Atlantico LatAm Digital Report 2022.pdf

Latin America
Digital Transformation
Report 2022
September 20, 2022

2
Disclaimer
This report, including the information contained herein, has been compiled for informational
purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any
security. Any such offer or solicitation shall only be made pursuant to the final offering
documents related to such security. This report also does not constitute legal, strategic,
accounting, tax, or other similar professional advice normally provided by licensed or certified
practitioners.
The report relies on data from a wide range of sources, including public and private companies,
market research firms and government agencies. We cite specific sources where data are
public; the presentation is also informed by non-public information, interviews with experts (on-
and off-the-record), proprietary data analysis, primary research conducted by Atlantico and by
others. We disclaim any and all warranties, express or implied, with respect to the presentation.
Atlantico makes no representations or warranties regarding the accuracy or completeness of the
information contained in this report and expressly disclaims any and all liabilities based on it.
Atlantico shall not be obliged to maintain, update or correct the report, nor shall it be liable, in
any event, for any losses suffered as a consequence of the use of this report by any third
parties.

3
Readme.txt
Cautious optimism. Curiously, our mixed emotions about the current state of
the market mirror how tech founders and workers are feeling this year.
Our optimism is rooted in the conviction that digitalization is a secular force
transforming Latin America for decades to come. Whether we are drunk at the
peak (last year) or hungover in the trough (this year), when we zoom out from
the cycle of the day, the trendline is clearly up and to the right.
As our Digital Transformation Index shows, the region’s technology ecosystem
stands to grow by an order-of-magnitude as it catches up to the likes of India,
China, and even the US, all of which began their journeys long before us. Value
creation from tech in LatAm will be measured in the trillions of dollars.
The foundation for long-term growth is rock solid: LatAm is ahead of China in
internet penetration and leads globally in digital adoption for most internet
services and digital media. Capital, long a barrier to growth, is no longer scarce
even after a halving of venture funding from 2021 peaks. Despite the market
downturn, human capital still flocks to tech, with students at top schools
reinforcing their preference to work in tech above all other fields.
Perhaps most striking is how the pandemic-sparked digital boom has persisted
in Latin America, representing a permanent leap forward while more developed
markets like the US are now reverting to pre-pandemic trendlines. This great
leap forward in digital adoption goes beyond e-commerce and food delivery and
is seen across all areas of society – from digital banking usage to telemedicine.
After experiencing the future, for Latin Americans there is no going back to
waiting in line at the bank branch or at the doctor’s office.
If there’s a reason why optimism runs through our veins as entrepreneurs, there
is equally good reason for the caution with which such optimism should be
tempered. As Tom Jobim warned us, “Brazil is not for beginners,” and, in this
year’s market downturn, neither is the rest of the world.
After years of pumping steroids into the veins of the world economy, Central
Banks pressed the brakes as inflation finally reared its head. Asset prices
worldwide adjusted abruptly, and tech companies were no exception – with
cash flows further into the future, they felt the pain especially severely as
investors questioned the unwinding of this economic adjustment. Venture
funding eased up and founders that the market encouraged to grow at all
costs only six months ago are now told to focus on margins.
Our research shows that founders are tightening their belts, but most likely
not enough given the uncertain global and regional backdrop. Yet,
encouragingly, historic data shows that a pot of gold (or bitcoin) may await
us at the end of the rainbow if we exercise enough caution to make it there.
The data shows that businesses that survive and get funded in bear
markets like these are significantly more likely to become large,
independent public companies. But ensuring survival is far from an easy
feat and finding balance is key this year.
Amidst all the dynamism, this year we found ourselves drawn to explore
three different areas of opportunity: for Fintech, Latin America’s world-class
performance continues. A rising tide for B2B innovation accelerated by
infrastructure buildout and record-breaking adoption of Brazil’s instant
payment system Pix define this continued success. Moreover, a new wave
of entrepreneurs is breaking barriers for SMB digitalization in Latin America,
bridging the gap between the abnormally high number of SMBs in the region
and the equally shy value they create for the economy. Finally, for Crypto
and web3, while it’s still early days, Latin America is perhaps the most fertile
ground for the application of successful use cases.
We are excited to have you join us in this third edition of the Report.
Enjoy the ride!

4
Research Team
Let us give credit where credit is due
Ana Martins
Partner, Atlantico
Carlos Pinto
Wharton School,
University of Pennsylvania
Ana Luisa Guimarães
University of Southern California
Maika Pereira
Wharton School,
University of Pennsylvania
Aurora Feng
Stanford University
Victor Ramos
Associate, Atlantico
Julio Vasconcellos
Partner, Atlantico
Nathan Wong
Project Lead,
Harvard Business School
Special
Contributors
Hugo
Barra
Florian
Hagenbuch
Mate
Pencz
Guilherme
Telles
Atlantico Venture Board Partners
Guilherme
Grupenmacher

5
Cases with 25+ Leading Companies in the Region
Our Partners
We are thankful for the help of these
organizations and contributors who
partnered with us on primary research
and data collection and analysis
Extensive Primary Research Initiatives
... and countless other experts and friends who we interviewed and helped us with
on- and off-the-record data, information, and insights. Thank you!
The Future of Work in Latin America 2022: Runa and Atlantico surveyed
HR leaders and employees from 500 companies across the region
National Opinions: AtlasIntel and Atlantico surveyed +6.4k people across 5
Latin America countries plus the US (95% confidence level w/ 2-3% margin)
Tech Industry Outlook: Vertico and Atlantico surveyed over 200 tech
employees, from C-levels to individual contributors, in Latin America
Atlantico Student Survey: Conducted with over 250 undergraduate
students representing 60 top schools in Brazil and abroad
Research with founders: Atlantico brings original insights on founders,
from the Good View Summit Unicorn survey, Atlantico founder survey,
Canary founder survey and more And other initiatives…

6
About Atlantico
Led by modern founder-CEOs with a long record of investing success
Atlantico was started by entrepreneurs who founded and scaled some of the
largest tech companies in Latin America (and the world) and have been investing
in the region for over a decade.
Unique boutique approach enabled by a highly-selective investment style
We concentrate capital on fewer, higher-conviction investments in order to focus
our time and support for our portfolio companies.
Extended team comprised of world-class specialists with domain expertise
Atlantico has an exclusive team of Operating Partners with deep expertise in
Product, Engineering, Talent, and Growth to help founders win.
Deep analytical and primary research capabilities that support all activities
We believe judgment in venture comes from combining qualitative pattern-
matching (the “art” from hands-on experience) and rigorous data analysis (the
“science”), and tirelessly apply this approach to our work.
Atlantico is a
leading early-stage
venture capital
fund investing in
Latin America

7
Latin America Digital Transformation Report 2022
2. A Changing
Landscape
2.1 State of Venture Capital and Tech
2.2 The Latin American Opportunity
3. Opportunities
Ahead
3.1 Fintech
3.2 SMB Digitalization
3.3 Web3 & Crypto
1. The
Foundations
1.1 Socioeconomic Foundations
1.2 Digitalization
1.3 Remote Work

8
1. The
Foundations
1.1 SOCIECONOMIC FOUNDATIONS
Latin America has a population of 665 million people and a GDP of over US$
5T, with Brazil, Mexico, Argentina, Chile, and Colombia making up 80% of it.
With key elections across the region this year, Latin America has been
experiencing a recent resurgence in left-of-center politics
1.2 DIGITALIZATION
Latin Americans continue to come online at a rapid pace, with internet
penetration reaching 78%, surpassing China. 5G adoption shows
promise and e-commerce penetration, accelerated by COVID-19,
continues even post-pandemic
1.3 REMOTE WORK
While COVID-19 brought about the rapid adoption of remote work, the ability
to do so was highly dependent on wage levels. Employees working remotely
have shown higher levels of satisfaction and productivity, especially when
given flexibility to choose where and when to work from the office

9
- Auguste Comte
1.1 Socioeconomic
Foundations
“Demography
is destiny”
”

10
Population of Latin America, 20211
MM of people
Brazil
Argentina
Mexico
Colombia
132
52
46
19
Chile
215
40%
24%
24%
23%
18%
16%
26%
54%
63%
63%
60%
59%
58%
60%
13%
14%
17%
23%
26%
14%
0-14 60+
Oceania
15-59
Europe
North America
Latin America &
the Caribbean
World
Africa 6%
Asia
Population age breakdown, 20212
Population distribution by age cohort 2021
Median
Age
Change in
Median Age vs.
2016 (years)
19 +0.3
30 +1.8
31 +1.8
32 +0.9
38 +0.9
42 +1.1
30 +1.3
Life
Expectancy
at Birth
62
72
73
79
78
77
71
Latin America’s demographic
bonus* is slowly coming to an
end due its aging population
Latin America is home to 665 million people and stands to
benefit from a comparatively young population
Life
Expectancy
at Birth
Note: (*) Demographic bonus is a condition in which the country’s productive age population is more than the non-productive population.
Source: (1) The Economic Commission for Latin America and the Caribbean; (2) United Nations Department of Economic and Social Affairs

11
23.0
17.5
5.0
4.2
3.2
1.6
1.3
China
Latin
America
Mexico
Brazil
India
Germany
United
States
GDP by country/region, 20221
Current prices, US$ T
Latin America GDP by country, 20222
% of total Latin American GDP, US$ T
Argentina
6%
26%
10%
Colombia
32%
Brazil
20%
Rest of
Latin
America
Mexico Chile
6%
If Latin America were a single
country, it would have the
third largest GDP in the world
$1.6
$1.3
$0.5
$0.3
$0.3
$1.0
Latin America’s GDP is greater than US$ 5T, with Brazil,
Mexico, Argentina, Chile, and Colombia making up 80% of it
Source: (1) International Monetary Fund; (2) World Bank

12
Unemployment has remained above pre-pandemic levels,
hindered by high levels of informality
2016 2017 2018 2019 2020 2021
Chile
6.0%
Argentina
Mexico
5.5%
9.1%
14.3%
10.9%
4.4%
5.4%
3.9%
4.9%
14.4%
8.1%
India
8.7%
US
6.7%
11.6%
Brazil
27%
Argentina
14%
39%
43%
54%
Mexico Chile Advanced
Economies
**
Unemployment rate by country, 20221
%
Labor informality rate by country, 2021*,1,2
% of total employment
Brazil
Colombia
Note: (*) Informality refers to legal economic activities that are not taxed nor monitored by the government; (**) Advanced Economies as defined by the World Bank
Source: (1) World Bank; (2) International Labour Organization “Employment and informality in Latin America and the Caribbean: an insufficient and unequal
recovery” (2021)

13
Share of net personal wealth by percentile, 20212
% of national wealth
1.0%
4.3%
Brazil Chile
Argentina
1.4%
Colombia
India Mexico US***
1.7%
9.8%
5.8%
19.9%
China**
44.4%
Poverty rate by country, 20201*
% of total population
90-99th 35%
61%
78%
26%
India
71%
31%
65%
33%
99th+
Europe
46%
Latin America
3%
35%
32%
37%
China
US
68%
32%
Poverty and inequality remain high in Latin America: The
top 1% of the population holds 46% of the wealth
Note: (*) Poverty headcount ratio (%) at US$5.50 a day (2011 purchasing power parity); (**) Latest data is from 2011; (***) Latest available data is from 2019
Source: (1) World Bank; (2) World Inequality Database

14
Middle class share of the population, 20211,2*
% of population
26%
48%
28%
61%
Colombia
56%
Argentina
Chile Mexico
Brazil
45%
OECD
Average**
44%
32%
22%
2000 2005 2010 2015 2020
37%
Middle Class
US$ 13-70
22% Poor
US$ 0-5.5
39% Vulnerable
US$ 5.5-13
Latin America share of population by income class***
% of population
Growth of the middle class in Latin America has been
stagnant since 2015
Note: (*) Middle class is defined as earning US$ 13-70 per day for LatAm countries and 75-200% the median national income for the OECD average, with the latest
data available being from 2016; (**) OECD is a group of 38 countries, mostly advanced economies; (***) The source’s methodology changed in 2015
Source: (1) OECD “Society at a Glance 2019” (2019); (2) World Bank “The Gradual Rise and Rapid Decline of the Middle Class in LatAm and the Caribbean” (2021)

