The J Curve with Olga Maslikhova

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.

🎙️ No Guests, Just You & Me 🌍 Season 3 of The J Curve is officially wrapped, and I’m here to unpack the journey so far. From doubling our Spotify streams to hitting the top 5% of videocasts globally (what?!), this year has been a wild ride. In this solo ep, I’m breaking down: 🔥 Why podcasting is THE medium of the future. 🌎 LATAM’s tech explosion—blockbuster M&As, IPOs, and a pipeline of unicorns. 💡 The 10 life-changing lessons I’ve learned from 40+ brilliant founders. It’s bold. It’s personal. It’s everything you didn’t know you needed. 🎧 Tune in now and let’s close this season on a high note! 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).

Allen Taylor, Managing Partner at Endeavor Catalyst, has dedicated 18 years to supporting high-impact entrepreneurs in emerging markets. He shares insights from his transformative journey from California to Latin America, emphasizing the importance of patience and long-term thinking in creating billion-dollar companies. Discussing Endeavor's innovative investment strategies, Allen highlights its impressive $6 million bet that returned 8x, and the untapped potential in sectors like agribusiness and SaaS. This engaging conversation is packed with valuable lessons for founders and investors alike.

On this special episode of The J Curve, I swap roles with the incredible Veronica Serra—founding partner at Innova Capital and Endeavor Global board member. With dirty martinis in hand, I shared my entrepreneurial journey, life lessons, and love for Latin America’s startup ecosystem. A rare and unforgettable moment 🥂 Enjoy!