Fernando Musa

🌟 Proud to share this comprehensive report on Investing in Minas Gerais (my state) from the Financial Times! 🚀 🔍 Key Insights: - Minas Gerais: Brazil's bellwether state, reflecting the nation's diverse political, economic, and social fabric. - Governor Romeu Zema: A potential dark horse in Brazil's next presidential race, navigating the delicate balance between business and politics. - Belo Horizonte: Embracing tech and quality of life initiatives to rejuvenate Brazil's first large planned city, confronting modern-day challenges head-on. - Brumadinho Dam Disaster: The 2019 tragedy continues to shape global mining industry standards, highlighting the importance of safety and transparency. - Lithium Potential: Minas Gerais emerges as a hotspot for lithium exploration, revitalizing regions once overlooked. - Niobium Niche: Delving into the energy sector, Brazilian niobium gains attention with implications for global markets. 📈 Don't miss this opportunity to gain insights into how Minas Gerais is driving Brazil's future! Dive deeper into the report here: #Investing #MinasGerais #Brazil #Economy #Insights 🇧🇷 https://lnkd.in/dGmJmUrr

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I'm excited to share our latest research on the state of the Brazilian consumer, where we provide a comprehensive overview of the evolving behaviors and preferences of Brazilian consumers. The piece highlights key trends such as the rise of digital channels and the increasing demand for value-based products and services. As Brazil continues to navigate economic pressures and technological advancements, understanding these shifts is crucial for businesses looking to stay competitive and meet consumer needs effectively. I invite you to read the full article to gain deeper insights into this dynamic market and explore how these developments could impact your business strategies. Read the full article here: https://lnkd.in/dqG4rRjU

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We’ve got an amazing story lined up for you today on The J Curve! 🎯 In this episode, I sat down with Sergio Furio, chairman of Endeavor Brasil and the visionary founder and CEO of Creditas, to unpack his incredible journey from BCG consultant in New York to one of Brazil’s leading fintech pioneers. We dive deep into everything from why Brazil was the ideal market for Creditas to the pros and cons of being a solo founder, how to structure a cap table for the long game, and what makes Endeavor such an extraordinary network for entrepreneurs. Creditas, now valued at $4.8 billion, is backed an impressive lineup of investors like Fidelity Investments, VEF, SoftBank Investment Advisers, Advent International, Lightrock, QED Investors, KASZEK, and Redpoint eventures. This high-growth private company operates with the rare transparency of a publicly traded firm, so this conversation was a real pleasure packed with insights. Here’s what we discuss 👇🏻: 🎯 The Market Matters: How choosing the right market can make or break your startup—and why Brazil’s credit landscape was ripe for disruption. 📈 Profitability Roadmap: Why Creditas’ path to profitability focused on smart margins and resource management, not just cost-cutting. 🤝 Smart Capital, Stronger Foundations: The long-term benefits of choosing investors who align with your mission and add strategic value. 👥 From 6 to 2000: The Creditas team-building playbook—Sergio hires for grit, vision, and resilience, not just résumés. 💡 Breaking the Mold: How Sergio’s fresh perspective as an outsider helped him spot opportunities that others missed. PS: Dave Nangle and Manoel Lemos - Sergio spoke so highly about you in our conversation! PPS: Adrian Garcia-Aranyos - thank you so much for introducing me to Sergio and for some excellent question suggestions. They made all the difference 👏🏻 Founders, if you’re aiming to build a resilient, scalable business that solves real problems, don’t miss this one. 🎧 [🔗 in comment]

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Brazil is the next frontier for international asset managers

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At #FIIPRIORITY in #Rio, André Esteves, Chairman & Senior Partner, BTG Pactual underscores how can #Brazil leverage its #CleanEnergy matrix to address critical global challenges like #EnergyCrisis & #FoodSecurity. Watch the full panel: https://lnkd.in/dBks4iaa

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Mercado Libre is a juggernaut - 25 years and still growing at 40%. The company literally changed my life and helped inspire the launch of EMQQ Global 10 years ago. Thanks Marcos Galperin! Also - Did you know that $MELI is NOT included in most of the #emergingmarkets #etfs from iShares or Vanguard (EEM, IEMG, VWO, etc.)? Neither is Nubank. You get 2x Petrobras and neither of the top #latinamerica internet companies. #internet #ecommercenews #brazil #nubank #mercadolibre #mercadolivre #frontiermarkets #mexico #colombia #argentina