15
The pandemic aggravated poverty and inequality in most
Latin American countries
Impact of COVID-19 on extreme poverty1
Increase in poverty rates during COVID-19 (difference in percentage points)
0.02
0.04
0.06
-0.04
0.00
-0.02
0.08
-0.06
Mexico
Brazil Paraguay
Peru Argentina
Colombia Chile Costa
Rica
An increase in the Gini Coefficient
represents an increase in
inequality
Gini Coefficient Change2
Circa 2019* and 2020
0.2 0.6
0.4 1.2
0.8
0.0 1.0
Mexico
Colombia
Bolivia
Argentina
Chile
Peru
Note: (*) For Chile, the data is from 2017, and for Mexico, the data is from 2018. For the remaining countries, the data prior to the pandemic is from 2019.
Source: (1) World Bank, “COVID-19 and Economic Inequality” (2022); (2) IDB, “The Pandemic Is Increasing Inequality in Latin America”, (2022)

16
Chile’s Election Signals a Hard
Left Turn
Peru’s Polarized Election Reflects
Democratic Malaise
A New Group of Left-Wing
Presidents Takes Over in Latin
America
June 2022
Gustavo Petro,
a former
guerrilla fighter
of the left-wing
M-19, is
elected
President of
Colombia
March 2022
Former
student union
leader Gabriel
Boric is
sworn in as
President of
Chile
July 2021
Pedro Castillo,
one of the key
leaders of the
2017 teachers’
strike, takes
office as
President of
Peru
2019 2022***
Right Leaning
Left Leaning
Center
Gustavo Petro Wins the Election,
Becoming Colombia’s First Leftist
Leader
Recent transitions of power in Latin America Latin America’s Political Heat Map1
Latin America is experiencing a recent resurgence of the
political left, with many pointing to a new “pink tide”*
October 2022
Brazil’s upcoming
election will be a tight
race** between the
current president
(Bosonaro) and a left-
of-center former
president (Lula), who if
elected will further
strengthen the tide
?
Note: (*) The pink tide, or the turn to the left, was a political wave and perception of a turn towards left-wing governments in Latin American democracies moving away
from the neoliberal economic model at the start of the 21st century; (**) According to polls; (***) Colombia’s value in the 2022 was updated after the 2022 election
Source: (1) Agence France-Presse

17
Brazilian population’s feelings towards the institution of a
military dictatorship in the country, 20221
% of population
12%
9%
Not sure / no response
In favor
Against
79%
Brazilian population’s perceptions on fraud risks in the
upcoming election1
% of population
Don’t trust
Trust
Not sure 11%
Electronic voting
39%
50%
11%
Not sure
Low risk
39%
29%
No risk
High risk
21%
Risk of electoral fraud
This number
reaches 69% among
those who say they
will vote for the
incumbent President
Jair Bolsonaro, one
of the most
outspoken critics of
the electronic voting
system in Brazil
The Brazilian Federal Court of Account
audited Brazil’s electronic voting system
and concluded that it has adequate
measures in place to mitigate risk of
fraudulent incidents2
Brazilians remain overwhelmingly in favor of democracy,
though doubts about the system persist
+
Source: (1) Atlantico and AtlasIntel Brazil survey 2022, collected from Aug 1st to Aug 28th (representative of population, n=2,262,
2p.p margin of error at 95% confidence level); (2) Exame “Auditoria conclui que TSE tem mecanismos adequados para evitar
riscos nas eleições” (2022)

18
1.2 Digitalization
- Heraclitus
“The only constant
in life is change.”
”

19
54%
58%
62%
65%
69%
74%
78%
2016 2019
2017 2021
2015 2020
2018
95%
92% 92%
86%
81%
74%
70% 69%
62%
47%
Colombia
Mexico
Brazil World
Avg
Argentina
Chile China India
Germany US
Internet penetration in LatAm has surpassed that of China
and India and is approaching that of developed economies
Internet penetration rate by year and region
Latin America, 2015-2021; Worldwide, 2021
Source: (1) World Bank; (2) We Are Social

20
55%
61%
65%
69%
72%
77%
2021
2017 2020
2019
2018
2016
+7%
12%
China
Latin
America
24% 76%
US 54%
88%
46%
Android
iOS
CAGR
Smartphone adoption rate has increased 40% over the last
five years, with most devices running on Android
Smartphone adoption rate in Latin America1
% of total population
Smartphone operating system market share by region2
% of total Android and iOS devices
Source: (1) GSMA; (2) Statcounter

21
108%
85%
68%
57% 55%
29%
21%
14%
10%
Chile
Germany Argentina
US UK China
Colombia
Mexico Brazil
Mobile data continues to be expensive in some parts of
Latin America, with data in Mexico and Colombia
costing significantly more than in mature economies
Brazil and Chile are exceptions: mobile
data costs are lower than in the US and
UK, and more in-line with China
Mobile data cost in Mexico and Colombia is higher than in
developed countries, while Brazil and Chile are cheaper
Local Cost of 1 GB Mobile Data (2022) vs 1 Big Mac (per Big Mac Index, 2021)1,2*
Percentage of 1 GB of mobile data per 1 Big Mac in Local Currency
Note: (*) The Big Mac Index is compiled by the Economist to determine if currencies are at their correct level based on purchasing power parity
Source: (1) We are Social; (2) The Economist

22
30%
46%
69%
28%
62%
75%
36%
75%
56%
Purchase
Products
Online
Use Social
Media
23%
Play Mobile
Games
Access Online
Banking
Watch Videos
Online
2022
2018
Using
Internet 10.3 9.9 7.0 5.3
Watching
TV Online 4.1 3.6 4.8 3.0
Using
Social
Media
3.7 3.3 2.2 2.0
Brazil China
Mexico US
Digital adoption has transformed everyday life for broad
swaths of the Latin American population
Percentage of Brazilians who…
% of survey respondents
Time spent daily by activity by country
Number of hours
Source: We Are Social

23
16
30
26
14 14
14
29
23
16
20
Instagram
WhatsApp YouTube TikTok
Facebook
2022
2021
2021 2022
WhatsApp
Facebook
Instagram
Facebook Messenger
Netflix
TikTok
Spotify
Uber
MercadoLibre
iFood
WhatsApp
Facebook
Instagram
TikTok
Netflix
MercadoLibre
Spotify
Uber
iFood
Facebook Messenger
In the social media category, WhatsApp remains the
dominant platform and TikTok continues to gain traction
Ranking of mobile apps in Brazil
By monthly active users
Brazilians’ usage of social media by year
Hours spent per month by social media app
Source: We Are Social

24
33
84
120
140
155
168
178
2022(e)
2021
2020 2023(e) 2024(e) 2025(e)
2019
Brazil alone had ~62 million active
TikTok users in August 2022, the
highest among Latin American
countries
14
17
32
28
62
TikTok*
2022*
2020 2021
2019
While TikTok targets more affluent
audiences, another Chinese rival,
Kwai, targets blue-collar workers
and lower-income populations, a
strategy that has allowed it to go
viral in more recent years
Chinese social network giants TikTok and Kwai are
increasingly popular in Latin America, particularly in Brazil
Number of TikTok active users in Latin America
Millions
Growth of Kwai active users in Brazil
Millions
Note: (*) Numbers from August 2022
Source: Insider Intelligence, Data.ai, Google Trends, Rest of World, Atlantico Analysis

25
4%
7%
Jan-18 Jan-20
3%
5%
Jan-21
Jan-19
6%
11%
12%
13%
15%
14%
Jan-21
Jan-20
Jan-19
16%
Jan-18
17%
18%
Back to the Future: US e-commerce penetration reverted to pre-
pandemic levels while Brazil stayed nearly 3 years ahead of trend
Online share of total retail, United States
% of total retail
Online share of total retail, Brazil
% of total retail
Pre-Pandemic
Trend
Pre-Pandemic
Trend
Brazil saw
e-commerce
penetration reach and
sustain levels 2.5
years ahead of the
historic trend
~2.5x
Note: Study analyzes all Mastercard anonymized transaction-level data for the researched economics
Source: International Monetary Fund and MasterCard Economics Institute “E-commerce During Covid: Stylized Facts from 47 Economies” (2022)
Sept-21 Sept-21

26
Food and grocery delivery continued growing well past the
pandemic boom, as seen through category leader iFood
iFood food delivery gross merchandise volume
Indexed to December 2019 (=100)
iFood groceries delivery gross merchandise volume
Indexed to December 2019 (=100)
Jul
-21
Jul
-21
Beginning of the COVID-
19 pandemic in Brazil
iFood is Brazil’s leading food and grocery delivery platform, processing ~25% of total food
delivery orders in the country, and nearly 80% when considering online aggregators only
Beginning of
the COVID-19
pandemic in
Brazil
Source: iFood internal data
100
5,518
11,094
14,102
13,554
14,163
Nov
-20
Nov
-21
2,089
Jun
-22
Apr
-20
Mar
-21
9,920
Aug
-20
1,130
Dec
-19
Mar
-22
100
204
234
287 288
315
338
378
Nov
-21
Mar
-22
Mar
-21
Nov
-20
Jun
-22
Apr
-20
157
Dec
-19
Aug
-20

27
19 pandemic in Brazil
12.2
9.5
8.2
6.3
1Q19
0.2 2Q22
1Q21
4Q21
3.6
5.4
0.2
3Q21
0.6
2Q19
2Q21
1Q20
4Q20
3Q20
4.5
0.3
2Q20
4Q19
1Q22
3Q19
0.2
10.0
11.5 1,594
1,180
1,270
905
3Q19
789
3Q21
692
6
2Q22
4Q21
1Q20
1Q21
4Q20
1,732
1,272
58
3Q20
646
4Q19
2Q19
9
2Q20
14
1Q19
13
2Q21
1Q22
Telemedicine sustained strong growth since the pandemic
as we see from Conexa, a leading health platform
Conexa Saúde registered user base
Millions of users
Conexa Saúde number of appointments
Thousands of appointments
Conexa Saúde is the biggest independent telemedicine and digital health platform in Brazil,
managing 20M+ lives
Beginning of the
COVID-19
pandemic in Brazil
4Q19
34%
1Q22
11%
1Q20
30%
3Q21
34%
1Q21
26%
1Q19
2Q20
26%
2Q21
19%
35%
3Q20
29%
4Q20
2Q19
2Q22
4Q21
3Q19
Share of mental health
appointments
Number of appointments
Note: Prior to the pandemic, there wasn’t regulatory backing and framework for telemedicine in Brazil, but the pandemic cleared the way for regulatory acceptance
Source: Conexa Saúde internal data

29
Not Going Back: Following the shift to remote work, software
developers are no longer open to working in-office
24%
68%
Q4
23%
Q1
66%
Q2
17%
68%
Q1
66%
Q4
19%
60%
61%
Q3
60%
23%
Q2
Q1
55%
65%
20%
58% 54%
60% Remote Positions
58%
Q1 Q4
58%
70%
48%
63%
Q2
21%
Q3 Q3
62%
58%
19%
59%
In-person Positions
Q2
2019 2020 2021 2022
Software developer job interview acceptance rate by remote vs. in-person job position, Brazil
%
Revelo is an American platform for selecting and hiring tech talent from Latin America
Source: Revelo internal data (n = 124,000 software developers)

30
Distribution of remote work models by sector
% of respondents
30% 49%
18%
Health &
Pharmacy
27%
21%
16%
Financial
Services
36% 18% 25%
34%
8%
9% 19%
Consulting
23%
22%
30%
Education
38%
19%
48%
32%
7%
46% 31%
Logistics &
Manufacturing
Commerce
4%
52%
11% 11%
58%
14%
5%
11%
27%
Technology
Marketing &
Entertainment
<25% remote
51%-99% remote 25-50% remote
100% remote
14%
36%
12%
28%
12%
17%
62%
19%
Current policy (2022)
Before COVID-19 (2020)
51%-99% remote
25-50% remote
100% remote
<25% remote
Most industries have increased levels of remote work, with
tech and consulting showing the highest adoption rates
Remote work distribution before and after COVID-19
% of respondents
Atlantico and Runa surveyed over 500 executives and employees in Latin America. The full survey can be found here.
+
Source: Runa and Atlantico survey “The Future of Work in Latin America” 2022, collected from July 4th to August 23rd (n = 515 employees
and executives in Latin America)

31
26% 24%
7% 9%
52%
44%
41%
28%
22%
32%
52%
63%
100%
Remote
51%-99%
Remote
25-50%
Remote
<25%
Remote
3.4 3.9
< 25% of
team remote
25-50% of
team remote
Lower Productivity
Same Productivity
Higher Productivity
4.5
51-99% of
team remote
4.6
100% of
team remote
Employees working remotely are estimated as having
higher levels of both satisfaction and productivity
Employee satisfaction by work model
Average for each model, rating from 1 to 5
Employee productivity by work model
% of respondents
+
Source: Runa and Atlantico survey “The Future of Work in Latin America 2022” (n = 515 employees and executives in Latin America)

