Cesar Mufarej

Being an investor in the gaming space and a Brazilian tax payer, it's imperative that the industry and government work together to find solutions. Kudos to the central bank for releasing this rarely seen level of detail given their ownership and oversight of the PIX payment system. The numbers released for August are staggering: - R$3bn of Handle wagered by Bolsa Familia (social welfare) beneficiaries - That equates to 20% of total Bolsa Familia $ transferred during the month - 25% of all social beneficiaries placed bets Across the board legalization of online gambling (I would argue that the authors are misguided in just labeling it sports betting) needs to be accompanied by real responsible gaming efforts. Given the PIX system, hopefully the Brazilian gaming regulators can work with government and industry RG leaders to devise new and efficient guardrails. #responsibleGaming #igaming #iCasino #onlineSportsBetting #BraziliGaming

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The Brazilian CBDC project, #DREX, is progressing. The Banco Central do Brasil recently announced 13 selected #usecases for Phase II, chosen from 42 submissions by 16 consortia. Parallax Ventures portfolio company, Mercado Bitcoin, stands out as the sole #crypto-native firm leading a DREX consortium, with four distinct proposals selected - the highest among all participants. Below is a list of all selected use cases and the consortia driving their development: 1. Assignment of Receivables: ABC and Inter 2. Loans collateralized by Bank Deposits: BB, Bradesco, and Itaú 3. Loans collateralized by Government Bonds: Mercado Bitcoin, ABBC, and ABC 4. International Trade Finance: Inter 5. FX Optimization: XP-Visa, NuBank 6. Public Debt Securities Liquidity Pool: Mercado Bitcoin. ABC, and Inter 7. Bank Credit Notes (CCB) Transactions: ABBC 8. Corporate Bonds (Debentures) Transactions: B3, BTG 9. Agri-backed Securities Transactions: Mercado Bitcoin, TecBan, and XP-Visa 10. Carbon Credit Transactions (CBIO): Santander 11. Automobile Transactions: B3, BV, Santander 12. Real Estate Transactions: BB, Caixa, SFCoop 13. Tokenized Assets Transactions in Public Networks: Mercado Bitcoin #VC #VentureCapital #FintechVC #Fintech #Blockchain #Crypto https://lnkd.in/dmP6VV8S

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Brex is one of my favorite fintechs. Ever wonder what their journey from $0 to over $300M in revenue within 7 years looked like? 2017-2018: The Birth of Brex • Henrique Dubugras and Pedro Franceschi, both 22-year-old Stanford dropouts, decided to flip the fintech world on its head by launching Brex, a corporate credit card tailored for startups. • With their co-CEO model (which has become popular), they doubled their management bandwidth. Internal & external duties? No problem when you have twice the number of CEOs to lead folks 2019-2020: Rapid growth • Brex quickly partnered with big names like DoorDash, Flexport, and Roblox. • In 2019, they secured $300 million in funding, catapulting their valuation to $2.6 billion. It’s amazing what you can achieve when you’re swimming in a pool of investor cash. 2021-2022: Diversification and challenges • Brex expanded its product suite to include expense management, bill pay, & travel booking services. If you’re going to burn through cash, you might as well make it convenient. • Despite their success, they faced some “minor” hiccups. Layoffs in 2022 were a delightful reminder that even fintech unicorns aren’t immune to cutting costs by cutting people. 2023: Strategic shifts • Transitioning to a single CEO model, Pedro took the helm while Henrique became chairman. Having two brains was slowing things down? • They continued to innovate, integrating AI into their platform. By the end of 2023, Brex hit over $300 million in revenue, proving that even with all the chaos, they were still making bank​. 2024: Path to profitability • With a goal of being cash-flow positive by 2025, Brex halved its cash burn by chopping 20% of its staff and focused on sustainable growth. Making money instead of burning it is always a sound strategy. • Serving 30K+ customers globally, Brex’s commitment to transparency & customer-centric solutions has kept them in the game. They’re not just participating – they’re rewriting the rules. Want to copy their homework? 1. Identify a significant pain point in an industry and create a solution that addresses it. Please don't start a business without doing this. 2. Utilize a strong co-founder dynamic to maximize efficiency & divide responsibilities effectively. Two heads are better than one, until they aren’t. 3. Secure early partnerships with influential companies to build credibility and a customer base. It’s always about who you know. 4. Listen to your customers. & Expand your product offerings to meet their evolving needs. 5. Maintain a strong focus on transparency & trust to build a loyal customer base. People surprisingly prefer not being lied to. 6. Strategically manage growth, and make tough decisions like layoffs when necessary to ensure long-term sustainability. 7. If you want to go public, be profitable. Did I miss anything?

