Ana Cristina Gadala-Maria, QED Investors | The Fintech Opportunity Beyond Brazil and Mexico [Ep. 26]

The audio and video are in Spanish. These notes are a translation.

Fintech, fintech, and more fintech… without a doubt the hottest sector of the startup ecosystem in Latin America. Investors like QED remain optimistic about this sector even though billions of dollars have already been invested over recent years, especially outside the more developed ecosystems such as Brazil and Mexico.

Today we invite one of those investors: Ana Cristina Gadala-Maria of QED Investors, a global Venture Capital fund specialized in fintech that has invested in companies such as Nubank, Bitso, and Kavak. And that recently launched Fontes, a seed-stage investment fund that will invest exclusively in fintechs in Latin America.

Ana Cristina told us which fintech segments she sees more interesting opportunities in, and what qualities QED looks for in a fintech founding team.

If you are building at the intersection of technology and finance, this episode is for you.

If you like the podcast, the easiest way to help us is by leaving a review with ⭐⭐⭐⭐⭐ on Apple Podcasts. It takes less than 1 minute and helps us convince the hardest guests to land, such as David Vélez, CEO and founder of Nubank, whom we would love to interview.

Intro to QED

[2:14] - How did Ana Cristina Gadala-Maria get into the world of startups?
- Starting a business with social impact in Latin America
[3:26] - What is QED and its role in Latin America?
- Operating experience in the world of fintech
- Early-stage investment in Latin America, the United States, Europe, and India
[5:55] - Advantages of raising capital from an investor specialized in a vertical
- Investors with greater operating experience within a specific market

Fontes: The Seed-Stage Opportunity

[11:15] - What is Fontes and why was it created?
- Making smaller investments in new business models
- Expanding the range of possible investments
- Guiding new entrepreneurs on their path
[14:10] - What is Embedded Finance and what other verticals are interesting for Fontes?
- Integration of financial elements into business models unrelated to finance
- Services such as insurance, payments, or financing that complement your business model
[20:20] - The financing gap that Fontes identified
- Few entrepreneurs in the region have access to global funds
- Few funds in the region
[24:31] - Characteristics that QED looks for in startups from small countries
- A regional vision from the start
[26:20] - At what moment should a startup go to Mexico?
- As fast as possible, as long as you have the product and the market validated
[29:06] - Common characteristics that QED Investors looks for in a founding team in Fintech
- Direct experience with the problem
- Thinking big

Breaking into Venture Capital

[32:21] - How did Ana Cristina break into the world of Venture Capital?
- Start by gaining experience
- Build a network of contacts
[36:37] - Lessons from the Venture Capital and Fintech industry at QED
- The best investments happen when the investor and the entrepreneur have a good relationship
- The value of operating experience
[40:31] - Tips for women looking to build a career in Venture Capital in Latin America
- Joining organizations of women investors in Latam
- Building a support network and a network of contacts

Tweet Round

**[**42:43] -
- Recommended book: Range by David Epstin
- Changes in the startup ecosystem: more women entrepreneurs involved in the ecosystem
- Entrepreneur to interview: Pepe Bolaño of Cometa, cofounder of QED

Episode Mentions

You can follow Ana Cristina on Twitter and on Linkedin and Frank Rotman on Twitter