32
92%
59%
8%
41%
Employees not given
flexibility to choose
when to go to the office
Employees given
flexibility to choose
when to go to the office
High satisfaction
(ranking 4 or 5)
Low satisfaction
(ranking 1, 2 or 3)
54%
30%
34%
51%
12%
19%
Employees not given flexibility to
choose when to go to the office
Employees given flexibility to
choose when to go to the office
Higher productivity
Same productivity
Lower productivity
This trend is seen to further improve when employees are
given the flexibility to choose when to work from the office
Employee satisfaction levels according to workplace flexibility
% of respondents
Employee productivity levels according to workplace flexibility
% of respondents
+
Source: Runa and Atlantico survey “The Future of Work in Latin America 2022” (n = 515 employees and executives in Latin America)

33
1. The
Foundations
2. A Changing
Landscape
3. Opportunities
Ahead

34
2.1 STATE OF VENTURE CAPITAL AND TECH
While 2021 was a banner year for venture capital both globally and in
Latin America, 2022 has seen sharp reductions in both public and
private markets
• While local funds have largely stayed the course, foreign investors
are slowing investments in the region
• Although ~30% of companies saw layoffs and postponed fundraising
plans, layoffs were relatively small, and most companies plan to
resume fundraising in the next 12 months
2. A Changing
Landscape
2.2 THE LATIN AMERICAN OPPORTUNITY
Despite the devaluation in the tech sector globally, the case for tech in
Latin America remains unchanged
• The region shows massive potential when it comes to increasing tech
penetration and solving regional problems, attracting top local talent
• History shows that companies funded during market downturns tend
to IPO at a higher rate than those funded in bull markets

35
2.1 State of Venture
Capital and Tech
- Jamie Dimon
“My daughter asked me
when she came home
from school, ‘What's the
financial crisis?’ and I
said it's something that
happens every five to
seven years.”
”

36
0.0%
0.2%
2.4%
1.2%
0.8%
1.4%
1.6%
2.0%
2.2%
1.8%
0.4%
0.6%
1.0%
2017 2018
2016
2015
3.5
2014
8.1
6.3
2011 2019 2020
2.9
3.9
4.5
2021
2.1
4.3
2.3
2.7
4.3 4.5 4.5
2010
2009 2013
2012
Federal Reserve Balance Sheet (US$ T)
Interest Rate (%)
0
3,500
2,500
500
2,000
1,500
4,500
4,000
1,000
3,000
2013
2009 2017 2021
+78%
The S&P recorded 70
all-time highs in 2021
Federal Reserve Interest Rates and Balance Sheet
Fed balance sheet and Fed Funds rates*, 2009-2021
S&P 500 Adjusted Closing Value**, 2009-2021
Index value
After the 2008 downturn, a growing money supply coupled
with low interest rates fueled a decade-long bull market
Note: (*) Average Fed Funds rates per year and average yearly Federal Reserve balance sheet; (**) Adjusted close price adjusted for
splits and dividend and/or capital gains distributions.
Source: Trading Economics

37
171 158
214
290
259
294
621
2019
2018
2015 2017 2021
2020
2016
+111%
NASDAQ index value (Dec. 12, 2021): 15,645
Global Venture Funding1 and Public Market Performance2
Investment in US$ B and NASDAQ Composite Index
2021 marked the peak of an age of capital abundance for tech
companies when global venture funding doubled from 2020
Global venture funding (US$ B)
NASDAQ Composite Index
Source: (1) CB Insights “2021 State of Venture” Report; (2) NASDAQ

38
4
9
18
26
$19
2019 2021
$35
2020
2018
$46
$65
182 197
249
463
439
508
851
0
5
10
15
20
25
$15.7
$4.2
$0.5
$2.0
$1.1
$0.6
2019 2021
2020
$4.9
2018
2017
2015 2016
Growth in Funding
(2020-2021)
274%
Unicorn Value Growth
(2020-2021)
41%
Latin American Unicorns1*
Private market capitalization in US$ B and number of unicorns
Venture Funding in Latin American startups2
Investment amount in US$ B and number of deals
The 2021 apex was similar in Latin America: Funding tripled,
and both the number and value of unicorns rose meaningfully
Market capitalization
Number of unicorns
Investment amount
Number of deals
Note: (*) A unicorn is a private technology company valued over $1B; only unicorns that were active at the time are counted, meaning unicorns that had exited (i.e.,
acquired or went public) – such as Stone, VTEX, Nubank, dLocal, etc. - have not been included. The calculation is based on latest estimated private market valuations
Source: (1) Atlantico Analysis; (2) LAVCA “Industry Data and Analysis, Q2” (2022)

39
MEXICO
Capital Invested: 22%
BRAZIL
COLOMBIA
CHILE
ARGENTINA
Investment by Tech Vertical in Latin America, 2021
% of capital invested**
39%
20%
6%
9%
3%
4%
3%
3%
13%
Edtech
Proptech
Other
E-Commerce Solutions
Super Apps
E-Commerce Platforms & Marketplaces
HRtech
Logistics Tech
Fintech
2021 venture investment activity was led by Brazil and by
verticals like fintech, e-commerce, and marketplaces
Note: (*) Percentage of capital invested is rounded to the nearest whole number; breakdown by total number of deals very closely follows percentage of capital
invested: Argentina:7%, Brazil: 49%, Colombia: 9%, Chile: 10%, Mexico: 19%, Regional investments & other: ~7%; (**) Where “other” includes Healthtech (2%),
Foodtech (2%), Agtech (~1%), Digital Security (~1%), Transportation & Mobility (~1%) and other tech categories.
Source: LAVCA “Industry Data and Analysis” (2021)
REGIONAL INVESTMENTS & OTHER
VC Investments Geographical Breakdown, 2021
% of capital invested*

40
0
50
100
150
200
250
300
350
Energy
2022
2021
2020
Food
9.1%
0
1
2
3
4
5
6
7
8
9
10
2020 2022
2021
2019
1.6%
1.8%
0.3%
2.5%
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2020 2022
2021
0.3%
1.0%
0.5%
1.8%
Inflation in the US2**
%
Interest Rates in the US2
%
Commodity Prices1*
US$
A global rise in commodity prices, supply chain disruptions
and excess money led to hikes in inflation and rates in 2022
Note: (*) 2016=100, data until June 30th 2022; in terms of U.S. dollars, weights based on 2014-2016 average world export earnings, where energy includes petroleum,
natural gas, coal and propane and where food includes cereals, vegetable oils, meat, seafood, sugar, and other (vegetables, non-citrus fruit, oranges, groundnuts/peanuts,
bananas, dairy products, legumes and fishmeal); (**) Inflation data until June 30, 2022; (***) available Fed fund rates date from January 1, 2021 until July 27, 2022. The
next Fed announcement is scheduled for September 21 (the day after this report goes to press) and market expectations are for a hike of 75bps to the ~3% level
Source: (1) IMF; (2) Trading Economics

41
177.8
108.5
Q2
2021
Q1
2021
Q4
2020
Q3
2020
Q4
2021
Q1
2020
Q4
2019
Q1
2022
Q3
2021
Q1
2018
Q2
2019
Q4
2018
Q2
2018
Q3
2019
Q2
2022
Q3
2018
Q2
2020
Q1
2019
NASDAQ:
- 30%
Global VC
Funding:
- 39%
Comparison
Q4’21 to Q2’22
NASDAQ*
Global VC
Funding2
11,265
Global Venture Funding1 and Public Market Performance1
Investment in US$ B and NASDAQ Composite Index 15,645
2022 has seen a sharp stock market downturn, coupled with
reductions in both public and private investments
Note: (*) NASDAQ values as of June 30, 2022
Source: (1) NASDAQ; (2) CBInsights “State of Venture Report, Q2” (2022)

42
Recent Trends**
Non-profitable tech companies experienced a sharp drop in
stock prices in 2022, nearly reverting to pre-pandemic levels
Goldman Sachs Non-Profitable Technology Index*
Indexed basket of US-listed profitless tech companies
0
50
100
150
200
250
300
350
400
450
H2 2019 H1 2021
H1 2020 H2 2021
H1 2019 H2 2020 H2 2022
-68%
Since peaking in 2021, tech
companies' valuations dropped
steeply, with the index losing around
two-thirds of its value at its trough
thus far
H1 2022
Note: (*) Created in 2021, the GS Non-Profitable Tech basket consists of non-profitable US listed companies in innovative industries, as defined by Goldman Sachs to
be broad and include new economy companies across industry groups; it is optimized for liquidity. The index is an absolute measure of the value of this basket. Data
until August 31st 2022.
Source: Bloomberg

43
69 66 66
57 60 60
85
92
133
152
163
178
142
109
Q2
Q2
Q4
Q1 Q2 Q4
Q4 Q3
Q1 Q1
Q3 Q1
Q2 Q3
-20%
-39%
2.0
0.6
0.8
2.4
1.7
0.9
5.0
Q4
Q2 Q2
1.4
Q4
1.3
Q3
1.7
2.8
Q2
5.3
0.5
Q3
Q3
3.9
Q1
Q1 Q2
Q1
Q4 Q1
-27%
-39%
2019 2020 2021 2022 2019 2020 2021 2022
Unlike the global trend, Latin
America peaked in Q3 2021,
and faced a steeper drop as it
moved into Q4
Global venture funding decreased by ~40% in the first two
quarters of 2022, with the same trend present in LatAm
Global Venture Funding1
Investment amount in US$ B
Latin America Venture Funding2
Source: (1) CB “Insights State of Venture Q2” (2022); (2) LAVCA “Industry Data and Analysis, Q2” (2022)

44
-58%
decrease in investments by
foreign investors from 2021
to mid-2022
-34%
decrease in investments by
local investors from 2021
to mid-2022
Recent Trends Among
Top 20 Investors
Foreign investors are slowing down in the region (but not
leaving) while local funds have taken some share of activity
Total investments by the 20 most active investors in Latin America
Total investment count attributed to top 20 investors in trailing twelve months and % of those deals accounted for by foreign investors
70% 70%
53%
64%
70% 68%
52% 54% 51%
41% 39% 36%
49% 53%
30% 30%
47%
36%
30% 32%
48% 46% 49%
59% 61% 64%
51% 47%
Q4
Q2 Q1
Q1
Q4 Q3
Q3 Q3 Q2
Q2 Q2
Q4 Q1
Q1
Local investments
Foreign investments
2019 2020 2021 2022
Note: (*) In cases there was a tie in the 20th investor, all investors with same deal count were included. Only investments in Brazil, Mexico,
Argentina, Colombia and Chile were analyzed. “Investment” is defined as a check by an investor in a financing round (multiple “investments”
by different investors can exist in a round). Additionally, the total number of deals had continuously increased between 2019 and 2020
Source: Crunchbase funding rounds (top 20 investors in number of deals); Atlantico analysis

45
-66%
decrease in late-stage funding
between Q4 2021 and Q2 2022
-35%
decrease in early-stage funding
-67%
decrease in seed-stage funding
Early Stage*
Angel-Seed
Q2 2022
$1.0
$0.2
Q4 2021
$1.5
$2.9
Q3 2021
Late Stage*
$0.3
$3.5
$1.6
$1.1
$1.7
$1.7
$0.6
$1.3
$0.4
$5.0
Q2 2021 Q1 2022
$0.2
Recent Trends
Venture funding slowdown was first felt in the later stages
but has started to trickle down to early stage and seed
Latin American investment volume by stage
Note: (*) Early Stage considers Series A and B private deals, while Late Stage considers Series C+ private deals
Source: Crunchbase News “LatAm Venture Investment Shrank Q2 2022 Monthly Recap” (2022)

46
57%
40%
11%
5%
40
20
10
25
0
30
35
5
15
Scared
Cautious Concerned about job security
Optimistic or excited
Looking ahead to 2023, the mood among tech workers in
Latin America can be said to be “cautiously optimistic”
Feelings about the upcoming year in the tech market
% of survey respondents by sentiment
+
Atlantico and Vertico conducted primary research with 200+ tech workers in Latin America of varying seniority
Source: Atlantico and Vertico Survey 2022, collected during July (n = 202 tech workers)

