Market Makers
Market Makers is a Brazilian financial media company producing investment newsletters, podcasts, premium investor community access, educational courses, and a value-oriented equity fund for Brazilian retail investors. Founded in 2022, it operates under the BTG Pactual economic group via Grupo Empiricus.
- Company typePrivate
- Founded2022
- HeadquartersSão Paulo, Brazil
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Market Makers does
Market Makers is a Brazilian financial media company founded in 2022 and headquartered on Avenida Brigadeiro Faria Lima in São Paulo. The company produces investment-focused content for Brazilian retail investors, anchored by the daily CompoundLetter newsletter, a long-form podcast with over 380 episodes featuring CEOs, fund managers, economists, and politicians, and a portfolio of subscription products including the M3 Club premium investor community, MM Academy educational platform, The Report monthly digital magazine (launched June 2025), and the Bússola do Valor stock-selection methodology guide. The platform is operated as a direct-to-consumer, content-led business distributed through its website (mmakers.com.br), mobile app, podcast aggregators (Spotify, YouTube), and a multi-channel social media presence.
The business model combines recurring subscription revenue (M3 Club, MM Academy, The Report, Bússola do Valor), advertising and sponsorship income (e.g., Nomad mentions in CompoundLetter), and asset management fees from the Market Makers FIA equity fund, a value-oriented vehicle focused on Brazilian small and mid-cap stocks managed by founder Matheus Soares. Distribution is self-serve, with a freemium top-of-funnel (CompoundLetter) feeding paid subscriptions, and community-driven engagement reinforced by periodic M3 Club enrollment closures. The company is privately held under the legal entity MMKR PUBLICAÇÕES S.A. (CNPJ 47.593.883/0001-54) with a secondary entity Market Makers Publicações Ltda.
The company operates as a minority partnership within Grupo Empiricus, which is part of the broader Banco BTG Pactual economic group, providing institutional backing and distribution synergies. It employs 15 people and is led by founders Thiago Salomão (former InfoMoney editor-in-chief and XP partner), Matheus Soares (former XP Inc Small Caps analyst, Columbia Business School), and Renato Santiago (journalist at Folha de S. Paulo and Exame), with Leopoldo Rosa as COO. The FIA fund has reported a 63.5% cumulative return since inception versus 56.3% for the Ibovespa, providing performance credibility for subscriber acquisition and AUM growth.
Market Makers firmographics
Firmographics- Name
- Market Makers
- Legal name
- MMKR PUBLICAÇÕES S.A.
- Website
- https://mmakers.com.br
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Market Makers is a Brazilian financial media company producing investment newsletters, podcasts, premium investor community access, educational courses, and a value-oriented equity fund for Brazilian retail investors. Founded in 2022, it operates under the BTG Pactual economic group via Grupo Empiricus.
- Ownership category
- akta.pro rank
Market Makers industry classification
Industry- Product category
- Financial Media & Investment Education
- NAICS
- Newspaper, Periodical, Book, and Directory Publishers (5131)
- SIC
- Newspapers: Publishing Or Publishing & Printing (2711), Miscellaneous Publishing (2741), Services-Advertising Agencies (7311)
- akta.pro primary industry
- Business, Financial & Trade News Publishers (MPAJADAC)
- akta.pro secondary industry
- Creative, Content Production & Ad Ops Tools (BPAMALAK)
Keywords
Where Market Makers is headquartered
LocationHeadquarters
- HQ city
- São Paulo
- HQ country
- Brazil
- HQ region
- Latin America
Offices2 records
Markets served
Market Makers business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Operations, Technology or R&D, Others
Revenue model
- Subscription Products: Market Makers generates revenue primarily through subscription products including The Report (digital monthly magazine), MM Academy (educational platform), and M3 Club (premium investor community with 15-day money-back guarantee). These recurring subscriptions provide premium investment insights, analysis, and community access.
- Digital Content Products: The company sells digital educational and analytical products such as Bússola do Valor (Value Compass), a guide teaching investors how to identify solid companies to invest in on the stock exchange.
- Advertising and Sponsorships: Market Makers monetizes its large audience through sponsored content and advertising partnerships, including promotional mentions in newsletters and podcasts (e.g., Nomad financial services advertising in CompoundLetter).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | CompoundLetter - Free newsletter |
| Subscription | Annual | M3 Club - Premium investor community |
| Subscription | Annual | The Report - Digital monthly magazine |
| Subscription | Annual | MM Academy - Educational platform |
| Subscription | Annual | Bússola do Valor - Investment methodology guide |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels7 records
Market Makers product offering
Product offeringCore offering
Market Makers is a Brazilian financial media company that produces and distributes investment-focused content through a daily newsletter (CompoundLetter), a long-form podcast featuring interviews with CEOs, fund managers, economists and politicians, a monthly digital magazine (The Report), an educational platform (MM Academy), and a premium investor community (M3 Club). The company also manages the Market Makers FIA value-oriented equity fund and publishes the Bússola do Valor methodology guide for stock selection.
