The event, hosted at the Gupy headquarters, included two panels: one focused on financial market infrastructure and key regulatory innovations such as the Law 14.430 and the CVM 175, both published in 2022 and which materially changes the game in areas such as securitization, alternative funds, registries, etc.; and another panel touching on innovative vertical B2B lending.
Carlos Costa moderated a panel on FMI with two brilliant minds: Fernando Fontes, Co-Founder of CERC, a leading platform for FMI in Brazil which provides trust and security as a neutral entity to organize highly dysfunctional markets; and Gustavo Mapeli, Co-Founder of Kanastra, a tech-driven backoffice for alternative investments, offering a complete platform for private asset originators and investors, using software to provide services such as securitization and fund administration.
A few highlights:
1. In Brazil there are >R$15 trillion in total financial volume available of receivables, but only R$3.5T are used as collateral, demonstrating a massive opportunity for value creation in the registry business;
2. The Asset Management Industry is massive (~$300B USD), grows at 20-25% p.a, is going through fundamental changes and innovations (FIDCs, CRs, etc.), and will experience major technological disruptions on how funds and other debit vehicles are structured, securitized, and managed;
3. The 14.430 and CVM 175 brought several innovations, such as the distribution to retail investors, ability for verticalized models, registry of receivables in alternative funds, etc., and a lot of fintech companies might capture this opportunity.
On the second panel, we had Mike Packer moderating a super thoughtful discussion on Vertical B2B lending, with 3 Founders: Andre Glezer, Co-Founder of Agrolend, a startup disrupting the AgFintech space; Fabio Carrara, Co-Founder of Solfácil, tackling the solar market; and Leonardo Baltieri, Co-Founder of Vixtra, which is working hard to disrupt the trade financing and support Brazilian SMB importers. Amazing to see how there are so many opportunities for learning among these three models. For example:
1. Tackling GTM is critical and developing early partnerships that allow you to scale fast and at low CAC can be game changer;
2. Capturing high NII is a function of finding an edge on funding and a model that can control NPLs; and
3. Accumulating data since the beginning can be a major source of differentiation and long-term moat.