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VCs don't want you if you're not throwing tons of 💸💸💸 at outbound marketing... 😮 From Matheus Darós Pagani's experience, this is why taking Venture dollars was not an option 🙅‍♂️ As an offshore development shop (located in Brazil), he experienced first-hand how cold email was a money pit 😣 Too many of his ideal clients were resistant to accepting software development labor from an offshore team that they'd never met. What did he do? He focused his marketing on building relationships and taking an organic approach to growth. Was it slow-going? Yes. But it has proven more successful than when he was pursuing cold email campaigns. Is this unique to offshore dev agencies? Is this true for all dev shops? I'd love to hear your thoughts below! 👇 _____________________________ Are you a software development agency looking for a little guidance on your journey to growth? Subscribe to the Dev Launch podcast! We interview software dev agency owners as they share their startup journey and what they're learning in the process. This isn't some generic entrepreneurial podcast with "rah rah" advice - we're talking about specific industry challenges. Find us on YouTube and Spotify. We are changing things up in the format as we launch into Season 2, so stay tuned!

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What makes an emerging economy interesting for investors? - large market - pro crypto regulation - large amount of citizenry banking online After visiting Brazil for 2 weeks, they check all 3 boxes. Looking for more investments outside of the typical hubs. Who am I missing? Tag companies we should look at.👇

