The J Curve Insider: What LATAM Founders Can Learn from EBANX’s Global Playbook

Latin America’s tech story used to be defined by copycats fixing local inefficiencies. That era is over. Today’s most enduring companies are building foundational infrastructure—turning complexity into a moat and exporting world-class products from the Global South.

Few companies capture this evolution more fully than EBANX.

Founded in Curitiba in 2012—long before “startup” was a household term in Brazil—EBANX built a fintech platform that powers cross-border payments for some of the world’s biggest digital merchants. But what sets them apart isn’t just scale. It’s the mindset: global by default, complex by design, and relentlessly disciplined.

This week, I sat down with João Del Valle, co-founder and CEO of EBANX, to unpack what it takes to scale from Brazil to 29 countries, why complexity is a moat, and how founder-led execution remains critical—even after raising hundreds of millions from global investors like Advent and FTV.

Let’s get into it.

BUILDING GLOBAL STARTS WITH HOW YOU SEE THE WORLD

Olga Maslikhova: Few founders in Latin America set out to build global companies. Even fewer actually do it. EBANX did—29 countries, billions in payments, and counting. But let’s go back. What shaped the mindset that made that possible?
João Del Valle: Two big things: early exposure to tech, and going abroad. I was lucky to grow up when the internet exploded. That global connectivity was mind-opening. Later, I got a scholarship in France, then worked for three years in Mozambique digitizing government systems. It changed how I saw privilege, focus, and deep tech execution.

WE LAUNCHED EBANX FROM A SIDE GIG

OM: You started EBANX in 2012—before venture capital and “startups” were part of the everyday vocabulary in Brazil. What did those early days feel like?
JDV: Back then, we didn’t talk about seed rounds or Series A. Those terms weren’t even part of the conversation. We were just creating a business. I had worked on a Boleto software library with friends from university—we had a site, and thanks to SEO, it ranked well. Merchants—especially from China—would Google “Boleto” and find us. They’d reach out saying, “I need to accept Boleto, how do I do it?” And we’d say, “Well—no idea. Incorporate in Brazil?” It was unviable. That’s when we realized the opportunity. The demand was already there—we just had to build around it.

OM: EBANX is one of the few global success stories built from Curitiba, not São Paulo. What made that possible?
JDV: Curitiba is more of a tech hub than people think—home to companies like MadeiraMadeira, Olist, Pipefy. We’ve quietly built thousands of tech jobs here. The DNA is deeply engineering-first.

COMPLEXITY IS OUR MOAT

OM: Let’s talk product. You’re a builder at heart. What does it mean to build a great payments product at global scale?
JDV: You have to embrace complexity. There’s no shortcut. A global payments stack that operates in 29 countries, supports multi-currency, and integrates seamlessly with Spotify or Amazon—it’s hard. But that’s the point. Complexity is the moat. It’s what makes what we do hard to replicate.

We built a culture that respects legacy systems—we maintain, upgrade, and obsess over them. And we split product and engineering into separate towers. Engineering is a craft—it needs its own path, its own leadership, its own culture. We value that deeply. And we rotate teams to make sure knowledge flows and technical excellence scales.

THE GLOBAL BET THAT CHANGED EVERYTHING

OM: At what point did you realize EBANX had to go global?
JDV: In 2015, we expanded beyond Brazil. We picked four countries and went all in. It was painful—delayed revenue, tough execution—but looking back, it was the most important decision we made. If we hadn’t expanded when we did, there would be no EBANX. Today, some of our biggest clients process payments with us in places like Panama, Costa Rica, and Kenya.

OM: How did you manage such culturally different GTM strategies in the U.S., China, and Latin America?
JDV: You can’t just hire a country manager and expect it to work. That playbook doesn’t hold. You have to invest the time, build real trust, and bring people into your vision. When I flew to China after the pandemic, I remember handing our VP the metaphorical keys—because I knew he was the one to drive it. In the U.S., we failed more than once before getting it right. But once we had the right leadership, everything started to click.

OM: So what’s in the EBANX market expansion playbook?
JDV: Three words: discover, solve, scale. First, deeply understand the payment rails, regulations, and friction points. Then build a compliant, resilient infrastructure. Only then do you scale commercial teams. And you avoid markets without enough complexity—because complexity is our moat.

