Tiago Dalvi is the solo founder and CEO of Olist, Brazil's leading e-commerce operating system serving 45,000+ merchants and processing 60 billion reais annually. Olist has raised $314M from investors including SoftBank, Wellington Management, Goldman Sachs, Valor Capital Group, and Accel partner Kevin Efrusy, and operates in Brazil's $60B+ e-commerce market.

The Brazilian unicorn founder discusses marketplace strategy, venture capital, M&A integration, and building Latin America's leading SMB commerce platform.

Here's what we cover:

From Marketplace to Ecosystem: Olist began as a single storefront. Today it's an operating system for 45,000+ merchants. What does it really take to expand from one product to a multi-product platform?

The Three Pillars of a High-Performing Board: Behind every enduring company is a board built on the right foundation. What makes boards truly high-performing—and why do the best ones keep evolving?

The M&A Integration Playbook: Acquisitions can accelerate growth—or sink the ship. Tiago shares the hardest lessons from integration, why protecting new acquisitions from the gravitational pull of core operations is critical for innovation, and why earnouts are so tricky to get right.

Olist's Vision of Intelligent Commerce: What if your business could think for itself? Tiago explains how AI-powered decision-making could reshape SMB operations across Latin America's fragmented ecosystem.

The Investor Breakup Playbook: Not every relationship lasts forever—including with investors. Why does Tiago part ways with board members he "really likes," what tough conversations are required when someone who got you to $10M isn't right for $100M, and how secondaries help recycle the cap table without burning bridges?

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Why do 90% of LATAM founders struggle to raise venture capital funding? It's not their product or market - it's because they don't understand the game they're playing. This episode reveals the patterns behind every major VC success story from Nubank to QuintoAndar. I cover the fund economics that drive every investment decision, the founder profiles that get fast-tracked, the three business models that dominate portfolios, and the four-element framework for stacking odds in your favor.

Plus: why fundraising is actually sales, how to evaluate VCs before they evaluate you, and the exit math that determines premium outcomes.

Key Insights & Takeaways:

• The Goldman/McKinsey pattern: Why majority of funded LATAM founders share investment banking or top consulting backgrounds—and how to borrow credibility if you don't have it
• Fund math reality check: How a $300M fund needs $6B+ outcomes from single deals, and why this changes everything about what VCs actually fund
• The Stanford platform mindset: How to shift from "solving problems" to "designing market architecture" and why this mindset separates venture capital winners from the rest
• Market timing: How 2012's 3G+smartphones created unicorns, and why 2025's Pix+AI+Open Finance could be bigger
• The 4-element fundable startup framework: Backable founder profile + compounding business model + broken market + perfect timing = venture capital magnet

• Fundraising as B2B sales: Why treating VCs as prospects with systematic qualification, relationship-building, and follow-up changes outcomes
• Venture capital fund cycle: How a $100M fund in year 2 beats a $500M fund in year 8, and how to research this before pitching
• The multi-country premium: Why regional businesses price higher than local ones, and how to build global buyer optionality from day one

Join The J Curve Community:

⁠⁠Newsletter⁠⁠: Weekly deep dives into LATAM's hottest deals, emerging trends, and market intelligence

⁠⁠LinkedIn⁠⁠: Daily market insights and exclusive founder updates

⁠⁠Instagram⁠⁠: Behind-the-scenes podcast moments and quick industry takes

Share this with one founder who needs to hear this playbook: ⁠Hit subscribe⁠⁠ and help us reach more Latin American entrepreneurs and investors

Three ecosystem builders who created $1B+ in exits share the exact strategies behind Latin America's biggest tech wins in this rare roundtable, recorded live in São Paulo with AWS.

Daniela Binatti: Built Pismo into one of Visa's largest fintech acquisitions ($1B cash)

Romero Rodrigues: Sold Buscapé to Naspers for $374M, now Managing Partner at Headline. Early investor in Pismo and Wellhub

Carlos Costa: Valor Capital Managing Partner ($2B+ AUM) behind CloudWalk ($2.15B valuation), WellHub ($2.2B valuation), and Pismo ($1B exit)

Key Insights & Takeaways:

• The "bonds vs options" framework: How Brazilian companies use stable local cash flow to fund aggressive global expansion bets
• Why LATAM-to-LATAM expansion is a trap: Same operational complexity as global markets but with negligible valuation impact
• The 25-year compounding curve: Why Pismo's real growth phase began after the $1B acquisition, not before
• Global infrastructure strategy: Building multi-country, multi-currency architecture from day one vs. retrofitting later
• Market education playbook: Converting banks from on-premise skeptics to SaaS believers across 78 countries
• The Brazil advantage: How a 150M+ user domestic market creates unique pressure-testing for global-ready products
• Timing global expansion: When borderless business models should skip local validation entirely

Join The J Curve Community:

⁠Newsletter⁠: Weekly deep dives into LATAM's hottest deals, emerging trends, and market intelligence

⁠LinkedIn⁠: Daily market insights and exclusive founder updates

⁠Instagram⁠: Behind-the-scenes podcast moments and quick industry takes

Share this with one founder who needs to hear this playbook: Hit subscribe⁠ and help us reach more Latin American entrepreneurs and investors

Dr. Vitor Asseituno is the CEO and Co-Founder of Sami, Brazil's fastest-growing health insurance startup. Sami has raised $65M total funding and serves 20,000+ customers across 11 Brazilian cities in the $60B private health insurance market.

Key Insights & Takeaways:

1. The "pipeline mathematics" behind turning 100+ VC rejections into Series B success

2. Investor psychology: what resonates when pitching complex healthcare business models

3. How embracing broker networks after everyone said "avoid them" drives 50%+ of sales

4. AI workflow implementation: $800+ monthly savings per clinician and 30% EMR compliance improvement

5. Loss ratio optimization tactics: the specific changes that improved margins from 85% to 53%

6. Why regional focus beats national scale in Brazil's complex healthcare market

Join The J Curve Community:

Newsletter: Weekly deep dives into LATAM's hottest deals, emerging trends, and market intelligence

LinkedIn: Daily market insights and exclusive founder updates

Instagram: Behind-the-scenes podcast moments and quick industry takes

Hit subscribe and share this episode with fellow entrepreneurs and investors

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

This week, I sit down with Federico Vega, founder and CEO of Frete.com—the largest freight matching platform in Latin America.

Federico’s story is anything but conventional: he grew up in a small town in Patagonia, left a career in investment banking at JP Morgan in London, and moved—without speaking the language—to Brazil to reinvent an entire industry. What started as a Facebook group for truck drivers has evolved into a logistics giant, processing nearly $18 billion in freight transactions annually and serving ~900,000 active drivers—roughly 80% of Brazil’s entire trucking fleet.

In this episode, Federico shares how Frete.comsolved the classic chicken-and-egg dilemma, scaled a fragmented industry from the ground up, and transformed Brazilian complexity into a competitive moat. It’s a masterclass in grit, product obsession, and doing things that don’t scale.

Here’s what we cover:

• How to break network effects open in traditional industries
• Why doing unscalable things early creates lasting strategic edge
• What Brazilian truck stops taught Federico about product design
• How to use AI and data to combat fraud and drive operational leverage
• The culture-building playbook behind Frete.com’s growth

For founders building in complex markets—and investors betting on logistics and fintech as the future—this episode is a must-listen.

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 this special solo episode of Season 4 of The J Curve with me, Olga Maslikhova.

Every few months, I zoom out to reflect on the lessons that stuck with me from the show. Think of this as your quarterly operator’s memo—especially if you’re building, raising, or investing in Latin America.

Q2 was full of sharp insights and real operator depth. But in this edition of The J Curve Insider, I won’t recap every episode.

I’ll go deep into three. 

João Del Valle (EBANX), Mike Packer (QED), and Gustavo Mapeli (Kanastra).

We’ll unpack EBANX’s global growth playbook, explore how QED built conviction around LATAM as an outsider VC—and what they’re betting on next—and break down how Kanastra scaled by defying startup orthodoxy.

Here’s what I’ll get into:

→ In LATAM, complexity isn’t a bug—it’s the moat.

→ Revenue is the best anti-dilution strategy.

→ In frontier markets, global expansion is a risk management.

→ Outsiders win in LATAM when they think like founders: test, learn, commit.

→ Multi-product vs. single-product: what founders need to ask before picking a lane.

If you enjoy today’s episode, please rate us on Spotify, subscribe to our newsletter at ⁠blog.thejcurve.com⁠, and follow us on YouTube (@thejcurvepodcast) and Instagram (@olgamaslikhova).

Let’s get into it.

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.

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.

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 UPI

For 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 AI

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 🎙️

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 industries

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