital perspective, why trying to predict exit timing in emerging markets is often a losing game, and why Dave prefers M&A over IPO as the go-to exit strategy. Dave also shared his perspective on the most underrated tech company in Latin America.
In today's episode we discuss:
1. VEF’s investment strategy playbook: single country, single product focus and big scale up market
2. Build for exit: how to make M&A a viable exit strategy in VC and why an IPO might be less attractive than you think?
3. The holy grail of private markets: the pros and cons of a permanent capital vehicle structure in venture capital
4. Emerging markets are not all the same: what makes some particularly attractive for venture capital investors?
5. Brazil deconstructed: key factors making it a top tech investment market
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

Jul 2, 2024 • 1h 15min
Geraldo Thomaz, founder and co-CEO at NYSE-traded e-commerce platform VTEX: Key decisions that built a $1.3B+ e-commerce empire
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Geraldo Thomaz, founder and co-CEO at NYSE-traded enterprise e-commerce platform VTEX. VTEX is an incredible example of Brazilian company that grew to become a global player in a digital commerce with Walmart, Coca-Cola and L'Oreal among customers. Prior tp going public in 2021 VTEX raised over $360m in capital from the likes of Softbank, Riverwood Capital, Tiger Global and Endeavor Catalyst.
In our conversation, we dive into the importance of intentionally targeting your customer segment, the transformative journey of a CEO leading a publicly traded company, and the critical need to maintain core fundamentals, even in the toughest times.
In today's episode we discuss:
1. From zero to Walmart: key strategies for landing enterprise customers
2. Optimize for scalability: key trade-offs VTEX made for global growth
3. Building a high-performing partnership: trust, complementary skills, and a divide-and-conquer management approach
4. From founder to public company CEO: main lessons on leadership transformation
5. Take LatAm to the World: how to inspire global entrepreneurial ambitions in the region?
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

Jun 18, 2024 • 1h 4min
Susan Segal, CEO of Americas Society/Council of the Americas: Pioneering LATAM Venture Capital and Why the Region Will Thrive with AI
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Susan Segal. Susan has been the President and CEO of Americas Society / Council of the Americas since August 2003, following a distinguished 30-year career in the private sector working with Latin America and other emerging markets.
As a partner and head of the Latin American Group at Chase Capital Partners, Susan pioneered early-stage venture capital investing in Latin America. She played an active role during the Latin American debt crisis of the 1980s and early 1990s, serving on numerous advisory committees and chairing the Chilean and Philippine Advisory Committees.
Susan's board memberships include Mercado Libre, Vista Oil & Gas, Robinhood, Americas Society/Council of the Americas, the Tinker Foundation, and the Bretton Woods Committee. She is also a member of the Council on Foreign Relations.
We talked about the importance of strong governance and financial prudence, dug into the key traits of highly successful Latin American founders, and got Susan's perspective on the future of tech entrepreneurship in the region. We also looked at why startups in Latin America are in a great position to ride the wave of AI advancements.
In today's episode we discuss:
1. Strong governance matters: why should startups establish robust governance structures early on?
2. Build personal relationships: how can cultivating meaningful relationships with partners, investors, and teams impact your business success?
3. Traits of exceptional founders: What signature traits set apart highly successful founders in Latin America?
4. From Latam to the world: why the future of regional entrepreneurship is global?
5. The rise of AI: why Latam startups are well-positioned for AI breakthroughs?
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

Jun 4, 2024 • 57min
Daniela Binatti, Founder at Financial Infrastructure Company Pismo: Pismo's Rise to a Billion Dollar Acquisition by Visa
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Daniela Binatti, co-founder and CTO at the Brazilian payments infrastructure company Pismo, which was recently acquired by Visa for $1 billion in cash. This conversation is very special as Pismo stands out as a globally successful tech company with roots in Brazil. Moreover, Daniela herself is an exceptional example of female leadership in technology, breaking barriers and setting new standards in a predominantly male-dominated field.
We talk about how leveraging advanced technology from sectors like social media and streaming could revolutionize traditional industries like financial services, why embracing global ambitions early allowed Pismo to rapidly adapt and expand into new markets. We also discuss navigating VC founder relationships and why it’s important to balance investor insights with founder intuition. And finally we touch on the rationale behind selling Pismo to Visa.
In today's episode we discuss:
1. Embracing global mindset: how this foundational decision enabled scalability and flexibility, allowing Pismo to rapidly adapt and expand into new markets?
2. Cross-industry innovations: how leveraging advanced innovations from alternative sectors can revolutionize traditional industries and provide startups with a competitive edge?
3. Unified front: what are the key ingredient for fostering enduring co-founder relationships?
4. Building critical infrastructure: what startups must get right from the get-go?
5. Power dynamics: the fundamentals of a successful founder-VC relationship
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