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𝗔 𝗡𝗲𝘄 𝗖𝗵𝗮𝗽𝘁𝗲𝗿: 𝗙𝗿𝗼𝗺 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗘𝗾𝘂𝗶𝘁𝘆 𝘁𝗼 𝗣𝗶𝗼𝗻𝗲𝗲𝗿𝗶𝗻𝗴 𝗪𝗲𝗮𝗹𝘁𝗵𝗧𝗲𝗰𝗵 🚀 After a decade in tech investing at Hellman & Friedman and Apax I’m thrilled to announce my journey as 𝗙𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝗮𝘁 Heritage Holdings. Our mission? 𝗧𝗼 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺 𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗳𝗼𝗿 𝗳𝗮𝗺𝗶𝗹𝗶𝗲𝘀, founders, 𝗮𝗻𝗱 𝗮𝗱𝘃𝗶𝘀𝗼𝗿𝘀, 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗺𝗼𝗱𝗲𝗿𝗻 𝘁𝗲𝗰𝗵, superior portfolio construction and access to 𝘁𝗼𝗽 𝗮𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗮𝘀𝘀𝗲𝘁𝘀. 𝙰̲ ̲𝙷̲𝚎̲𝚊̲𝚛̲𝚝̲𝚏̲𝚎̲𝚕̲𝚝̲ ̲𝚃̲𝚑̲𝚊̲𝚗̲𝚔̲ ̲𝚈̲𝚘̲𝚞̲ My deepest gratitude to Apax and my partners Mark Beith Marcelo Gigliani Daniel O'Keefe. Building a leading EU growth equity platform together has been remarkable. Shoutout to Agostino Vikram Aurelia Shashwat Ela Chana Ishan Thore and Lucas You are rockstars. 🙏 Watching Tide Pricefx ClearBank and Faculty all grow from <$5M in revenue at the time of our first meeting, to combined >$500m in revenue, showed me the art of the possible. Dr. Oliver Prill Ronak Sheth Charles McManus Marcin Cichon Marc Warner — you are inspiring. 𝚆̲𝚑̲𝚢̲ ̲𝙷̲𝚎̲𝚛̲𝚒̲𝚝̲𝚊̲𝚐̲𝚎̲?̲ My journey began when, at the age of 22, after 4yrs learning the ropes as a software founder, I started working with big banks at McKinsey. I met extraordinary professionals, but was struck by profound problems of this legacy industry. A decade in fintech deepened this awareness: 1. Entrepreneurs spend a lifetime building a legacy, but 90%+ of these are gone by the 3rd gen 2. Wealth products are often sub par, and very expensive. Access to quality alternative assets is even worse. 3. Investing is complex, and only few really use proper portfolio construction. 4. Family offices build a lot in house that could be better/cheaper joining forces with others 5. Everyone talks about Tech/AI, but large organizations are very far behind. 𝗢𝘂𝗿 𝗩𝗶𝘀𝗶𝗼𝗻: 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝗪𝗲𝗮𝗹𝘁𝗵𝗧𝗲𝗰𝗵 𝗟𝗲𝗮𝗱𝗲𝗿 𝗳𝗼𝗿 𝘁𝗵𝗲 𝘂𝗽𝗽𝗲𝗿 𝗲𝗻𝗱 𝗼𝗳 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 This is a trillion-dollar industry with multiple tailwinds: 1. Increasing UHNWIs 2. Growing exposure to private markets by families 3. Unprecedented wealth shifts to next gens 4. New AI use cases for workflow automation Tech proposition have emerged for mass market, but nobody has really cracked the problem with a modern tech stack, for UHNWI, where needs are more complex. 𝗪𝗲 𝗮𝗿𝗲 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 “𝟭𝟬𝘅 𝗯𝗲𝘁𝘁𝗲𝗿” 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗮𝗻𝗱 𝗮𝗻𝗱 𝗲𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗴𝗹𝗼𝗯𝗮𝗹 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗼𝗳 𝗽𝗲𝗲𝗿𝘀. I’m thrilled to partner with my cofounder Lucio Di Ciaccio, tech investing veteran and one of the sharpest minds I know, as well with an exceptional team of partners, with a unique level of grit and industry experience. We are grateful to be backed in this mission by some of the most prominent families globally. If you know someone interested in transforming this industry, 𝗽𝗹𝗲𝗮𝘀𝗲 𝗗𝗠 𝗼𝗿 𝘀𝗵𝗮𝗿𝗲 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁. Stay tuned.

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This week, I had the incredible honor of moderating a panel on "Institutional Allocations to Venture Capital" at the inaugural Brazil LP Summit for Portfolio Summits. With over 150 allocators from around the world in attendance, we explored how venture capital can drive access to groundbreaking technologies and address critical issues such as climate change and diversity. Alongside esteemed panelists – Carolina Assis from Turim, Rony Porat from IDB Bank, and Thomaz Figueiredo from Provence Partners – we delved into the strategic importance of these investments in fostering long-term growth and portfolio diversification. A big thank you to the organizers and participants for making this event a platform for impactful discussions and innovative strategies! Looking forward to more dynamic collaborations in the future. #VentureCapital #PrivateInvestments #LPSummit #InstitutionalInvestors #FinanceInnovation #InvestmentStrategy #GlobalAllocators #PortfolioDiversification #CapitalMarkets #InvestmentInsights

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If you are curious to learn about angel funds, their difference to other angel investing models and how it reduces the risk of investing in startups, come listen to this episode of VC10X podcast. Here, Prashant Choubey and I talk about this and much more. Thank you Prashant for this conversation! #angelinvesting #startups #innovation #angels #angelfunds #coreangels