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💳 Cards are Alive and Thriving in Brazil! Transactions Hit R$1 Trillion Milestone in Q3! Find out all the details here! 👇 📈 Brazil’s card transactions climbed in Q3 2024, reaching R$1 trillion, a solid 10.2% growth year-over-year. Credit cards drove a good part of this increase, while debit card use dipped slightly, according to Abecs Q3 report. Here’s the breakdown: 1️⃣ Credit Cards: R$693.2 billion (+14%) 2️⃣ Debit Cards: R$248.3 billion (-0.4%) 3️⃣ Prepaid Cards: R$94.1 billion (+14.7%) 🔄 Recurring Payments: Up 41.2% YoY to R$28 billion as more consumers automate monthly expenses, with credit cards covering R$26.6 billion (+44%). 📲 "Non-Face-to-Face" Transactions: R$246 billion (+15.8% YoY). Credit card transactions in this segment reached R$237.3 billion, growing 16.2% year-over-year. 📶 Contactless Boom: Up 46.5% YoY to R$376 billion! Contactless payments made up 65% of in-person transactions by September in Brazil, compared to 52.3% in 2023 and 38.4% in 2022. Of these, 73% used physical cards, while smartphone and smartwatch use climbed. 🌡 Pix is gaining traction, and with the adoption of Contactless Pix and Automatic Pix, debit cards could face even greater pressure in the months ahead. As for credit cards, it's still hard to predict the full impact, even though they remain solid for now. Excited to see how the trends unfold in Q4 and 2025! What about you? How do you see card payments going in 2025 in Brazil? ⏳

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Infrastructure financing & PPP......the way to go in Brazil ! Must avoid the non-engagement of all stakeholders especially the public! it will be a disaster for the investors and the government if the public feelings are mis-understood irrespective of the perceived benefits in the long term or what the proposals offers.

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🌍 Plural Energy secures $2.33M to revolutionize renewable energy investment through blockchain technology. This funding, led by prominent firms like Necessary Ventures and Compound, enables Plural to launch the world's first tokenized solar project assets, enhancing accessibility and democratizing investment in green energy. Plural's initiative opens up new avenues for both small and mid-sized investors to contribute directly to global clean energy projects, aligning with urgent climate goals. With a commitment to transparency and compliance, Plural is not just facilitating investment but is actively shaping a sustainable future. Read the official news release here: https://lnkd.in/eYXG5K_5 #RenewableEnergy #Blockchain #CleanEnergy #Investing #Fundraising

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Ana Zucato knows how to fight her corner! She’s the cofounder and CEO of Brazilian neobank, Noh, which I have previously described as ‘a lifestyle bank for couples’ (see https://lnkd.in/dfCrqVSX). But this proposition is proving to be as much a challenge as an opportunity. So today (4/12/24) Ana banged the drum on her LinkedIn feed to try to dispel the myth that a bank just for couples is too niche. I must admit, that was my worry when I first heard about Noh, but Ana has since convinced me otherwise. She makes three what she sees as compelling arguments. First, ‘couples’ are not a niche target market. She reckons up to 80% of the Brazilian adult population are in some sort of couples relationship; and second, even if you are not in a relationship today, one day the chances are you will be. But it’s her third argument that I think is key. Ana presents Noh as a ‘horizontal’ bank – a sort of ‘overlay’ bank, built by design to use Open Finance to link to users’ accounts with other banks, both traditional and neo (see pic below). Indeed, she says you should think of Noh as ‘seu primeiro segundo banco’ (your first second bank). That’s a great strapline! It’s also a nod to the reality that Noh – in common with most other neobanks – does not yet offer the full range of financial services that established players offer. These services take time to build. In Noh’s case, Ana is creating a network of partner financial services organisations that expand Noh’s offerings, rather than build the services in-house. Other neobanks make use of ‘neobank as a service’ suppliers, such as Celcoin, the Brazilian banking infrastructure software startup presciently founded in 2016 by former banking industry CTO, Marcelo França Corrêa, which raised $125m in a Series C funding round in June this year. Both strategies for bank-building are perfectly valid. I see partnering as being the quicker route to market, whereas ‘NbaaS’ (Neobank as a service – geddit?) offers a more bespoke ‘white label’ approach. Whichever suits best. Ana Zucato is, rightly and relentlessly, front and centre of Noh’s market visibility. Judging from the hundreds of ‘likes’ and multiple comments on her LinkedIn post, she is making real headway in changing the hearts and minds of the sceptics.