47
Unicorn founders' sentiment and plans
Average of respondents, % respondents
50%
33%
37% 36%
26%
Shrink and
emerge weaker
Be agressive
and emerge
stronger against
competition
Reduce burn and
emerge stronger
5%
End up as
write-offs or
firesales
Need to do
down rounds or
raise at lower
valuations
4%
9%
Own Company
Most Unicorns
When asked how they feel about the next 2 years, on a scale of
1 to 10, unicorn founders presented an average sentiment of:
7.3
Excited about market
and business prospects
Afraid about market and
business prospects
Atlantico’s annual gathering for
all Brazilian Unicorn founders
and CEOs
Goal: Promote industry discussion and
strengthen community among the most valuable
private tech companies of Brazil
Off-the-record discussions of critical industry and
leadership topics; during the event Atlantico
surveyed unicorn founders on various key themes
Source: Atlantico Survey with founders of 17 Brazilian unicorns (out of the 18 in the country), collected in August 2022
View from the Top: Brazilian Unicorn founders shared a
measured optimism at Atlantico’s Good View Summit
0% 0%

48
Early-stage company founders' sentiment
Average of respondents’ selection
Founders’ expectations for their companies (next 1-2 years)
% of respondents
When asked on a scale of 1 to 10 their feeling towards the
financing market in the next 1-2 years, early-stage
companies displayed an average sentiment of:
42%
9%
Believe to be in a position
of strength and will win
against competitors
In survival mode,
cutting costs and
preparing for the worst
Not changing
previous plans
Believe that after
some adjustments will
be in a great position
to raise more money
47%
2%
Source: Atlantico Survey, collected in June 2022 (n = 45 early-stage companies)
Not Just Unicorns: Founders at every stage recognize the
market downturn but feel they won't be hit as hard as peers
5.4
10 - Very optimistic
1- Not optimistic

49
Size of tech company layoffs1
% of employees estimated to have been affected by layoffs
80%
15%
3%
1%
26-50%
of employees
> 50% of
employees
10-25%
of employees
<10% of
employees
5%
20%
10%
%
0
30%
25%
40%
35%
Between
6-12
months
Between
18-24
months
Between
24-30
months
Between
30-36
months
Between
36-42
months
Less than
6 months
Between
12-18
months
Expected runway before and after change in market2
After change in market
Before change in market
Companies with less than 1
year of cash adapted plans
to have at least 1.5 years
Companies with more than
1.5 years of cash are aiming
to have at least 2 years
Source: (1) Runa and Atlantico survey, “The Future of Work in Latin America 2022”, collected from July 4th to Aug 28th (n = 515 HR leaders and employees in
500 companies in Latin America); (2) Canary Cash Burn Study (n = 27 early-stage companies, Seed to Series Bs; Conducted on July 1st, 2022)
Companies have responded to market drops by modestly
adjusting headcount and only slightly extending runway

50
Main actions taken to preserve cash
% respondents
0% 10% 20% 30% 40% 50% 60% 70%
Tech stack & 3rd party
services optimization
Renegotiations /
Change of Suppliers
Founders’ salary
reduction
Focus on
Unit Economics
Refinanced debts
Reduction of
Marketing Expenses
Decreased office space
or went fully remote
Layoffs / Change
in Team Structure
Hiring freeze /
Slowed down hiring
Main departments with layoffs
% companies
0% 5% 10% 15% 20% 25%
Customer
Service
People
Operations
Finance
Tech
Product
Marketing
Sales
Source: Canary Cash Burn Study (n = 27 early-stage companies, Seed to Series Bs; Conducted on July 1st, 2022)
Headcount reductions were one of many strategies used to
preserve cash and were focused on operations and sales

51
2.2 The Latin
American
Opportunity
”
- Tom Jobim
“Living abroad is
good but sucks;
living in Brazil
sucks but is
good.”

52
100%
10%
2005
0.1%
2020
1%
2015
2010
India
LatAm
Brazil
USA
China
5%
2%
1%
3%
4%
2015 2020
2005
0%
2010
Brazil
LatAm
Tech penetration grew massively around the world over the
past two decades, with Latin America starting much later
Atlantico Digital Transformation Index
Tech company market cap as % of GDP, log scale
Atlantico Digital Transformation Index, Brazil
Tech company market cap as % of GDP
Brazil is ~10 years behind
China (at 2012 levels)
Note: HQ location was used to define company region; for all countries we used the average of the respective year’s quarters to calculate GDP and market cap
Source: (1) Capital IQ; (2) GDP projections from OECD, log scale; (3) Atlantico analysis
China is ~8 years behind
the US (at 2014 levels)

53
52%
20%
15%
USA
3%
1.5%
China
India
Brazil
Latin America
Latin America will have massive value creation in the
decade to come as it catches up in tech penetration
Atlantico Digital Transformation Index
Tech company market cap as % of GDP, Q2 2022
Latin America Tech Value Creation Catch-up Potential
US$ B
Catchup to India
Latin America Catchup to China Catchup to USA
Latin America
+$791 B
Latin America
+$974 B
Latin America
+$3.15 T
Note: HQ location was used to define company region; for all countries we used the average of the respective year’s quarters to calculate GDP and market cap
Source: (1) Capital IQ; (2) GDP projections from OECD; (3) Atlantico analysis

54
Dot.com Bubble Global Financial Crisis
702
459
636
793
1,064
1,217
1,653 1,682
1,266
1,593
1,973
2,270
2.5%
3.0%
1.5%
0.0%
1.0%
2.0%
0.5%
2001 2006
2000 2012
2004 2010
2003 2009
2002
597
2008
2005 2011
2007
Number of
Companies
that raised
a Series A
%IPO
IPOs based on year of Series A funding
Number of companies that raised Series A in the corresponding year and % that went public to date
Companies that raised capital in recent market downturns
IPO’d at higher rates than those funded in bull markets
Source: Pitchbook, Filters: series A, last funding type: IPO, publicly held

55
2021 2022 2021 2022 2021 2022
Latin America United States China
2490
2458
1967
1710
1119
900
650
638
502
448
2253
1946
1475
1108
710
604
484
466
458
416
76
67
65
60
41
39
33
32
32
23
77
64
62
58
58
50
39
34
31
31
422
378
310
240
190
169
159
157
156
138
588
447
354
243
235
225
205
171
156
138
Largest companies in Latin America
Market capitalization in US$ B
The largest companies in Latin America are still “real
economy” companies rather than tech companies
Source: Capital IQ, data extracted August 4th, 2022, 2021 market capitalization corresponds to 9 months prior to that date (November 4th, 2021) and 2022
market capitalization set to 1 month prior to that date (July 4th, 2022)

56
MEXICO
BRAZIL
COLOMBIA
CHILE
ARGENTINA
ECUADOR
2018 2022
2022
2021 2022
2020 2021 2022
2018 2019 2020
2021 2022
2021
32.1
17.4
7.7
3.7
3.3
2.7
2.3
0.9
0.8
0.6
Inflecting: The growing number of large tech companies in
LatAm shows continued value creation from digitalization
Largest public tech companies1*
Market capitalization in US$ B as of June 30th, Latin America
Active Unicorns in Latin America2**
Valuation above US$1 B, 2022
Note: (*) A unicorn is a private technology company valued over US$ 1B; (**) Only unicorns that were active at the time are counted, meaning unicorns that
had exited (i.e., acquired or went public) – such as Stone, VTEX, Nubank, dLocal, etc. - have not been included
Source: (1) Capital IQ, data from June 30th, 2021, (2) Atlantico Analysis

57
$2.9
$4.5
$5.3
$2.6
$8.7
$0.3
$3.0
$6.7
$2.3
$2.1
$0.3
$4.8
$5.1
$0.8
$2.8
Valuation
$0.8
$3.7
$0.8
$0.6
$2.5
$1.9
$0.9
$3.0
$2.5
$3.1
$0.5
$4.3
$2.3
$2.0
Total
Capital
Raised
$3.9
Valuation and total equity capital raised of the 10 highest valued Latin American unicorns*
US$ B
Top 10: The highest valued Latin American unicorns
collectively raised $9B and are worth $42B in total
Note: (*) Unicorns refer to private technology companies with a valuation of over US$ 1B, with valuations being based on the latest round prior to Aug. 19th, 2022
Source: Atlantico Analysis, PitchBook, Crunchbase, Companies Market Cap

58
21%
16%
16%
11%
8%
29%
Other
Big Tech
Startup
Industry &
Corporate
Consulting
Finance
Tech Talent Pool Entrepreneurial Ambition
Students’ most desired areas to work in the short-term2
Entrepreneurial aspirations among students
% of respondents who have plans to found startups
20%
9%
12%
34%
25%
Yes, in the next 4 years
Not sure
No
Yes, 5-10 years
from now
Yes, 10+ years
from now
Atlantico conducted primary research with nearly 300 students from 60 universities to understand their career aspirations
Flight to Tech: Top university talent continues to seek tech
jobs above all others despite recent market turbulence
Note: “Other” category’s main areas include Research and Academia (6%), Medicine (5%), Law (5%), Government (4%) and non-profits (3%)
Source: Atlantico Study, June 2022 (n = 279); 111 students in 20 universities in Brazil, 168 Latin American students in 40 universities abroad

59
1. The
Foundations
2. A Changing
Landscape
3. Opportunities
Ahead

60
3.1 FINTECH
While Financial Services is still the top category for LatAm venture
investment, there is a shift underway from B2C to B2B fintechs. Initiatives like
Open Banking, Pix, and Open Finance are increasingly gaining traction and
are poised to bring lasting changes
3.2 SMB DIGITALIZATION
SMBs constitute over 95% of businesses in LatAm, but growth and
productivity are stymied by low digital maturity. To address this gap,
startups tailored for SMBs emerged, tackling these pain points related
to limited access to capital and inefficient backend management
3.3 WEB3 & CRYPTO
Latin America’s unique socio-political challenges over the last few years have
set the stage for innovative web3 solutions. This explosive growth is
evidenced by the existence of over 100+ web3 startups in Latin America,
across many verticals
3. Opportunities
Ahead

61
3.1 Fintech
”
- ABBA
“All the things I
could do if I had
a little money”

62
49%
did not borrow any money in 2020
>300MM people1*
26%
are still unbanked
>150MM people1**
Is the ranking of the highest-ranked Latin American
financial center (Mexico City, Mexico) in the latest GFCI2
#60
$1.1
Other
$0.5
$1.4
42%
$4.0
$0.7
$6.1
Super
Apps
$0.5
Edtech
3%
HRtech
7%
Fintech
3%
Logistics
10%
5%
Proptech
3%
E-
commerce
$0.4
27%
Financial Services remains the top category for venture
investment in LatAm given the continued large opportunity
Percentage of Latin Americans over age 15 who… VC Investment by category in Latin America, 20213
US$ B and % of total venture capital investment
Note: (*) For reference, this percentage is equal to 24% in the US. (**) For reference, this percentage is equal to 5% in the US and, for this analysis, unbanked is
considered not having an account in a financial institution
Source: (1) The World Bank, “Global Findex Database 2021” (2022); (2) Z/Yen, “Global Financial Centers Index” (2022); (3) Latin American Private Equity &
Venture Capital Association, “LAVCA Trends in Tech” (2022)

The fintech (r)evolution in Latin America
is expanding its reach in full force
Wave 1:
B2C Fintech Innovation
Wave 2:
B2B Fintech Innovation
Building
blocks
Central Banks around LatAm have been key to the evolution of fintech, with open banking and instant payments
Infrastructure has evolved rapidly to match changing customer expectations and accelerate the digital revolution
“The secret to success is to do the
common things uncommonly well.”
- John D. Rockefeller
The first wave of fintech was defined by disruption
of traditional B2C models and inclusivity
“History never repeats itself,
but it does often rhyme.”
- Mark Twain
Now the same high standards are being
pursued in transforming B2B models

64
In March 2022, the
Central Bank launched
its Open Finance
Project to transform
FX, investments,
insurance, and pension
as Open Banking is
doing to traditional
banking services
BRAZIL
CHILE
In August 2021, the Chilean
Ministry of Finance published
guidelines for a regulatory
framework that promotes the
development of Open Finance
COLOMBIA
Guidelines for Colombia’s
Open Finance system are
expected to be published
soon after public consultation
ARGENTINA
Transfers 3.0, the country’s
real-time payment scheme,
was launched in November
2021
Successful Open Banking API calls in Brazil2
Millions
Reduces the cost of financial services by
democratizing access to customer data
Paves the way for new businesses by enabling
new models and reducing incumbents’ data
access advantage
0.7 5.3 5.4
96.4
360.7
Jun-22
Feb-22
Oct-21
Jun-21
Feb-21
As Open Banking & Finance gains relevance in LatAm, it
is expected to bring continued innovation and changes
Open Banking’s effects on traditional finance
Current state of
Open Banking & Finance1
2022
Source: (1) Belvo “The state of open banking in Latin America in 2022” (2022), Ministerio de Hacienda y Crédito Público de Colombia, Ministerio de Hacienda de
Chile, Banco Central do Brasil, Banco Central de la República Argentina, Atlantico Analysis; (2) Open Banking Brasil

65
Pix, a brief history of the future
Pix is Brazil’s instant payment system. It is free to use, available 24/7, and can be used by individuals,
businesses, and the government. Launched in November 2020, Pix has taken Brazil by storm.
Pix was developed by the Brazilian Central Bank in partnership with private financial institutions. It is
integrated into the apps of banks and digital wallets with high visibility to the user, as required by the
Central Bank.
From the users’ perspective, they only need to register a unique key to use Pix. This key can be one’s
phone number, e-mail address, tax ID number (CPF), or a randomly-generated code. Each key is tied not
only to one unique individual or business, but also to a single financial institution and account. This allows
users to have different keys for different banks and accounts.
To pay with Pix (or ‘make a Pix’ in the new colloquialism), a user taps the Pix button or link in their financial
institution’s app, fills in the receiver’s unique key, the amount to be paid, an optional note, and securely
confirms the transfer. The whole process can also be completed by scanning a QR code, now as
ubiquitous in Brazil as the street vendors that happily use them.
Pix. It’s that simple.

