Welcome to Season 4 of The J Curve 🎙️
This week, I sit down with Marcelo Lutz and Roberto Biselli, the co-founders and co-CEOs of Capim—a vertical SaaS + fintech company that started as an MBA class project and is now doing $10M+ in ARR, serving thousands of dental clinics across Brazil.
Their story breaks every rule—and proves that in Latin America’s most fragmented industries, the right wedge isn’t software. It’s credit.
Instead of trying to “disrupt” dentistry with a standard SaaS tool, Marcelo and Roberto built a credit product tailor-made for the quirks of Brazilian clinics—and used it to build their way into a much bigger platform play.
Here’s what we cover:
• How Capim reached $10M+ ARR in 3 years without a traditional SaaS GTM
• Supply-side fragmentation as a feature—not a bug—for B2B marketplaces
• Understanding distribution in offline markets—without relying on paid ads
• What 70,000+ dental procedures taught Capim about underwriting and risk
• How to think about product sequencing in complex industries
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