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Smart Transfers/Pix Inteligente: My Point of View on the Next Big Step in Open Finance 🚀 + Cumbuca's Smart Transfers Launch! Yesterday, I joined a webinar hosted by Iniciador with Gustavo Bresler, Ana Continentino (Mercado Livre Brasil), and Daniel Ruhman (Cumbuca), exploring how Smart Transfers (Pix Inteligente) will transform everyday finance in Brazil. Here are my key takeaways and perspective on why this feature could change the game: 🔍 What Are Smart Transfers and How Do They Work? Smart Transfers allow automatic, seamless transfers between two accounts owned by the same person or business. No need for multiple app logins, just set it up and let it run, whether for scheduled transfers like salary deposits or recurring payments between your accounts. 👥 Why It's Great for Individuals: No more switching between apps or re-verifying your identity. Smart Transfers automate the process, making it easy to schedule transfers based on your needs. 🏢 Why It’s a Game-Changer for Businesses: Smart Transfers integrate easily with ERPs, making them the hub for managing payments and business finances more effectively and efficiently. 🏆 The “Priority Bank” Race The goal is to be the primary screen on your client’s phone. Banks/Fintechs don’t need to be the best at all financial offerings. Specialized apps like Cumbuca can stand out with features like bill-sharing, while allowing users to bring in funds "on demand" for specific needs, like paying for Netflix, as highlighted by Cumbuca’s CEO. 💡 Bonus Use Case Shared by the Presenters! Imagine having a Payment Super Assistant that consolidates all your bank accounts in one app. From paying bills by Pix to boosting credit lines or joining loyalty programs, the possibilities are vast. 🔮 My Take on Smart Transfers: While it may not generate as much buzz as contactless Pix payments, Smart Transfers provide far more use cases and promote financial inclusion. It’s a quiet innovation with significant benefits for individuals, businesses, and the entire banking/fintech ecosystem. Big thanks to Gustavo Bresler from Iniciador, Ana Continentino from Mercado Livre Brasil and Daniel Ruhman from Cumbuca for sharing these great insights! 👉 What do you think? Could Smart Transfers revolutionize your financial routine?

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A must listen for all VEF followers, as Sergio Furio, CEO and founder of Creditas, gets into it with Olga Maslikhova on LATAMs leading tech pod The J Curve. We have been privileged to have a front row seat in the Creditas journey since 2017, and within this conversation one can feel how hard it is to build a truly successful scale business, through market and macro volatility, covid and everything in between. Creditas is up there with VEF hall of fame investments Tinkoff , iyzico, Konfío and JUSPAY and is very much still compounding value for all our shareholders. Listen Enjoy Invest Barbaros Ozbugutu, Oliver Hughes, David Arana, Vimal Kumar, Sheetal Lalwani

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🇧🇷 Brazil’s Spectra Investments closes its sixth flagship vehicle at $330 Million - Spectra Investments Overview: - Brazilian investment firm headquartered in São Paulo, founded in 2012. - Manages $1.5 billion in assets. - Investment focus: private equity, venture capital, special situations, and other strategies. - Executes primary and secondary transactions, as well as co-investment opportunities. - Fund VI Details: - Closed its sixth flagship vehicle, Spectra Latin America Private Equity VI, raising $330 million. - Slightly below target but matched commitments of the previous fund raised under better market conditions. - Predecessor, Fund V, raised $340 million against a $400 million target in 2021. - Investor Composition: - 40%: Brazilian family offices. - 30%: Domestic private wealth managers and multifamily offices. - 20%: Brazilian pension funds. - 10%: Non-Brazilian investors. - Capital Allocation: - 45% of Fund VI dedicated to secondaries transactions, slightly higher than prior funds. - Half of the fund’s capital already committed, including to secondaries transactions. - Fundraising: - Fundraising took one year and nine months, longer than usual due to challenging market conditions.

