The J Curve Insider: The $300B Market That’s Still Run on Excel

Brazil’s private credit and securitization market is massive—R$1.5 trillion (US$300B) in assets under service—but historically underserved by technology. Transactions rely on outdated workflows, fragmented service providers, and manual processes stitched together over email and Excel.

Meanwhile, the real economy is shifting. Credit origination is decentralized, fintechs and embedded lenders are everywhere, and regulators like Brazil’s CVM and Central Bank are pushing the system to modernize.

Today, I sit down with Gustavo Mapeli, co-founder and CEO of Kanastra, to unpack how his team is rebuilding Brazil’s capital infrastructure from the ground up—why they ignored the “start narrow” playbook, what it means to grow 10x without breaking, and how a full-stack approach turned a niche back-office problem into a $13B opportunity.

Let’s get into it.

FROM POWER USERS TO POWER BUILDERS

Olga Maslikhova: What inspired the leap from asset management to starting Kanastra?
Gustavo Mapeli: We didn’t start as founders. We started as frustrated clients. My co-founder and I built an asset management firm focused on wealth and private credit. To invest in certain deals, we had to structure the facilities ourselves—calling administrators, custodians, securitization agents, banks—and realized how broken the infrastructure was. We built an MVP, just a basic interface and API layer to digitize interactions. The market response was immediate. That’s when we knew the infrastructure play was much bigger than the credit investing business.

THE $300B OPPORTUNITY THAT BANKS LEFT BEHIND

OM: How do you frame the opportunity Kanastra is going after?
GM: Brazil’s private credit and securitization market is about R$1.5 trillion—roughly $300B USD. It’s not as far behind the U.S. as people think. Three factors make Brazil unique:

1. Credit origination is decentralized—Fintechs and embedded lenders are everywhere.

2. Distribution has shifted—Platforms like XP moved capital from bank deposits to credit funds.

3. Regulators are pro-innovation—Brazil’s Central Bank and CVM are active disruptors. They’ve created a clear rulebook and strong oversight, which ironically makes it easier to innovate than in laissez-faire markets.

INFRASTRUCTURE, BUT FULL-STACK OR NOTHING

OM: Can you break down Kanastra’s products?
GM: We provide core infrastructure for private credit funds and securitizations.

• Fund Services: fund management, admin, custody.

• Securitization Services: issuance, management, custody.

• Banking-as-a-Service: escrow, debt issuance, collections.

All with tech-first workflows and full regulatory coverage.

OM: What does scale look like today?
GM: • $13B in assets under service.

• 150+ active facilities.

• 130 people across São Paulo and Minas.

• 50% of the team in product and engineering.

• 10x revenue growth in year one, 3x in year two.

THE CASE FOR BURNING THE “START NARROW” PLAYBOOK

OM: Most startups begin with a wedge. You didn’t. You built a multi-product platform from day one. Why?
GM: It was the only way. Our market is regulated in a way where every transaction requires multiple service providers—admin, custodian, bookkeeper, securitization agent. If even one piece of that stack is broken, the entire client experience fails.

OM: So you had to build the full stack from the start?
GM: Exactly. We couldn’t afford to be just one link in a broken chain. If a partner dropped the ball, we still looked bad. Clients don't care who made the mistake—they'd blame Kanastra. To control the experience and protect our brand, we had to own the entire infrastructure layer.

OM: That’s a bold move—especially for an early-stage company.
GM: And it went against all the advice we got. Most VCs will say “nail one feature, then expand.” But our industry doesn’t work like that. We had to go wide from day zero. It was capital intensive and harder to execute—but it gave us full control, product coherence, and a structural moat from day one.

REPUTATION IS THE GO-TO-MARKET STRATEGY

OM: What’s worked in your GTM strategy?
GM: Our industry is relatively small—you can count maybe 100 players that really matter. And everyone talks to each other. Reputation spreads fast, for better or worse. So from day one, we focused on nailing consistency, trust, and operational reliability.

We knew that in fiduciary services, it only takes one mistake for the whole market to hear about it. But the reverse is also true: if you deliver, word spreads. That’s why we leaned into social proof. If clients see that you’re working with top logos—like “oh, they serve XYZ”—that creates instant credibility.

OM: So it’s a market where execution builds distribution.
GM: Exactly. But you only get one shot. So we made sure we delivered

3 MONTHS, 20 SLIDES, AND ONE FUNDING STORY THAT WORKED

OM: You’ve raised from Kaszek, QED, and other top funds. What worked?
GM: Early on, it’s all about the narrative. My consulting background helped—boiling down complexity into a sharp, compelling pitch. I actually spent the first three months of Kanastra laser-focused on one thing: building our deck. I told my co-founder, “I won’t touch the company—I’m just going to work on this 20-slide PowerPoint.” Morning to night, obsessing over every detail—wording, visuals, sequencing.

OM: That’s a level of intensity most founders don’t realize is required.
GM: Exactly. Everyone wants clarity, but clarity takes work. Because of that early effort, we never had to scramble or reinvent the pitch. We had our story locked. And when you’re in an industry like ours—complex, regulated, and not obviously sexy—that narrative discipline is your leverage.

Later on, of course, story isn’t enough. You need execution, traction, and proof. And we were lucky with timing. Local capital was more available. If we’d started this 10 years ago, I doubt international investors would’ve understood the opportunity. Now, there’s enough global appetite for private credit and infrastructure to see what we’re building.

WATCH OR LISTEN TO THE J CURVE EPISODE WITH GUSTAVO ON SPOTIFY:

IF THEY DON’T OPT OUT, YOU’RE DOING IT WRONG

OM: What’s been your philosophy around hiring?
GM: We’re maniacal about culture fit. We run every candidate through a cultural interview, then a final call with me. Our bar is high. Our culture is intense—we work hard, we care about details, and we say no more than yes. The best cultures are exclusive. If people don’t opt out, you’re not being clear enough about who you are.

OM: I love that. What’s your benchmark for strong culture?
GM: Ambev and BTG. You don’t have to agree with their models, but the clarity and intentionality behind their cultures is what makes them work.

STABILITY BUILDS THE BUSINESS

OM: What’s been the hardest part of scaling?
GM: Delivering operational consistency at scale. It’s not glamorous. Nobody says “great job” when you process $100M in payments and nothing breaks. But that’s the job. We operate the infrastructure that powers lending. If we mess up, our clients stop functioning. That level of responsibility defines everything.

PROCESS IS PRODUCT

OM: What’s next in the 24-month roadmap?
GM: The last three years were all about launching new products—fund management, fund administration, securitization. It was uncomfortable. We were moving fast, sometimes before things felt fully ready. Now we’re in a different phase.

We’re focused on growing 10x without breaking. That means investing in process, quality, internal tooling—building the foundations for scale. Until now, our culture was “just make it happen.” Now it’s about repeatability and resilience.

FINAL TAKEAWAYS

✓ Own the whole flow or own the blame. In regulated markets, customers don’t care whose API failed—they hold you accountable. Kanastra built full-stack infra to eliminate third-party risk and protect its reputation.

✓ Be your own first customer. Kanastra was born from founder pain. When you build what you wish existed, your product instincts are sharper and your GTM is faster.

✓ Execution is distribution. In relationship-driven industries, word-of-mouth beats paid growth. Nail your reputation, and referrals do the rest.

✓ Recruiting is strategy. Founders who delegate hiring too early miss the chance to shape the culture. Gustavo personally interviews every final candidate—because people are the product.

 P.S. If this issue was valuable to you please share it with a founder who needs to hear it. Let’s build LATAM’s next tech leaders—together

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