COLD BLOOD AND DISCIPLINE

OM: The last two years were brutal for many founders. What did you take away from that period?
JDV: That cold-blooded rationality is necessary. I’m not naturally cold-blooded. But scarcity forced us to be efficient, to operate with precision. At EBANX, we always ran lean—but this was different. Every seat has a cost now. Every initiative has to justify itself.

It was like doing five MBAs in one. And now, we’re coming out stronger, more focused, and more resilient.

ALWAYS UPGRADE YOUR LEAGUE

OM: You brought on FTV in 2018, then Advent a few years later. What was your approach to choosing investors?
JDV: We’ve always looked to upgrade our league. FTV was a big step—founder-friendly, fintech-savvy, and business-driven. With Advent, we wanted more than capital. We wanted a partner with global payments expertise who could help us play in the major leagues.

Of course, bringing in a private equity firm like Advent meant more governance, more structure. But that was exactly what we wanted. We didn’t raise because we needed the money. We raised to elevate the business.

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

LOOKING AHEAD: SOUTHEAST ASIA, THE MIDDLE EAST, AND BEYOND

OM: What are the next frontiers for EBANX?
JDV: We’re present in Latin America, Africa, and India. But we’re going further: Southeast Asia, the Middle East, Eastern Europe.

It’s a long-term bet. These markets take 3–5 years to pay back. But that’s why we’re here. We don’t make expansion decisions based on liquidity timing. Liquidity will come—IPO or otherwise. Our job is to build a durable, high-quality business.

PIX, UPI AND THE FUTURE OF PAYMENTS

OM: Let’s talk about Pix and UPI. Two of the most transformative payment systems in emerging markets. How do you see their impact?
JDV: They’ve completely reshaped the rails. Pix is now bigger than cards in Brazil—and that shift happened in under five years. UPI did the same in India. Both were government-led, country-wide initiatives with real strategy behind them: financial inclusion, competition, and liquidity.

The magic of Pix is that it turned the entire system into a real-time, open, interoperable network. You can now move money instantly—from a corner store transaction to a multi-million-dollar asset deal. And we’re still early.

OM: What’s next for Pix?
JDV: Three things. First, Pix Crédito—adding credit rails to the system. Second, Pix Automático—recurring billing, which opens up subscriptions, SaaS, and utilities. Third, Tap to Pay—bringing Pix into physical retail in a seamless way.

And what makes this powerful is that it’s not closed-loop. It’s open infrastructure. That unlocks a wave of innovation we haven’t even seen yet.

OM: How do you see this shift affecting the role of cards?
JDV: They’re not dead, but they’re no longer the center of gravity. Growth is slowing. In Brazil, card transactions that once grew double digits annually are now projected to grow just 1–5%. Visa and Mastercard know this—they’re shifting to value-added services and are now offering gateway tech, acquiring platforms, and support for alternative payment methods like mobile money and local wallets.

RAPID FIRE

OM: Most underrated or under-the-radar tech company in Latin America?
JDV: EBANX. We’re low-key. For the scale we have, we make very little noise.

OM: A habit or routine that’s had the biggest impact on your productivity?
JDV: One hour of sports every day. I swim, bike, and run—triathlon-style. It’s active meditation. Clears my mind.

OM: What’s one belief you held five years ago that you’ve changed?
JDV: That we should stay focused only on Latin America. We can do much more. We should be global.

OM: What’s more important—passion or perseverance?
JDV: Perseverance. Everything that’s worth building is going to be challenging. Passion starts it. Perseverance keeps it going. It’s one of our five core values.

FINAL TAKEAWAYS

→ Liquidity is not the goal — durability is. The best founders optimize for staying power, not market timing. Liquidity follows operational excellence.

→ Founder mode is back. Scarcity forced a reset. The CEOs who leaned in — and asked hard questions — are now running stronger, more capital-efficient businesses.

→ Complexity is not the enemy — it’s the moat. The best emerging market companies master the challenge, operationalize it, and scale it across borders.

→ Always upgrade your league. Every new investor should stretch the company into its next chapter—not just fund the current one.

 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.

🎙 The J Curve is where LATAM’s boldest founders & investors come to talk real strategy, opportunity and leadership. Follow us for deep dives on the most exciting markets in tech.