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🌏 B20 Summit: Shaping the Future of Business The B20 Brasil Summit is finally here! This annual event brings together 1,000 business leaders from G20 countries, guest countries, and international organizations to discuss economic and business issues. Inclusive Growth for a Sustainable Future This year's theme focuses on 5 key pillars: - Promote inclusive growth and combat poverty - Accelerate net zero transition - Increase productivity through innovation - Foster resilient global value chains - Enhance human capital Join the Conversation! Let's Work Together Towards a Sustainable Future! #B20Summit #Sustainability #BusinessLeaders #G20 #InclusiveGrowth

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At Parallax Ventures, we are proud to have been the first institutional investor in CERC, the leading Banco Central do Brasil-licensed Receivables Register Fintech. Have you ever wondered what if receivables could be traded like stocks? CERC is preparing to launch an unprecedented Exchange of Corporate Receivables, set to disrupt a $5 Trillion market. This groundbreaking initiative will revolutionize the receivables market as we know it. A prime example of real-world impact driven by disruptive fintechs. Years of hard work coming together. And we are only getting started Marcelo Maziero Fernando Fontes Paulo Ionescu Davi Miyake dos Santos! #Fintech #Impact #ESG #SDG #VC #VentureCapital #FintechVC #Parallax

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The T20 Communique is out and one of the recommendations to the G20 is to "establish Data20, a multistakeholder platform to enhance cooperation on global data governance: Data20 should serve as a hub for collaboration across the G20 and its existing formal engagement groups... Debates on data governance should be centered on crosscutting issues such as information integrity, climate justice, health, the future of work, nondiscriminatory Artificial Intelligence (AI) systems, Digital Public Infrastructures (DPIs), and regulatory parity based on human rights and data justice". 

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Top 200 fintechs in Brazil: 1H24 coverage. Initiating coverage: Brazil is one of the most mature fintech ecosystems in the world fed by talented entrepreneurs, a pro-competition Central Bank, and local / global venture funds attracted to a massive underserved market with high net interest margins. Top 200 private fintechs have raised +10bn usd and employ +60k people, so the group provides a good picture of the overall space. As we close 1H24, we took a snapshot of the group with the count of startups by stage (top graph) and by segment (bottom graph). Stage is broken down by projected size of next round of financing, an exit via M&A, or an IPO listing. We have also measured the number of months elapsed since the last fund raise. 1H24 reading: More than 55% of the fintechs in the group will be raising between 10-50mn usd in their next round in the next 12-18 months, given that their last raise was 24-30 months ago. This implies a very competitive market for shrinking dry powder from VCs, and increasing M&A transactions, since some players will not succeed in raising sufficient funds. More than 50% of the fintechs in the group are in payments and lending. These segments along with insurance last raised 20-30 months ago. As a result, in the next 12-18 months, the insurance segment, still relatively early stage, will be very active in fund raising, whereas payments and lending, with a lot more established players, will see more M&A. We will continue monitoring the evolution of the top 200 fintechs in Brazil in the following quarters, updating the status of fintechs that remain in the group, adding new emerging names, and subtracting underperforming ones.

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Brazilian Market Regulator CVM and CDP announce first-of-its-kind partnership Comissão de Valores Mobiliários (CVM), Brazil’s Securities and Exchange Commission, and CDP, the world’s only independent environmental disclosure platform, have announced a groundbreaking data partnership to streamline corporate environmental reporting in Brazil. The collaboration marks a significant step forward as Brazil transitions to mandatory climate disclosures based on the ISSB (International Sustainability Standards Board) standards. It's the first instance where data reported to CDP will be directly shared with a regulator, enabling the monitoring of implementation challenges and impacts, while also informing the Authority's supervisory activities. CDP will provide CVM with climate data from over 1,100 Brazilian companies, including firms representing 86% of the country’s total market capitalization. The data, aligned with the ISSB’s climate standard (IFRS S2), will be used to facilitate compliance with Brazil’s new mandatory disclosure framework. The partnership advances the "write once, read many" model of environmental disclosure, significantly easing the reporting burden on Brazilian companies. Companies already disclosing through CDP will automatically have their IFRS S2-aligned data recognized by CVM, creating a seamless connection between international standards and local regulatory requirements. Find out more: https://ow.ly/OXiT50TqRKg

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