May 21, 2024 • 48min
Alexandre Zolko, Founder at $400M Customer Loyalty Platform CRM&Bonus: Build to Last, Not to Sell
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Alexandre Zolko, founder and CEO at CRM&BONUS, Brazilian customer loyalty management platform that has just raised $80m in Series B led by Bond Capital with the participation from Valor Capital. This round valued the company at 2.2B Brazilian reais or over $400M dollars, more than doubling its Series A valuation. Bond Capital is the fund that was created by Mary Meeker, a former Kleiner Perkins partner, whose internet trends report is considered one of the most influential reports in the world of tech and venture capital. With CRM&BONUS Bond makes its first bet in Latin America. The list of CRM&BONUS’s prior backers includes the likes of Softbank, Riverwood Capital, Volpe Capital and Igah Ventures. The company, which is Alexandre’s 8th entrepreneurial adventure, was started in 2018, been profitable since the third month of operations and was bootstrapped until the Series A in 2021.
Together we explore Alexandre’s early fascination with sales, learnings from his prior entrepreneurial experiences, his approach towards building the ecosystem of products in customer loyalty space and what it takes to raise capital from some of the best investors in the world.
In today's episode we discuss:
1. Ownership mentality: how to build a company that puts customer first?
2. Profitability as a fundraising strategy: how to attract high quality VC investments in a startup?
3. The CRM&BONUS playbook: how to strategically build a product ecosystem?
4. Speed: The Power of focus in accelerating startup growth
5. Beyond AI: what is the future of customer loyalty market?
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

May 7, 2024 • 1h 28min
Andre Florence and Gui Azevedo, founders at Brazil's largest health-tech startup Alice: The reality is a rollercoaster
Welcome to season three of the J Curve, a podcast about entrepreneurship in Latin America with me, Olga Maslikhova. My guests today are Andre Florence and Guilherme Azevedo, co-founders at Brazilian healthcare startup Alice backed by the likes of Softbank, ThornTree Capital Partners, Kaszek and Globo Ventures. Their latest Series C of $127m was the largest funding round raised by a healthtech in Latin America to date. Prior to co-founding Alice Andre was a CFO at Brazilian ride sharing company 99 and led it though the acquisition by Didi and Guilherme was a co-founder of a chain of healthcare clinics Dr. Consulta. We discuss their methodical approach to partnership, shifting focus from growth at all cost towards sustainability and lessons learned from that process and what it actually takes to drive a systematic change in such a complex market as healthcare.
In today's episode we discuss:
1. Alice partnership playbook: how to build a co-founder relationship that lasts
2. Growth at all cost is dead: five lessons learned from pivoting towards efficiency
3. The vicious cycle: why healthcare innovation is broken in Brazil and how tech natives can fix it?
4. Fasten your seatbelts how to build a resilient startup culture in a volatile market?
5. Breaking the mold: the biggest challenges of challenging the status quo
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).

Apr 30, 2024 • 55min
Thibaud Lecuyer, CEO at $2B Logistics Startup Loggi: Sustainability Is a Drug
Welcome to Season 3 of The J Curve, a podcast about entrepreneurship in Latin America. My guest today is Thibaud Lecuyer, CEO at Loggi, Brazilian delivery company that has raised close to $500m over 6 rounds from the likes of Iporanga Ventures, Softbank, Monashees, GGV, CapSur Capital and Microsoft. Prior to that Thibaud was a co-founder at Brazilian online fashion retailer Dafiti.
Together we explore Thibaud’s transition from finance and J.P. Morgan in Europe into entrepreneurship in Brazil. We discuss his experience of launching and scaling Dafiti in the environment in which venture capital was scarce. We also talk about strategies and tactics Thibaud used to put Loggi on a path to profitability while maintaining a high rate of growth and discuss why Brazil represents a lucrative opportunity for global investors.
In today's episode we discuss:
1. From disruption to transformation: how to turnaround a billion dollar tech business?
2. Founders' blind spot: how to think about capital efficiency?
3. The case for optimism: why global investors should invest in Brazil?
4. The last mile delivery challenge: how to win in a crowded market?
5. Doing business in Brazil: what founders need to know?
If you would like to get more insight from LatAm's leading tech founders and investors, subscribe to our new YouTube channel and follow us on Spotify or Apple.
Follow Olga on LinkedIn or Instagram Olga is an entrepreneur, venture capital investor, mentor at Techstars and founder at The J Curve, Latin America's leading English speaking podcast about tech builders. She's been investing in the USA, SEA and Latin America for over 13 years. Companies she backed include tech unicorn ClassPass (acquired by Mindbody) and Vitalk (acquired by Gympass).