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Would a Nubank copy-paste work in Africa? Probably not (at least right now). "LATAM is similar to the US: credit-cards are understood, widespread. Credit cards as a product are supremely powerful. Users can seamlessly borrow and spend. It’s a gold mine for the issuer, and it’s (in part) what made Nubank so successful. A small survey estimated that 58% of Latin Americans have credit cards. In Nigeria, Africa’s most populous country, the figure stands at around 1.6%. Any African neobank play has to start with contextually-relevant products, like someone’s first proper bank account." Read the full Realistic Optimist piece by Hassan Bourgi, co-founder of Djamo here: https://lnkd.in/gSb4TNfB

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We just dropped a very special The J Curve episode with Dave Nangle, founder and CEO at emerging markets-focused growth investment firm VEF, whose Latam portfolio includes the likes of Creditas, Solfácil, Gringo and Konfío We talked about Dave’s investment strategy, focusing on growth-stage companies that have nailed unit economics and product-market fit; discussed the most common mistakes founders make when pitching to VEF, why trying to predict exit timing in emerging markets is often a losing game, and why Dave prefers M&A over IPO as the go-to exit strategy. Dave also shared his perspective on the most underrated tech company in Latin America 🤔 We discuss: 1️⃣ VEF’s investment strategy playbook: single country, single product focus and big scale up market 2️⃣ Build for exit: how to make M&A a viable exit strategy in VC and why an IPO might be less attractive than you think?  3️⃣ The holy grail of private markets: the pros and cons of a permanent capital vehicle structure in venture capital  4️⃣ Emerging markets are not all the same: what makes some particularly attractive for venture capital investors? 5️⃣ Brazil deconstructed: key factors making it a top tech investment market Watch / listen to the episode by tuning into The J Curve podcast on Youtube, Spotify and Apple Podcasts. All 🔗 in the first comment 👇🏻 #vef #emergingmarkets #growthinvestor #venturecapital #entrepreneurship #fromlatamtotheworld

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Roxom raised $4.3 million in a Pre-Seed funding round led by Draper Associates with participation from top renowned investors.  Led by Borja Martel Seward , co-founder of Lemon—one of Latin America's most popular fintech apps with over 2.5 million users—this platform enables individuals to buy, trade, spend, and sell crypto assets. Roxom is the first exchange to price and denominate #stocks, #commodities, and #futures in #Bitcoin. The platform allows users to view global markets and conduct transactions using #Bitcoin. This innovative approach aims to integrate Bitcoin more deeply into the financial trading ecosystem, providing a unique service for those looking to trade in Bitcoin rather than traditional fiat currencies. #Latin #America founders continue to draw interest from international investors seeking access to a booming crypto region 🚀

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Fitch Ratings has upgraded Mercado Libre’s credit rating to Investment Grade with a BBB- international rating. This milestone underscores the strength of our ecosystem’s business model and the substantial growth opportunities ahead.  In its report, Fitch emphasizes that 'MELI’s innovation and execution capacity, cash flow discipline, and robust balance sheet position it favorably to strengthen its brand in the region despite competitive pressures from both local and international players.' As Latin America’s leading e-commerce and fintech platform, we have developed a distinctive, hard-to-replicate business ecosystem, uniquely positioned to capitalize on the transformative shifts reshaping the region’s digital landscape. This achievement invigorates our commitment to innovating across Latin America, advancing our mission to democratize access to commerce and financial services." #ecommerce #fintech

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Wing Venture Capital is excited to unveil today the "Angels' Share 100", an exclusive list of the most active angel investors in the most promising startups in B2B technology. This project's mission is to serve as an information and relationship platform for the founder and angel community. Building a successful B2B technology company is hard work, and as early-stage investors and long-term company builders ourselves, we know we need all the help we can get! An important source of help has been the individual investors we work with. Individuals investing alongside us have consistently made powerful contributions to ultimate success. So we set out to study these “angels” in our midst. Who are they? Where did they come from? What allows them to make a difference? https://lnkd.in/gfFs4-bu