66
Number of transactions by digital payments in Brazil
Billions
30
274
475
624
785
889
934
986
Mar-22 Aug-22
Mar-21 Jul-22
Nov-20 Jun-22
Jul-21 Nov-21
33x
TED
Other
Boleto +
Convênio
Pix
Q1
Q4
3.9
Q3
2.9
1.9
4.3
Q1
Q2
3.0
3.5
0.9
Q4
Credit Card
0.0
Q2
0.2
Debit Card
Q1
2.8
3.0
Q4 Q3
2.8
Q3
Q1 Q2
2.5
2019 2020 2021 2022
Pix is eating digital payments in Brazil
Pix total payment volume
R$ B
Note: (*) The US Dollar to Brazilian Real exchange rate on August 12, 2022 was 5.08 and averaged 5.12 in 2022
Source: Banco Central do Brasil

67
Pix is eating digital all payments in Brazil
Pix is tied with cash for daily frequency of use in Brazil
% of population
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
35%
34%
Pix
Cash
+
Source: Atlantico and AtlasIntel Brazil survey 2022, collected from Aug 1st to Aug 28th (representative of population, n=2,262,
2p.p margin of error at 95% confidence level)

68
1.0
75
2.0
5.9
11 20
0.0
Months Post-Launch
Pix took just 11
months to reach 1B
transactions per
month, which is
~1/4 as long as it
took UPI to reach
the same number
UPI (India)
Pix (Brazil)
Pix’s adoption has significantly outpaced the early traction
of India’s UPI, which was launched 4 years earlier
Monthly transaction volume by number of months post-launch1,2
Billions
Source: (1) Banco Central do Brasil; (2) National Payments Corporation of India

69
4.2
9.0
9.5
5.0
2.0
0.5
9.0
8.5
8.0
4.0
2.5
6.0
5.5
7.5
0.0
4.5
3.5
7.0
3.0
6.5
1.5
UPI Pix
2x
Pix is already used by most of the Brazilian population and
at a much higher frequency than UPI in India
Per capita monthly transaction volume, June 20221,2,3
# of transactions
Number of Pix users1*
Millions
39
76
96
108
116
122
Aug-22
Jul-21
Mar-21 Nov-21 Mar-22
Nov-20
50% of Brazilians
Note: (*) Excluding registered businesses
Source: (1) Banco Central do Brasil; (2) National Payments Corporation of India; (3) World Bank

70
Post-launch features released
Pix integrates with phones’ contact list
Select types of Pix transfers are capped at R$1000
between 8:00pm and 6:00am, citing safety concerns
QR codes enable Pix users to make transfers at a faster rate
Two new Pix modalities, Withdrawals (Saque) and Change
(Troco), enable consumers to exchange Pix transfers for
cash at stores
Features to come
Collection (cobrança) will enable businesses to generate
dynamic QR codes for Pix payments that include information
such as value and due date, potentially replacing boletos**
Guaranteed (garantido) will enable consumers to use Pix for
installment payments, as they would with a credit card, by
having their financial institution guaranteeing the payment
New forms of payment initiation, including NFC, Bluetooth,
RFID and facial recognition
International (internacional) will enable Pix to be used for
international transfers
Reinforced by its prompt adoption, Pix has an extensive
roadmap of features that will unlock new opportunities
Note: (*) Up until June 31st, 2022; (**) Boletos are a popular cash-based post-pay method in Brazil
Source: Banco Central do Brasil, Atlantico Analysis

71
45% 41% 41% 38%
55% 59% 59% 62%
Business
Aug-22
Feb-21
Aug-21
Personal
Feb-21
115
105
89
123
63
131
Personal
Aug-22
126
11
Nov-20
10
Feb-22
Aug-21
98
137
15
114
83
9
May-21
121
107
7
Feb-21
58
Nov-21
8
May-22
1
Business
4
6
14
Pix had its early adoption driven by individuals and is now
increasingly being used in business transactions
Total registered accounts by type of user*
Millions
Payment value volume by transaction nature
%
Note: (*) In this case, “accounts” means keys, which are payment addresses that can each be linked to one sole bank account at a time by a Pix user
Source: Banco Central do Brasil

72
Fintech Infrastructure companies have accelerated
the flywheel of innovation in the sector
By reducing the cost (money and time) to launch a fintech,
infrastructure companies have enabled both new B2C entrants
but also the current B2B wave
“The most radical
and transformative
of inventions are
often those that
empower others to
unleash their
creativity –
to pursue their
dreams.”
- Jeff Bezos
act as a bank
make and receive payments
If you want to…
Fintech
Infrastructure

73
Dock as a payment institution1*
Total payment volume and active accounts 5.20M
2.60M
2.60M
2022**
R$ 10B
2.07M
2021
2018
R$ 389k
2020
R$ 50.6B
2019
R$ 722M
29k
435k
R$ 88.4B
Dock, one of the most recent unicorns in Brazil, offers the infrastructure for companies to
integrate card issuing and processing, digital banking, and risk & compliance
A leading provider of fintech infrastructure in Latin America,
Dock dematerializes finance to unlock business potential
Active accounts
H2 2022 forecast
Total payment volume
Dock as a card provider1,2
Card transaction volume in R$ B and % of total volume in Brazil
R$ 51.1B
R$ 28.9B
2022**
2021
4.7%
93.8M
5.9%
93.8M
R$ 123.7B
2.6%
R$ 187.6B
2020
2019
1.6%
Absolute value (R$ B
H2 2022 forecast
Market share
Note: (*) Active accounts are those with cashout in the last 30 days, 2022 data is reflective of June 30th of that year, and the US Dollar to Brazilian Real
exchange rate on August 12, 2022 was 5.08 and averaged 5.12 in 2022; (**) Actual values for H1 2022 were doubled to estimate full year equivalent
Source: (1) Dock internal data; (2) Associação Brasileira das Empresas de Cartões de Crédito e Serviços

74
100
429
371
279
217
Jun-22
121
322
Jul-22
Mar-22 Apr-22 May-22
Feb-22
Jan-22
15
18
31
43
49
57
67
Jun-22 Jul-22
Apr-22
Feb-22 May-22
Jan-22 Mar-22
Pomelo offers a regional cards and payments infrastructure
for fintechs to launch and scale in Latin America
Pomelo number of business customers
Pomelo allows companies to offer prepaid, debit, credit, crypto and corporate cards to over 450M
people in 5 markets.
Pomelo contracted annual recurring revenue
Indexed to January 2022 (=100)
Source: Pomelo internal data

75
Neon
Santander C6
Itaú Nubank
Bradesco
Banco
de Brasil
57% of small business
respondents1 bank at these four
traditional banks
Traditional Banks Challenger Banks
51%
59% 63%
70%
64%
74%
49%
41% 37%
30%
36%
26%
2020
2019
2016 2017
2015 2018
Average
or
Worse
Very Good
or
Good
-20
-38
9
-16
44
2
0
While B2C offerings improved, B2B customers remained
dissatisfied with the incumbent financial service providers
Net Promoter Score by bank in Brazil, 20211 Brazilian small business’ banking satisfaction2
% of total respondents
Source: (1) Idwall “Melhor Experiência Digital” (2021); (2) Serviço Brasileiro de Apoio às Micro e Pequenas Empresas “Financiamento dos Pequenos
Negócios no Brasil” (2020)

76
For example, Nubank is replicating its “unbundling & re-
bundling” strategy for B2B with accounts for businesses
1.1
1.4
1.6
Q4 2021 Q1 2022
Q3 2021
46% of Nubank’s SME customers were
first-time users of financial services
Many other digital banks also offer accounts for businesses
B2C innovation coupled with evolving fintech infrastructure
have energized entrepreneurs to target B2B needs
Nubank number of business accounts1
Millions
cards & spend management
Examples of B2B fintechs in Latin America
payments banks
B2B2C insurance
Source: (1) Nubank SEC F-1 (2021) and Q1 2022 Earnings Presentation (2022); (2) Banco Central do Brasil “Relatório de Economia Bancária” (2020)`

77
Jul-22
53 118 181 268 367
523 672
6,343
3,485
2,873
2,232
5,682
4,300
5,133
1,290
803
1,800
1,014
100 179
295 327 416
540
674
4,188
Mar-22
Jul-21 Jan-22 May-22
Nov-21
Sep-21
1,541
2,018
2,622
3,337
1,129
844
Mar-21 Aug-21 Mar-22 Aug-22
Clara offers companies an end-to-end spend management
platform and exemplifies the current B2B fintech movement
Clara, active in Mexico, Brazil, and Colombia, is a leading corporate credit card, payment
solution, and expense tracking platform for businesses
Clara number of onboarded companies Clara total payment volume
Indexed to July 2021 (=100)
Source: Clara internal data

78
“Humans are tool
builders. We build
tools that can
dramatically amplify
our innate human
abilities.”
3.2 SMB
Digitalization
”
- Steve Jobs

79
Peru
Colombia
1%
93%
85%
90%
5%
2%
9%
1%
13%
Brazil
UK
14%
1%
US
82%
6%
Mexico
3%
79%
1%
17%
95%
3%
Micro
Medium Small
Large
60%
50%
United States3 Europe4
50%
56%
40%
Latin America2
75%
25%
China5
44%
SMBs*
Large companies
LatAm has a higher proportion of SMBs, although they
contribute significantly less to GDP than in other regions
Distribution of businesses by size per country1
% of all businesses
Contribution to GDP by business size
% of GDP
Note: SMB means Small and Medium Businesses
Source: (1) OECD, Financing SMEs and Entrepreneurship (2022); (2) IDB, ”MSME Financing Instruments in Latin America and the Caribbean During
COVID-19“ (2020); (3) U.S. Small Business Administration, “Small Businesses Generate 44 Percent Of U.S. Economic Activity” (2019); (4) European
Commission. “Unleashing the full potential of European SMEs” (2020); (5) Pingan, “China’s SMEs Amid the Pandemic” (2020)

80
$81
United Kingdom
$28
$62
Mexico
$77
$27
$94
$61
$36
$90
$42
$50
$88
$87
$62
$103
Germany
Spain
Brazil
+243%
+77%
+45%
+68%
+42%
Large (250 or more workers)
Small (10-49 workers)
Medium (50-249 workers)
One reason they contribute less to GDP is lower
productivity levels for Latin American SMBs
Labor productivity by firm size, business economy*
Value added per person employed, US$ k
Note: (*) The “business economy” covers mining and quarrying, manufacturing, electricity, gas, steam and air conditioning supply, water supply, sewerage,
waste management and remediation activities, construction and business services (excluding finance and insurance activities)
Source: OECD “OECD Compendium of Productivity Indicators” (2021)

