As of 2022, more than 30 million Brazillian citizens have no bank accounts, and no credit or debit cards. What’s wrong here?
For roughly a decade, Brazil has been passing legislation aimed at changing the situation. However, the results have fallen short of expectations. To better understand the reason, let’s take a step back to look at a historical perspective.
Renato Valente is general partner at Iporanga Ventures. He previously served as the founder of Ocapi, an ad-tech start-up sold in 2015. He also served as the Brazil Country Manager at Telefonica (NYSE:TEF) Open Innovation and as the head of Wayra Brazil, where he led more than 30 investments in start-ups including Gupy, Teravoz, and Monkey. Prior to that, he worked at IBM (NYSE:IBM). He holds a BA in business administration from FAAP with specializations in global management from IESE (Barcelona) and Venture Capital from UC Berkeley.
Leonardo Teixeira is general partner at Iporanga Ventures, and has served as an investor in more than 50 technology companies since 2013. He previously worked at Macquarie Group (OTC:MQBKY) and Barclays (LON:BARC) PLC in São Paulo, London and New York. He holds a BA in production engineering from Poli-USP and an MBA in finance from Insper.