Brazil vs Mexico: The Playbook for Betting on LatAm’s Giants — with Julio Vasconcellos (Atlantico)

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Sep 9, 2025

Julio Vasconcellos, Managing Partner at Atlantico and digital transformation expert, dives into the dramatic shifts in Latin America's tech scene. He reveals why local VCs are outperforming global ones and discusses Mexico's burgeoning fintech landscape compared to Brazil. The impact of PIX on digital payments and its threat to traditional card networks is explored, along with the rapid AI adoption among Brazilians. Julio emphasizes how geopolitical sentiments influence investment decisions and why founders should leverage emerging trends for innovation.

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INSIGHT

Why Mexico's Fintech Is Turning A Corner

Mexico's fintech lagged due to scarce cheap funding and high cash usage by consumers.
Recent shifts—digital accounts and deposits—are closing supply and demand gaps, creating an inflection point.

ANECDOTE

Tinkoff Alumni Built Manual Growth Engine

Plata used in-person ambassadors to hand-deliver cards and complete KYC, driving education and activation in Mexico.
The manual onboarding improved retention and referrals despite being non-digital.

INSIGHT

LATAM VC Outperformance Is Real

Latin American venture funds have outperformed global peers, with ~20% of LATAM funds in the global top 5%.
Market structure, low competition, and capital efficiency helped deliver outsized returns.

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Julio Vasconcellos is the Managing Partner at Atlantico, one of Latin America’s leading venture firms, and the driving force behind the Latin America Digital Transformation Report. Now in its 6th edition, the report has become the definitive data backbone for investors and founders seeking to understand the region’s tech landscape.

Previously, Julio was Facebook’s first country lead in Brazil and co-founder of Peixe Urbano, giving him a rare operator-to-investor perspective on LatAm’s digital transformation.

In this episode, Julio unpacks the 2025 report’s biggest findings—from venture returns to geopolitics, Pix’s disruption, AI adoption, and Mexico’s rise—and what they mean for global LPs, founders, and corporates betting on the region.

Here’s what we cover:

LatAm Venture Outperformance: Why local VC funds have quietly outperformed global peers, and what it will take to attract more LP capital.
Brazil vs. Mexico: Why Mexico features so prominently this year, how it compares to Brazil, and what it means for investors placing their first bets.
The Geopolitics of Tech: 39% of Brazilians say they’d align with China over the U.S.—what’s driving that sentiment?
Pix’s Relentless Rise: With 87% corporate penetration and $15B in fee savings, Pix is reshaping payments. What does this mean for Visa, Mastercard, and fintechs?
Brazil’s AI Moment: Over 60% of Brazilians have tried ChatGPT, and Microsoft just invested $2.7B in AI/cloud. What role will Brazil play in the global AI race?
Founder Archetypes: Atlantico’s research into the traits of successful Latin American founders—and how they compare to Silicon Valley counterparts.

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