81
STAGE 1
DIGITAL INDIFFERENT
STAGE 2
DIGITAL OBSERVER
STAGE 3
DIGITAL CHALLENGER
STAGE 4
DIGITAL NATIVE
SMB Digital Maturity
Index (DMI)
Singapore
UK
USA
Germany
Japan
New Zealand
Australia
Thailand
India
Hong Kong
Taiwan
France
Korea
Mexico
Brazil
Chile
Philippines
Indonesia
Vietnam
Little to no digital
efforts and skills
Digital efforts in
progress but tactical
A digital strategy exists,
but short-term
Holistic strategy to
digitally innovate
Description
55% 1% 44% 0%
Latin America
6% 55% 32% 7%
United States
9% 53% 32% 6%
Western Europe
To be more productive, SMBs in Latin America must
achieve greater digital maturity, leading to economic growth
Small business digital maturity curve
Countries categorized according to digital maturity index
Canada
China
Note: The study examines eight countries throughout June 2020 (United States, Canada, Mexico, Brazil, Chile, United Kingdom, Germany and France) to
better understand the opportunities and challenges small businesses currently face and the correlation between digital maturity and faster recovery
Source: Cisco “2020 Small Business Digital Transformation” (2020)

82
When analyzing
SMBs across
Latin America, we
find that 4 pain
points have shaped
the emerging tech
ecosystem
Limited access to capital and
financial services
Dependance on business
management processes that are
still largely manual
Limited access and negotiating
leverage vs. major suppliers
Difficulty driving sales and
building a loyal customer base

83
$483
$164
$39
$8
$8
$86
$6
$4
$21
Country Concentration
Access to
Debit
Cards
Access to
Credit
Cards
Underbanked
Brazil Top 5 banks: 80% 70% 33% 33%
Mexico Top 5 banks: 69% 37% 30% 50%
Colombia Top 5 banks 77% 52% 26% 32%
30%
35%
27%
Caixa
Banco do Brasil Itaú Bradesco
26%
29%
Santander
Success rate in obtaining credit with Brazil’s major banks4
% of small businesses that were able to obtain credit
MSME* Finance Gap compares the
estimated “potential demand”** for financing
by MSMEs in emerging economics to the
current supply of financing2
SMBs in Latin America face great difficulty in accessing
capital, creating a substantial financing gap
Micro, Small and Medium Enterprises Finance gap1
Finance gap in US$ B
Current banking system organization3
% of population
Note: (*) MSME is an acronym for Micro, Small and Medium Enterprises; (**) The notion of potential demand expresses the amount of financing that MSMEs would
need, and financial institutions would be able to supply if they operated in an improved institutional, regulatory and macroeconomic environment.
Source: (1) World Bank “MSME Finance Gap” (2) SME Finance Forum “MSME Finance Gap”; (3) a16z “Latin America’s Fintech Boom” (2021) (4) Sebrae “O
impacto da pandemia do coronavírus nos pequenos negócios – 11ª edição” (2021)

84
Cora active customer base*
Number of customers, thousands
4
14
39
71
136
206
February
2022
October
2021
October
2020
June
2021
June
2022
February
2021
52x
Cora total monthly transaction volume
R$ M
34
245
931
1,749
2,908
5,254
February
2022
June
2022
February
2021
October
2020
October
2021
June
2021
155x
Cora is a Brazilian company focused on financial services
for SMBs, a large and underserved market opportunity
Business Model:
Complete financial solution for businesses, providing freedom to charge and receive without bureaucracy and manage all expenses in a single place
Digital business account
(free account, with lower taxes and bureaucracy)
Credit and debit cards for businesses
(physical & digital, practical and with no annual fee)
Integrated financial management
(issue boletos** for free & integration with ERPs)
Note: (*) Active customer base is defined as clients that completed at least 1 transaction in the last 30 days; (**) Boletos are a popular cash-based post-pay method
Source: Cora internal data

85
106 B
1.5 T
Total B2C Retail
E-commerce B2C
(7% share)
24 B
2.4 T
Total B2B Retail
B2B online
(1% share)
Online market penetration by country
7% 21% 25% 1% 14% 32%
20%
26%
32%
29%
Middle East
and Africa
Latin
America
37%
Western
Europe
Asia Pacific
North
America
26%
Central and
Eastern Europe
B2C B2B
While e-commerce volumes have increased substantially in
Latin America, B2B online sales still have room to grow
Growth in E-commerce Sales by region, 20201
% change, YoY
Brazilian E-commerce and Total Retail Market Size, 20212
Market size in R$
B2C
B2B
Source: (1) eMarketer “Latin America will be the fastest-growing retail ecommerce market this year” (2020); (2) InfraCommerce IPO Preliminary Prospectus (2021)

86
Vertical-focused B2B marketplaces have emerged to offer
better prices and superior shopping experiences
B2B marketplaces by OLX category and even more…
Food & beverages
Procurement
Construction
OLX is the largest classifieds
website in Latin America,
akin to Craigslist in the US

87
Olist is a Brazilian unicorn with a full-suite solution to help
SMBs drive sales online
Business Model:
Providing SMBs with the necessary tools to create their online business as well as ideal solutions to take it even further, including offerings such as
Web design
features
Sales channels
integrations
Product and sales
management
ERP &
Invoicing
Reports
and KPIs
CX to promote
conversion
Olist active seller base
Indexed to 2018 (=100)
Brazil eCommerce market and Olist net revenue
Indexed to 2018 (=100)
100
151
320
395
2022*
2021
2018 2020
2019
213
100
179
1,752
100
206
281
335
2019 2022(e)
2021
2018 2020
341
123
1,076
Marketplace
integrations
eCommerce market
Olist net revenue
Since 2020, Olist’s SMB-driven
revenue has outpaced the overall
eCommerce market growth by ~6x
Note: (*) Result is the sum of actual values up to July 2022 and forecasted for the remainder of 2022, estimated by company
Source: Olist internal data

88
Excel or
sheets
ERP
system
Pen and
paper
Use of software for financial tasks2
% of respondents, Brazilian SMBs (Jun 2020)
Automation of business processes3
% of respondents, Brazilian SMBs (May 2021)
61%
24%
15%
45%
22%
ERP
system
62%
Business
management
system
63%
54%
Payment
system
Financial
management
system
Accounting
system
27% 33%
Digitize and integrate
business processes
46% 2%
Collect and store
data for customer
relationships
52%
Technology to
understand what value
is to your customer
Collect and store
data regarding
supply chain
49% 23% 28%
19%
55%
40%
26%
Implemented
Partially
implemented
Not
implemented
Business process management is still mostly manual,
making tasks prone to error and extremely time consuming
Primary tool used to control expenses1
% of respondents, Brazilian SMBs (Dec 2019)
Source: (1) Capterra/Gartner; (2) Capterra “Pesquisa sobre adoção de fintechs a partir de open banking” (2020) (3) Agência Brasileira de Desenvolvimento
Industrial “Maturidade Digital das MPEs Brasileiras” (2021)

89
100
119
154
188
207
258
319
357
422
481
Apr
-22
Jan
-22
Jul
-21
Jul
-22
Apr
-21
Jan
-21
Jul
-20
Apr
-20
Oct
-21
Oct
-20
Fudo monthly active restaurants
Indexed to April 2020 (=100)
Fudo average gross merchandise value per restaurant*
Indexed to M0 (=100)
121
131
140 145
153
160 165 167 172 174
M5 M7
M4 M9
M8
M3
100
M2 M6 M10
M0 M1
Fudo, a vertical software platform, is a one-stop-shop for
restaurants looking to increase both sales and efficiency
Business Model:
A single SaaS solution for the food industry across LatAm that allows clients to manage their business by using multiple functionalities including:
Sales Expenses Products Suppliers Clients Reports & KPIs Delivery
Note: (*) M0 corresponds to the first full month after onboarding
Source: Fudo internal data

90
3.3 Web3
& Crypto
- Satoshi Nakamoto
“If you don’t believe it or don’t
get it, I don’t have the time to try
to convince you, sorry.”
”

91
Cryptocurrencies,
DeFi protocols,
and Non-Fungible
Tokens (NFTs) are
new technical
solutions with
use cases that
could be applied to
acute challenges in
Latin America
Store of value
Fighting inflation and currency
devaluation (and controls) by holding
crypto
Ownership
Helping creators monetize and allowing
consumers to own a piece of creations
and experiences through NFTs
Medium of Exchange
Allowing people to receive cross-border
payments and remittances faster and
with fewer fees

92
Hyperinflation has historically plagued countries
such as Argentina, Brazil, and Peru. Argentina is
back to grappling with its ghost1
Remittances received in Mexico have achieved
an all-time high volume with no signs of slowing
down, yet are still expensive3
Currency devaluation (and controls) is also
another visible historical challenge in the region
Venezuela has faced this recently as a
consequence of political instability2
Inflation in Argentina (%) Venezuelan Bolivar devaluation (%) – indexed to value in 2019 Remittances received in Mexico US$ MM
30
35
40
45
50
55
60
65
Q1
2022
Q2
2020
Q3
2020
Q2
2021
Q1
2020
Q2
2022
Q3
2021
Q4
2021
Q4
2019
Q3
2019
Q2
2019
Q1
2019
Q4
2020
Q1
2021
0
10
20
30
40
50
60
70
80
90
100
110
Jan-21
Jul-20 Jan-22
Jan-20 Jul-22
Jan-19 Jul-19 Jul-21
-99.94%
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
2017 2018 2019 2020 2021
Latin America’s history of economic and political uncertainty
creates fertile ground for web3 to thrive
“Inflation: Argentina’s interminable
nightmare”
August 6, 2022
“Venezuela subtracts six zeros from
currency, second overhaul in three
years”
October 1, 2021
“Remittances to Mexico again break
record on back of strong U.S. labor
market”
September 1, 2022
Source: (1) Trading Economics; inflation Argentina; (2) Trading economics, indexed at Jan 2019 value, vs. US dollar – numbers don’t account for 6 digits
government adjustment in 2021, to better compare trend; (3) Knomad/WorldBank “Inward Remittance Flows May 2022” (2022)

93
The crypto market in LatAm is significant when compared
to the stock market, but still with a lot of room to grow
96%
4%
No
Yes
Percentage of people who own cryptocurrencies, Brazil1
Brazilians who invest in the Brazilian stock market, June 20222
% of population with open Brazilian brokerage accounts
98%
Open Brokerage Accounts
2%
Source: (1) Atlantico and Atlas Intel Brazil survey 2022, collected from Aug 1st to Aug 28th (representative of population, n=2,262, 2% confidence
interval) Question: Do you own cryptocurrency?; (2) B3 “Pessoas Fisicas Uma análise da evolução dos investidores na B3” (June 2022)

94
BRAZIL
The Brazilian Central Bank
announced that a pilot of the
Digital Real will go live in the
second half of 2022
MEXICO
Banxico announced it will
launch its digital currency
in 2024
CHILE
Central Bank of Chile is currently
conducting research and will
decide by the end of 2022
COLOMBIA
BanRep is currently considering the
integration of a digital currency and
conducting research
ARGENTINA
Has deprioritized the issuance of a digital
currency but continues to study the subject
EL SALVADOR
Although not a CBDC, Bitcoin became legal
tender* in the country in 2021
CBDCs are “Central Bank Digital Currencies” digital currencies issued, centrally managed,
and fully regulated by Central Banks through digital wallets in a fully virtual sphere
There is no universal case for CBDCs
because each economy is different. In
some cases, a CBDC may be an
important path to financial inclusion
(...) in others, a CBDC could provide
an essential backup in the event that
other payment instruments fail.
- IMF Press Center
Governments in LatAm are also embracing crypto, starting
with CBDCs, to fight some of their challenges
Note: (*) Legal tender means that currency is recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax
payments, contracts, and legal fines or damages (Investopedia)
Source: Atlantic Council, accessed on 07/04/2022

95
CloudWalk total payment volume
Indexed to January 2019 (=100)
In November 2021, CloudWalk issued the
BRLC, the Brazilian Digital Real –
a stablecoin pegged to the Brazilian Real.
Their InfinitePay solution offers BRLC as
cashback for every transaction
100 752
24,867
145,735
Jul-19 Jan-21 Jan-22
Jan-19 Jan-20 Jul-21
Jul-20 Jul-22
72,603
125,508
40,273
8,323
CloudWalk is disrupting payments through blockchain,
offering clients a faster, more secure, and cheaper service
142k+ Token Holders
2.4MM Transfers
CloudWalk is a Brazilian fintech that enables SMBs to avoid high transaction costs through InfinitePay, a
blockchain-based financial platform with its own stablecoin
Source: CloudWalk internal data