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BJJ CORE PRINCIPLES APPLIED TO THE STARTUP JOURNEY 🥋 As I navigate the startup journey, I’ve been reflecting on core principles of Brazilian jiu-jitsu and how they apply to startups (and to life in general). The parallels are numerous! Just as in BJJ, the startup path is marked by BLOOD, SWEAT, AND TEARS -pushing through the hard times and constantly refining your approach. BJJ has provided lessons in strategy, patience, and perseverance, all of which are just as relevant in business as they are on the mat. 1. LEVERAGE: Doing More with Less In BJJ, leverage allows a smaller practitioner to overcome a larger opponent. In startups, it’s about maximizing limited resources. Whether it’s capital, personnel, or time, founders must make strategic decisions to gain an edge with what they have. ---------------- 2. CONNECTION AND SENSITIVITY: Building Relationships and Staying Attuned In BJJ, connection is about staying in sync with your opponent’s movements, while sensitivity helps you react to subtle shifts. In startups, this translates to building meaningful relationships - with customers, your team, or investors - and staying attuned to their needs. Sensitivity to feedback and market changes allows a startup to adjust and grow, and make complete pivots if warranted. --------------- 3. WEIGHT DISTRIBUTION: Balance and Control Proper weight distribution in BJJ enhances control. In startups, it’s about balancing focus across product development, marketing, and operations to keep the business steady during highs and lows. ---------------- 4. TECHNIQUE: Precision Over Power In BJJ, superior technique wins over brute strength. In startups, it’s about focusing on execution, ensuring strategies are well thought out and refined. It’s not about doing more, it’s about doing it RIGHT. --------------- 5. BEING COMFORTABLE IN UNCOMFORTABLE POSITIONS In BJJ, you learn to breathe and stay calm in hellish positions. Startups often face tough moments - financial constraints, rejections, or setbacks. The ability to remain calm and adapt during these times is crucial. --------------- 6. ADAPTABILITY In BJJ, no two matches are the same—you have to adapt to your opponent’s style and strategy. Similarly, startups operate in constantly shifting environments. The ability to adjust and embrace uncertainty is what keeps startups alive. -------------- 7. RESILIENCE AND PERSEVERANCE Both BJJ and startups demand resilience. Failure is part of the process in both, but those who learn from mistakes and keep pushing forward ultimately succeed. ------------- #Startup #Unicorn #JiuJitsu #BusinessStrategy #Innovation #AngelInvesting

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Ben Yoskovitz CEO - B2B Fintech Lending Startup About the job Highline Beta and Kolab Ventures are hiring a Founding CEO for a B2B fintech lending startup, currently being developed in our venture studios. The new startup is focused on providing greater access to capital for small and medium enterprises in Latin America. There are thousands of non-bank lenders seeking to enable growth of these SMEs, but it is too expensive or too difficult to reach profiles that fit their criteria. We are working on a solution to help SMBs understand their financial information, predict future needs, and connect to the right lenders to meet those needs. Our mission is to empower the next wave of SME growth in Latin America. We're aiming to launch in early 2025. Work has already begun on validating the opportunity, product scope, and more. This is a unique partnership between two venture studios: Kolab Ventures, a Mexico-based innovation and entrepreneurship lab for Grupo Koval, and Highline Beta, a venture studio and venture fund based in Toronto. As a Founding CEO, you will: Lead the company with a focus on go-to-market strategy, borrower/lender acquisition and partnerships. Kolab Ventures and Highline Beta will support with product development capabilities. You can be located anywhere, but will be required to travel to Mexico regularly. You will receive a salary and equity compensation (owning a significant portion of the company). Location: Anywhere (remote work), with frequent travel to Mexico Responsibilities Strategic Leadership: Develop and implement the company's vision, mission and overall strategy in alignment with our goal to empower SMBs. Marketing & Customer Acquisition: Drive customer acquisition strategies, leveraging your expertise in sales and partnerships to build a strong borrower and lender base. Stakeholder Management: Collaborate with Kolab Ventures and Highline Beta to ensure alignment and support in achieving our company milestones. Financial Management & Fundraising: Work closely with Kolab Ventures and Highline Beta to manage the company's financial health, including budgeting, forecasting and securing additional funding Qualifications B2B Fintech Experience: Proven track record in building, launching and scaling B2B fintech businesses; ideally from 0 to 1 and beyond. Ideally you've been a startup CEO before and/or helped grow an early stage startup to find strong product market fit. Sales Expertise: Strong background in direct B2B sales and partnerships, with demonstrable success in growing a customer base. Fluent in Spanish: This role will involve customer discovery and sales conversations in Spanish and interface with teams based in Mexico. Familiar with the Mexican Market: Ideally you have familiarity and/or experience in the Mexican market, which will be our first target geography. https://lnkd.in/diWrUSQ4

