OBN Capital CEO Matteus Ribeiro in São Paulo.
When technology investors talk about the future in 2026, the conversation almost always turns to artificial intelligence. Matteus Ribeiro, CEO of São Paulo-based OBN Capital, is focused on something less glamorous but, in his view, just as transformative: the digital infrastructure that lets businesses in emerging markets sell, get paid and grow online.
E-commerce is now the fourth pillar of OBN Capital’s investment strategy, alongside healthcare, infrastructure and private commerce. It is also where the firm’s two halves meet. OBN Capital supplies the capital, and its marketing wing, OBN Digital, supplies the know-how to turn online storefronts into revenue.
The Opportunity in Emerging Markets
Brazil shows why the thesis is attractive. The country has one of the largest online retail markets in Latin America. The Brazilian Electronic Commerce Association (ABComm) forecast e-commerce revenue of about R$224.7 billion for 2025. Brazil has also built some of the world’s most advanced payment infrastructure: Pix, the instant payment system launched by the country’s central bank, has become a standard way for consumers to pay.
Yet many small and mid-sized retailers in the region still lack the tools, data and marketing expertise to compete online with larger players. That gap is where OBN sees value.
“Everyone is looking at AI models. We are looking at the shop owner in São Paulo who still cannot sell properly online,” Ribeiro said. “Give that business the right infrastructure and the right marketing, and the growth is immediate and measurable.”
Capital Plus Capability
What sets OBN’s approach apart is that it does not invest and then step back. OBN Digital began in 2021 as an e-commerce solutions provider and has since grown into a full digital marketing operation with more than 2,000 clients across the Middle East, southern Europe and Latin America. Its services cover e-commerce optimization, paid advertising, search engine optimization, social media management and content creation.
When OBN Capital backs an e-commerce or commerce-enabling business, that expertise comes with it, aimed at higher conversion rates, lower customer acquisition costs and brands that can scale.
This model reflects OBN Capital’s wider philosophy. The firm raises capital primarily in Western currencies and deploys it into operating businesses and hard assets in emerging economies, where each dollar buys more talent, real estate and enterprise value. Ribeiro has been clear that the firm chose to stay out of AI investments, preferring sectors where the returns come from real-world activity rather than market sentiment.
Building Talent for a Digital Economy
Technology is only as good as the people who run it, and OBN has invested heavily in a younger workforce. Its São Paulo headquarters, a 3,000-square-metre space in the Edifício Morumbi tower, houses a junior analyst development programme focused on fundamental analysis, macroeconomic modelling and deal structuring. OBN Digital’s online marketing wing is now led by Davi Oliveira, a young Brazilian entrepreneur with a background in paid advertising and targeted campaigns.
“We’re betting on generation Z,” Ribeiro said when the São Paulo office opened. “I myself was just a young amateur when I entered the banking game.”
The Long View
Not every technology story has to be about the next breakthrough model. For OBN Capital, the opportunity lies in the infrastructure, marketing and talent that let ordinary businesses in fast-growing economies take part in the digital economy. With roughly $1.4 billion in assets under management, according to the firm, and a marketing operation built for e-commerce growth, Ribeiro is betting that the quieter side of tech will deliver the more durable returns.