96
3.0
2.4
1.9
1.3
5.5
Q3
Q2
Q1
Q4
1.1
5.2
Q3
Q1
3.7
Q2
Q4
4.5
Q3
0.2
1.1 1.1
2.1
2022*
3.2
2020
2019 2021
Fast-growing crypto unicorn Bitso is increasingly serving
remittance needs by offering a cheaper and faster alternative
Number of users among all products1
Millions
Total payment volume for international transfers1
US$ B
Bitso is a Mexican cryptocurrency platform whose mission is to make crypto useful. They allow users to
transfer, send and receive cryptocurrencies safely and easily, regardless of where they are in the world
2020 2021 2022
Between January and May 2022,
remittances in Mexico reached an
accumulated total of US$ 22.4B2, of
which Bitso processed 4.5%
Note: (*) Bitso processed US$2.1B in remittance volume up to September 10th, 2022. If we assume growth rate for June and July 2022 moving forward, Bitso is
forecasted to process an accumulated total of US$ 3.2B by the end of the year
Source: (1) Bitso internal data; (2) Banco de México Ingresos y Egresos por Remesas (May 2022)

97
20%
Mexico
41%
29%
Colombia Brazil
Population who Purchased a Product Because a Creator Promoted it and Monetization amount, Brazil*
% total respondents, % of total surveyed creators
LatAm NFT marketplaces
23
25
19
18
14
No Income
$1-$100
$100-$200
$200-$500
More than $500
Sticky allows creators to sell to
collectors in a marketplace and
earn up to 50% of net initial sales
Tropix is a marketplace
connecting artists and collectors
Xave market is a music, art,
and sports NFT marketplace
Minteo is an NFT marketplace
with artists and creators from
Latin America
Despite their influence, content creators in LatAm struggle
to monetize, with blockchain companies offering a solution
Note: (*) Original study conducted in R$ where US$1 = R$5.20, monthly amount
Source: Statista Global Consumer Survey 2021, Question: “I have bought products because celebrities or influencers advertised them”; Atlantico Digital Influencer
Survey (August 2021), Conducted with 5,182 Influencers

98
$10.7
$7.3
Q1 2022
Q4 2021
$6.7 $6.8
$0.4
Q3 2021 Q2 2022
Q2 2021
OpenSea monthly volume, Global1
US$ B
Fingerprints number of members2
105
219
229
238
245 248 252
May-22
May-21 Jan-22 Jul-22
Jul-21 Sep-21 Nov-21 Mar-22
116
8
195
FingerprintsDAO is a global Decentralized Autonomous Organization (DAO) focused on championing blockchain art by
collecting NFT artwork. The DAO is one of the largest holders of Autoglyphs*, the first fully on-chain, long form “generative art”
OpenSea is the world’s
largest NFT marketplace
Note: (*) Autoglyphs are a completely self-contained mechanism for the creation and ownership of an artwork, being an experiment in generative art, each one
unique and created by code running on the Ethereum blockchain.
Source: (1) Dune “OpenSea” (2022); (2) Dune “FP Members” (2022)
In the broader NFT space, Latin Americans are also at the
forefront of global thriving projects such as FingerprintsDAO
Founding group consists of
10 Brazilians and 1 American

99
Rising interest in web3 is evidenced by the existence of
over 100 startups in LatAm across several verticals
Mango Labs* is a Latin American hub
focused on all things web3 in the region
Source: Mango Labs, *https://www.mangolabs.xyz

100
Rio de Janeiro has embraced web3 and fostered a budding
hub to rival regional leaders like Buenos Aires
In an application of a
prominent use case
(membership) for NFTs,
Hashtown members
get access to The Club
through NFTs based on
AI-generated art works
in the style of notable
Brazilian artists
Rio has hosted
multiple relevant
web3 conferences
and gatherings along
2022 like Ethereum
Rio and NFT.Rio
Rio tech and web3 scene has been flourishing, catalyzed
by community gatherings and government initiatives
Hashtown is a members-only club in Rio fostering a
community centered on innovation and culture
Rio’s city government
has been engaged in
web3 with the mayor
frequently present at
events, and projects
to evaluate accepting
bitcoin for taxes and
for reserves

101
+
+
Appendix
Last, but not least
+
+

102
+
+ +
+
1.1 Socioeconomic Foundations
Appendix Slides

103
0 10
5
12
8
16
4
15 20
Chile
Latin America & the Caribbean
GDP
per
capita
(in
US$
k)
GDP (in US$ T)
Mexico
Brazil
Colombia
India
Argentina China
30
45
15
60
25
24
US and
Canada
5
2
Sub-Saharan
Africa
2021
2016
Latin
America
5
2010
Middle East and
Central Asia
Euro Area
Population Size
Latin America &
the Caribbean
Emerging
Economies
Global economic activity, 2010-20211
GDP in current prices US$ T
Comparison of global economy sizes, 20211,2
GDP, GDP per capita and population size
Latin America’s GDP totals US$ 5T and represents 9% of
the global economy
Source: (1) International Monetary Fund; (2) World Bank

104
301
200
157
124
74
238
166
142
106
100
85
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
India
Argentina
Mexico
120
China
Brazil
120
US
Most of the largest economies in Latin America
are expected to recover their GDP to pre-
pandemic (2019) levels by the end of the year
LatAm GDP growth has historically been slower and more
volatile compared to that of other emerging economies
Note: (*) This variability can be explained, in part, due to changes in foreign exchange rates. For example, although Brazil’s 2021 nominal GDP in current US$ was
73% of its 2020 value, it has gone from R$ 7.2T to R$ 7.4T while the US$-R$ exchange rate has roughly increased from 1.7 to 5.1 over the same time period
Source: World Bank
GDP by country (nominal, current US$)*
Indexed by country to 2010 (=100)

105
48%
63%
15-24 years 25 years and over
Labor informality rate in Latin
America by age group, 20162
% of total employment
The youth informality cycle is self-perpetuating1
Youth can only find
informal employment
Informal work’s high
turnover leads to
intermittent employment
Informal work lacks
learning opportunities
Youth lacks stable,
substantial work
experience
7%
25 years and over
15-24 years
20%
Unemployment rate in Latin
America by age group, 20211
%
High labor informality disproportionally impacts younger
people, derailing their career progression over time
Source: (1) International Labour Organization “2021 Labour Overview Latin America and the Caribbean” (2021); (2) International Labour Organization “Women and
Men in the Informal Economy: a Statistical Picture” (2018)

106
Difference in life expectancy at birth to the European Union average by location1,2,3
Years
2.1
2.1
1.7
-3.3
-3.3
-3.0
2.0
-5.5
-7.2
-0.8
-5.2
US
-2.2
-3.6
-1.1
-5.2
-2.8
-0.1
-0.8
Santiago France
Buenos
Aires
Brasília
-4.1
Mexico City Rio de
Janeiro
-4.2
-8.4
Bogotá Spain
-3.6
-4.6
Lima Salvador
-4.4
São Paulo
Women
Men As highlighted by a study published last year in Nature, the “chicken or the egg”
dilemma for higher life expectancy and better social environment indicators
(e.g., better education and greater access to sanitation) has yet to be
answered, but both are strongly associated with each other
Life expectancies in the region’s main cities are
considerably below the average in Europe
Source: (1) Nature Medicine “Life expectancy and mortality in 363 cities of Latin America” (2021); (2) Eurostat “Mortality and life expectancy statistics” (2021);
(3) Centers for Disease Control and Prevention “Mortality in the United States, 2020” (2021)

107
In May 2020, Latin America was declared
by the World Health Organization as the
epicenter of the COVID-19 pandemic
Latin America experienced high mortality rates throughout
the pandemic, reaching over 1.6M deaths by June 2022
United
States
Latin
America
Brazil: 3.2k
United States: 3.1k
Argentina: 2.9k
Colombia: 2.7k
Mexico: 2.6k
Jan-21 Jan-22
Jul-20
Jan-20 Jul-21 Jul-22 Jul-20 Jul-22
Jan-21
Jan-20 Jan-22
Jul-21
43%
26%
31%
53%
Germany: 1.7k
Deaths per million by COVID-19 by country
Total deaths per million over time
Proportion of deaths by COVID-19 by region
% of total worldwide deaths
Source: Our World in Data “Coronavirus (COVID-19) Deaths”

108
Chile: 90.2%
Mexico: 63.1%
United States: 67.0%
Colombia: 70.2%
Brazil: 78.8%
Argentina: 83.0%
Oct-21
Jul-21 Jan-22
Jan-21 Jul-22
Oct-20 Apr-22
Apr-21
Most Latin American countries
began the vaccination process
significantly later than the US
Apr-22 Jul-22
Jan-21 Oct-21
Jul-21
Apr-21 Jan-22
Brazil
Colombia
Chile
Argentina
Mexico
By October 2021, all 5 countries had
reached around 50% of fully
vaccinated people (with Chile
having already surpassed 70%)
Argentina: 0.2K
Brazil: 4.7K
Colombia: 0.6K
Chile: 0.2K
Mexico: 0.8K
June 2022 Data
Despite a late start, rapid vaccination adoption in Latin
America quickly showed positive results in the region
Vaccinated people against COVID-19 per country1
% of people fully vaccinated
Deaths by COVID-19 per country2
New deaths per month
Source: (1) Our World in Data “Coronavirus (COVID-19) Vaccinations” (2022); (2) Our World in Data “Coronavirus (COVID-19) Deaths” (2022)

109
Latin America
Europe
North America
East Asia
May-20 Jul-20 Sep-20 Nov-20 Jan-21 May-21 Jul-21
Mar-21
19%
26%
20%
24%
12%
23%
12%
18%
36%
Oct-20 Feb-21
Oxford
Stringency
Index2*
Brazil 77 67 70 61
United Kingdom 80 68 88 51
United States 73 63 72 59
Japan 47 35 50 53
The pandemic greatly affected businesses in the region,
leading to the closure of over 35% of SMBs in May 2020
Closure rates of SMBs across region1
% of SMBs facing closure
Note: (*) The index records the strictness of ‘lockdown style’ policies that primarily restrict people’s behavior. It is calculated using all ordinal containment and closure
policy indicators, plus an indicator recording public information campaigns.
Source: (1) Facebook “Global State of Small Business Report” (September 2021); (2) Financial Times “Lockdowns compared: tracking governments’ coronavirus
responses” (2022)

110
Sub-Saharan
Africa
Latin America
& Caribbean
Global
South Asia
Middle East
& North Africa
Europe and
Central Asia
87
86 89
63
63
70
58
53
51 52
79
13 10 14
2022
2019
2015
12.4
11.7
8.2
6.6
6.4
6.2
4.3
3.6
Middle East
and North Africa
North America
Sub-Saharan
Africa
Global
Latin America
and Caribbean
Europe and
Central Asia
South Asia
East Asia
and Pacific
COVID-19 was highly detrimental for education in the
region, with learning poverty* increasing by over 25 p.p.
Learning poverty globally and by region1*
2015 and 2019 actual values and 2022 Simulation Estimates
Learning delay by region given COVID-19 pandemic2
Average months of learning
Children in Latin America and
the Caribbean experienced
some of the longest
uninterrupted COVID-19 school
closures in the world. There
was an average estimated loss
of 1.5 years of learning.3
Note: (*) The learning poverty rate measures the proportion of children who are unable to read a simple text with comprehension by age 10
Source: (1) World Bank, UNICEF, FCDO, USAID, the Bill & Melinda Gates Foundation “The State of Global Learning Poverty: 2022 Update” (2022); (2) McKinsey
“How COVID-19 caused a global learning crisis” (2022); (3) World Bank, Unicef and Unesco “Two Years After: Saving a Generation” (2022)

111
278
363
Engaged
Not engaged
+31%
The pandemic led to increased mental stress and the rise of
platforms that help companies support their employees
Average employee tenure by engagement on Zenklub3
Number of days
Zenklub is a Brazilian company that offers companies lifelong learning modules, behavioral analytics platform and digital
therapy with proven business outcomes such as improvement in employee retention and decrease in absenteeism
17.3% to < 19.2%
22.1% to < 25.4%
25.4% to < 29.2%
29.2% to < 35.0%
35.0% to < 38.7%
> 38.7%
Prevalence of depressive & anxiety disorders1
Percentage change in prevalence following COVID-19 pandemic
In 2021, the average
corporate well-being index2
assessed by Zenklub fell to
49.3, well below the ideal
threshold, defined at 78
In 2022, the average corporate well-being index of
companies evaluated was 61.7; for companies with mental
health support initiatives, that number was 21% higher2
Source: (1) Pan American Life “Mental Health in Latin America and the Caribbean, The Silent Pandemic” (2022); (2) Zenklub and UFRJ “Índice de Bem-Estar
Corporativo no Brasil” (2022); (3) Zenklub internal study, conducted with tech companies across a 24-month period (n = 3,510)