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#AntiPortfolio - a self-reflection exercise that I run quarterly, analyzing the companies that I backed then failed, the companies that I could not close like Airalo, Loggi, and Multiplier, or the ones that I regrettably passed that are doing well. Frequent postmortem analysis is crucial for learning from my mistakes and understanding why I failed. Each misstep is an invaluable lesson that reshapes my decision-making. It’s through these tough experiences that I am learning to refine my investment criteria every day.

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Navigating Seed-Stage Fundraising: Key Insights Understanding seed-stage fundraising is crucial for any startup founder. Here’s a concise look at the landscape, based on data from 1,271 priced seed rounds between April 2023 and March 2024. Top Players: - SaaS leads in deal volume, showing strong investor interest. - Healthtech and Fintech are also in the spotlight, with Healthtech now surpassing Fintech. High Valuation and Cash Raised: - HR startups stand out with the highest median pre-money valuation and cash raised. - Transport and Renewable Energy also show high valuations, indicating significant potential. AI’s Impact: - AI influences multiple sectors and would top every chart if tracked separately, highlighting its transformative potential. Benchmarks: - Median pre-money valuation: $13M. - Median cash raised: $3M. Industry Clusters: Analytics, SaaS, and Healthtech form significant clusters around median values. Biotech and Cybersecurity also perform strongly. Lagging Sectors: DTC Retail, Food, and Personal Products lag in both valuation and cash raised, potentially exploring alternative funding methods. Deeper Insights: -Industry Disparities: Significant variations exist, with Healthtech showing increased investor confidence. -AI’s Dominance: AI offers diverse investment opportunities across industries. Decline in Seed Volume: -Most sectors see reduced seed funding, except for AI. -Alternative Funding Strategies: Some founders are exploring revenue-based funding instead of traditional VC routes. Takeaway: Navigating the seed-stage funding landscape requires strategic understanding and adaptability. This evolving environment offers unique opportunities and challenges for both investors and founders. If you're on this journey, let’s connect. I’m here to help you navigate these complexities and improve your chances of securing funding. #startups #entrepreneurship #venturecapital #investing #finance #crossborder #inovexus #startup #VC #earlystage #angleinvestor

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A rapidly maturing startup ecosystem, heightened due diligence practices, and a steady pipeline of startups gearing up for public markets, India is clearly the promised land for investors and entrepreneurs alike. In a recent interview with Vibhuti Sharma from DealStreetAsia, I delved into how India remains a key focus for RTP Global. We discussed how with our new $1B fund, we are doubling down on the region's potential, backed by our dedicated team in India supporting early-stage entrepreneurs. India is an essential part of RTP Global's long-term vision, and we remain committed to nurturing innovative startups that can scale globally

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NU is not seen as a tech company it’s still seen by people as a bank and it’s that that is driving the growth. And this growth is because TRUST is flowing into the digital banking market. Trust is all that is needed for people to leave ‘traditional’ banks and go to new digital banks like Nubank, Wise, Revolut, TymeBank and others. Why? Because of UX. These new banks’ UX is still light years ahead of tranditional banks. UX isn’t just the UI of an app or a website it’s how you feel when you interact with them. There is such a big difference between the new and traditional banks the the only thing stopping a massive exodus (this is already starting) is trust. We should expect to see way more growth as more people switch. We are still at the beginning of ‘the early majority’.

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