About this episode

Olga Maslikhova and Paulo Passoni discuss the current state of IPOs in the US, the impact of Claude 4.6, and trends in consumer finance and education in LATAM.

Paulo Passoni, Managing Partner at Valor Capital, and Olga Maslikhova break down Claude 4.6, Brex’s $5.15B sale to Capital One, and why only 4 US companies can IPO right now. This is the April 2026 edition of TJC Debrief — a monthly show covering tech, venture, and capital markets for Latin American founders and investors. We cover why Claude 4.6 was a bigger “aha moment” than the original ChatGPT for building companies and how it’s rewiring CTO roles, org design, and the question of what a moat even is anymore, how Nubank, Revolut, Tether, and Plata are reshaping consumer finance and why Paulo thinks regional US banks are an “aberration” that shouldn’t legally exist, the Brex x Capital One deal, Ramp’s software multiple, and what the prof stack saving late-stage LPs means for every fintech exit going forward, Brazil’s IPO window cracking open and Mexico’s sudden flood of Sequoia, Founders Fund, and a16z capital, why Paulo thinks many employees are already “worse than AI” and why every salary should now come with a token budget, how he built a working marketplace in three hours on Perplexity Comet without writing a line of code, and the coming collapse of low-ROI universities and…

People in this episode

Host: Olga Maslikhova

Guest: Paulo Passoni

Topics covered

• IPO
• venture capital
• tech trends
• consumer finance
• LATAM market
• education
• AI impact

Keywords

• IPO
• Claude 4.6
• Brex
• Capital One
• LATAM
• venture capital
• consumer finance
• AI
• education
• marketplace

Mentioned in this episode

Organizations: Valor Capital, Brex, Capital One, Nubank, Revolut, Tether, Plata, Sequoia, Founders Fund, a16z

Products: Claude 4.6

Places: Brazil, Mexico

More episodes of The J Curve with Olga Maslikhova

• Felipe Carvalho, Camu: The Brutal Sales Lesson From Pipefy · May 26, 2026 · 58 min
• TJC Debrief with Paulo Passoni: The New US-China Tech Split · May 12, 2026 · 1h 15m
• Pedro Conrade, Neon: How to Build a $1B Neobank in Brazil · March 31, 2026 · 58 min
• Stelleo Tolda: Inside MercadoLibre’s Rise to $100B · March 17, 2026 · 1h 10m
• Hernan Kazah, Kaszek: Building LatAm’s $100B+ Companies · March 3, 2026 · 1h 28m
• Paulo Passoni, Valor Capital: Speed Is the Last AI Moat · December 23, 2025 · 1h 17m

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