112
Population priorities in life changes due to the COVID-19 pandemic
% of population that reported the COVID-19 pandemic affected the form in which they understand their priorities in life
81%
78%
74% 72%
68%
60%
US
Argentina
Chile
Brazil
Mexico Colombia
The COVID-19 pandemic changed people’s priorities across
many countries in the region
+
Source: Atlantico and AtlasIntel survey 2022, collected from Aug 1st to Aug 28th (representative of population, n=6,449, 2-3%
confidence interval)

113
Social and political polarization in Latin America is strong,
but less so than what is observed in the United States
Perception of conflict between opposing parties’ supporters**
% of population
Perception of social conflict between economic classes*
% of population
36% 31% 29%
36% 31% 29%
34%
20%
33%
33%
17%
31%
25%
38%
32% 19%
34%
34%
5%
11% 6%
13%
18%
6%
100
100
100
Brazil
No conflict
100
100
USA
Colombia
Yes, some
Yes, very strong
100
Yes, strong
Argentina Mexico
Chile
66%
47% 42%
52%
31%
63%
14%
21% 29%
20%
34%
23%
19%
26%
26%
16% 30%
13%
7%
12%
6%
100
100 100
Yes, some
Yes, strong
USA
Mexico
Yes, very strong
100
100
Colombia
No conflict
Chile
100
1%
0%
Argentina
3%
Brazil
+
Note: (*) Responses to ‘Would you say there are social conflicts in your country between people in different economic classes?’;
(**) Responses to ‘Would you say there are social conflicts in your country between people who support different political parties?’

114
Inflation Crime & violence Poverty & social inequality
Population concern with issue by country
% of population
61%
29%
26%
60%
46%
61%
29%
Brazil
26%
65%
33%
46%
Chile
54%
35%
Argentina
60%
Mexico Chile
Argentina World
World Mexico
Brazil
38%
World
Mexico Argentina Brazil
Chile
Inflation, crime & violence, and poverty & social inequality
are of concern in many of the largest economies in LatAm
Source: Ipsos ”What Worries the World? July” (2022)

115
Population feeling towards rising prices
% of population that felt affected by rising prices over the last year
85%
59%
70%
96%
79%
64%
15%
35%
27%
18%
30%
6% 6%
Mexico
Brazil Colombia
2% 2%
Not at all
US
3% 3%
Chile
Very much
Argentina
Somewhat
0%
Populations across Latin America report feeling very
affected by recent rising prices
+

116
Brazilian population feeling towards rising prices
% of population that felt affected by rising prices over the last year per income level
75%
47%
57%
47% 43%
20%
48%
34%
49%
44%
5% 5% 9% 13%
Somewhat
Not at all
Above R$10k
4%
R$3-5k
R$2-3k
Up to R$2k
Very much
R$5-10k
In Brazil, inflation affected people from all income levels,
with the lowest income segment being the most affected
+

117
Population perceived greatest risk to our planet
% of population that think of each as the greatest risk to our planet
15%
9%
9%
5%
8%
14%
10%
16%
9% 26%
7%
10%
22%
22%
18%
17%
11%
18%
18%
11%
15%
44%
65%
50%
39% 38%
30%
24%
1% Other
I don’t know
3%
4%
New pandemics/
diseases
Wars and terrorism
US
3%
Climate change
Brazil
3%
Argentina
The collapse
of democracy
Mexico
1% 3%
Chile
Colombia
2%
Climate change is thought of as the greatest risk to our
planet in the largest Latin American countries
+

118
Population belief in human-caused climate change
% of population that believe we are currently seeing climate change and global warming caused by humans
6%
15%
22%
29%
12%
36%
8%
4%
7%
13%
8%
94%
77% 74%
64%
75%
56%
No
I don’t
know
US
Brazil
Argentina
Chile
Colombia
Yes
Mexico
Most Latin America citizens believe that climate change
and global warming are caused by humans
+

119
9%
10%
5%
31%
92%
50%
Other
Religions
Roman
Catholic
2010
Unaffiliated
2000
Evangelicals
1991 2020
1980
1970
21
105
1994 2020
5X
Religious denomination landscape in Brazil1 Number of Evangelicals in the
Brazilian House of Representatives2
The Evangelical Church has gained ground as a driving
force in Brazilian society
Note: With “Evangelicals” we are referring to ”evangélicos”, who are part of a Protestant Christian movement started in the 17th century
Source: (1) Datafolha, Brazilian Census; (2) UOL “Congresso em Foco” (2020)

120
+
+ +
+
1.2 Digitalization
Appendix Slides

121
20% 19%
6%
74% 75%
80%
66%
8%
6% 11%
25% Other
1%
5G
3G
Western Europe
3%
4%
0% 2%
Latin America
4G
North America North East Asia
6%
12%
19%
26%
35%
66%
73%
73%
69%
63%
58%
50%
8%
8%
7% 6% 6% 5%
25%
18% 14% 13% 13% 11% 11%
4G
5G
3G
2022(e) 2027(e)
2024(e)
4%
2026(e)
2023(e)
Other
2021
1%
2025(e)
2%
5G has increasing relevance today to allow for digital transformation. Up to 10 times faster than 4G, 5G provides greater network security to enable the adoption
of novel applications, e.g., the internet of things (IoT), AR, and VR. It also has significant social value by enhancing health systems and infrastructure.
5G in Latin America is projected to make up 35% of mobile
subscriptions, unlocking greater digital transformation
Subscriptions by network type by region, 2021*
% of total subscriptions
Subscriptions by network type, Latin America
% of total subscriptions
Note: (*) Subscriptions refers to lines
Source: Ericsson

122
46
57
2
94
2022*
2018
2016 2020*
2014
2012
Pay TV
Streaming
(OTT**)
8%
10%
19%
50%
21%
Digital adoption is especially pronounced in the shift from
pay TV to streaming services like Netflix and Disney+
Number of Subscribers by Viewing Format1
MM of people
Most Popular Streaming Platforms in Brazil2
% market share, 2022
Note: (*) Projected figures by Ampere Analysis; (**) OTT (Over the Top) refers to any type of video or streaming media offered directly to viewers via the internet
Source: (1) LABS; (2) Netscribes

123
97.4
Media Products E-commerce
30.5
Consumer Appliances E-commerce
Apparel and Footwear
Other E-commerce*
Consumer Electronics
2021
2020
38.4
2016 2017
48.6
71.6
Food and Drink
41.0
2018 2019
+17%
+42%
Growth in “other” category led by sectors
like home care and pet care, showing
diversification from traditional categories
E-commerce has seen higher growth rates in certain sub-
sectors, while growth in traditional sectors stagnated
Annual E-commerce sales in Latin America by category1
US$ B
Note: (*) Categories within “other” include beauty and personal care, consumer health, home care, home improvement and gardening, homewares and home
furnishings, personal accessories and eyewear, pet care, traditional toys and games, and video game hardware
Source: Euromonitor

124
73%
84%
Chile
Peru Brazil
Colombia
Mexico
60%
72%
81%
Coursera learners in Latin America1
Millions
17.9
14.5
2022
2021
Percentage of doctors offering telehealth by country, 20212
%
The digital transformation in Latin America is rapidly
gaining traction across traditional sectors
Source: (1) Coursera ”Global Skills Report” (2021 and 2022); (2) McKinsey & Company “How Latin American physicians view the future of healthcare” (2021)

125
AI Consultations
54%
23%
20%
3%
Health Mall (Marketplace)
Health Management
Consumer Healthcare
Online Medical Services
423
MM
Users
since
2015
21K
Partnered
hospitals &
pharmacies
$10B
Revenue
in 20212
E-Prescriptions
Women’s Health Telehealth / Mental Health
Revenue distribution of Ping An Good Doctor, China’s largest
online healthcare platform, 20201
%
Brazilian healthcare startups by category
Ping An
Good Doctor
While one-stop solution healthcare platforms emerged in
China, platforms are category-specific in places like Brazil
Source: (1) Huajin Securities (2) Ping An Good Doctor Annual Report

126
+
+ +
+
1.3 Remote Work
Appendix Slides

127
Not for everyone: The move towards remote work was
correlated to wage levels and variated across countries
Remote work adoption in Brazil based on wage percentile, 20211
Share of workers who worked from home by wage percentile
10%
15%
30%
0%
40%
35%
20%
45%
5%
25%
60th 100th
70th
0th 50th
10th 20th 30th 40th 80th 90th
14.7%
17.9%
14.7%
67.4%
5%
40.0%
8.7%
73.6%
Mexico
13.9%
17.7%
USA
Chile
22.6%
62.7%
81.1%
30.5%
Brazil
29.5%
Argentina
Yes, some of the time
Yes, all of the time
Never
Remote work adoption in Latin America by country, 20222
Share of workers by frequency of remote work
+
Source: (1) Scielo “Who worked from home in Brazil? Inequalities highlighted by the pandemic” (2021); (2) Atlantico and AtlasIntel
survey 2022, collected from Aug 1st to Aug 28th (representative of population, n=6,449, 2-3% confidence interval)

128
Developed markets Emerging markets
46%
39% 39%
26% 22%
16%
54%
61% 61%
74% 78%
84%
China
UK Mexico India
US Japan
Remote-enabled
work
No potential of
remote work
Country’s remote work potential1
Potential share of time that workers could spend working remotely*
Remote workers inflexible about work from home2
Share of workers that would look for a new job if demanded to work on-site**
Mexico
33%
China
36%
Great
Britain
India
31%
Japan
21%
36%
Brazil
27%
US
48%
Developed markets Emerging markets
Emerging markets have lower potential for remote work
penetration, yet remote workers tend to be less flexible
Note: (*) Graph doesn’t show actual share of time, but a theoretical maximum calculated based on the countries’ sector, occupation, and activity mix. It
considers all activities not requiring on-site presence. (**) Share of online employees that ‘strongly agree’ or ‘agree’ with the statement ‘If my employer expected
me to work away from home full time, I would consider looking for another job given the same salary and responsibility’. Source: (1) McKinsey “What’s next for
remote work: An analysis of 2,000 tasks, 800 jobs, and 9 countries” (2020); (2) Ipsos ”Return To The Workplace Global Survey” (2021)

129
Companies show a greater adoption rate of remote work the
smaller they are
Adoption of remote work by company size
% of respondents
47%
34%
19%
26%
31%
31%
14%
16%
23%
13%
19%
27%
>500 employees
101-500 employees
1-100 employees
100% remote
51%-99% remote
25-50% remote
<25% remote
+
Source: Runa and Atlantico survey “The Future of Work in Latin America 2022” (n = HR leaders in 500 companies in Latin America)

130
Most companies allow for some form of remote work in all
areas
Allowance of remote work by company area
% of respondents
+
Note: Respondents could select “All areas”, “None”, or one to multiple areas within their companies
Source: Runa and Atlantico survey “The Future of Work in Latin America 2022” (n = HR leaders in 500 companies in Latin America)
69%
79%
88%
Product
and tech
80%
Administrative Operations
Marketing
and sales

131
+
+ +
+
2.1 State of Venture Capital and Tech
Appendix Slides

132
Recent Trends**
Non-profitable technology companies rapidly appreciated in
value in 2021, driven by high future cash flow expectations
Goldman Sachs Non-Profitable Technology Index*
Indexed basket of US-listed profitless tech companies
0
50
100
150
200
250
300
350
400
450
H1 2021
H2 2020
H1 2019 H1 2020 H2 2021
H2 2019
5.3x
Starting in 2020, tech companies' valuations
boomed, with the index peaking during the
beginning of 2021 at ~5.3x its value at the
start of the pandemic, though still facing
some volatility
19 pandemic
Note: (*) Created in 2021, the GS Non-Profitable Tech basket consists of non-profitable US listed companies in innovative industries, as defined by Goldman Sachs
to be broad and include new economy companies across industry groups; it is optimized for liquidity. The index is an absolute measure of the value of this basket.
Data until Dec 31st 2021.
Source: Bloomberg

Atlantico LatAm Digital Report 2022.pdf

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