Product overview
Market Makers is a Brazilian financial media company operating a multi-product platform for investment education and market analysis. The core offering includes the daily CompoundLetter newsletter and Market Makers podcast featuring interviews with prominent market professionals. The company also manages the Market Makers FIA, a value-oriented equity fund, and operates the M3 Club premium investor community. Additional products include MM Academy for investment education, The Report digital magazine, and the Bússola do Valor guide for stock market analysis. The ecosystem is anchored by founders Thiago Salomão, Matheus Soares, and Leopoldo Rosa, and maintains a minority partnership with Grupo Empiricus/BTG Pactual.
Differentiator
Problem solved
Functional benefit
Brands
- MM Academy: Educational platform offering investment courses and training programs.
- M3 Club
- The Report
- CompoundLetter
- Market Makers FIA
Products and services
- CompoundLetter
- Market Makers Podcast
- The Report
- MM Academy
- M3 Club
- Market Makers FIA
- Bússola do Valor (Value Compass)
- MACRO SUMMIT
Quantifiable outcome
- Market Makers FIA accumulated 63.5% return since inception vs 56.3% Ibovespa and 1.1% Small Caps Index
- +2 more outcomes
Companies that use Market Makers
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Market Makers technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
AI capability2 records
Market Makers partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Grupo EmpiricuscoreMarket Makers operates with a minority partnership from Grupo Empiricus, along with Empiricus Research and Empiricus Investimentos. This conglomerate is part of the economic group of Banco BTG Pactual, providing Market Makers with institutional backing and distribution synergies within the Brazilian financial media ecosystem.
Scale indicators5 records
Recent moves5 records
Expansion highlights5 records
Market Makers competitors and assessment
Company assessmentEmerging players
- Seeking Alpha: Global investment research and crowdsourced analysis platform offering premium subscriptions and investment community features. Functionally comparable to Market Makers' compound content-to-premium-subscription model, though operating globally and primarily on US equities rather than Brazilian markets.
- The Motley Fool: US-based investment education and stock recommendation subscription platform serving retail investors with premium memberships, newsletters, and community access. Closely comparable in the financial-media-to-subscription product stack and educational content strategy for retail investors.
Direct peers
- Suno Research: Brazilian independent investment research firm publishing equity research and asset coverage for retail and professional investors. Directly comparable in providing Brazilian small-cap equity analysis and investment recommendations, though focused more on research reports than media products.
- InfoMoney: Leading Brazilian financial news portal and media brand covering markets, investments, and personal finance for retail investors. Highly comparable in target audience and content focus; founded by former colleagues of Market Makers' Thiago Salomão, who served as editor-in-chief.
- Brazil Journal: Premium Brazilian business and financial news subscription platform featuring long-form interviews with major executives and investors. Directly comparable in premium subscription model, interview-driven content format, and target audience of sophisticated Brazilian retail investors.
- NeoFeed: Brazilian digital business media focused on markets, technology, and entrepreneurship, monetized via premium subscriptions. Comparable in audience profile, business journalism focus, and subscription-first distribution model targeting Brazilian professional and investor segments.
- Empiricus Research: Brazilian independent financial research and newsletter publisher operating the same subscription-driven investment content model for retail investors. It is also Market Makers' sister company within Grupo Empiricus/BTG Pactual, making it the closest comparable in product mix, audience, and distribution.
- Stock Pickers: Brazilian investment podcast and content platform co-founded by Market Makers' Thiago Salomão and Renato Santiago. Directly comparable as a Brazilian investment-focused podcast with retail investor audience, representing Market Makers' own lineage and overlapping content.
Broad incumbents
- Valor Econômico: Brazil's flagship financial newspaper and digital platform operated by Globo, covering markets, companies, and economics. Comparable as a financial news and information destination for Brazilian retail and institutional investors, though it operates a broader traditional media model rather than a subscription-creator brand.
- Money Times: Brazilian financial news portal owned by BPoder360 covering markets, cryptocurrencies, and personal finance. Comparable in target audience and Brazilian retail investor focus, though with broader generalist coverage rather than Market Makers' premium subscription niche.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights5 records
Customer concentration
Market Makers social profiles
Digital presenceMarket Makers compliance and trust
Trust signalCompliance1 record
Market Makers financial estimates
Financial estimateRevenue estimate
Valuation estimate
Market Makers leadership team
Management profileNumber of profiles
Profiles4 records
Market Makers funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Market Makers M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Market Makers
What does Market Makers do?
Market Makers is a Brazilian financial media company that produces and distributes investment-focused content through a daily newsletter (CompoundLetter), a long-form podcast featuring interviews with CEOs, fund managers, economists and politicians, a monthly digital magazine (The Report), an educational platform (MM Academy), and a premium investor community (M3 Club). The company also manages the Market Makers FIA value-oriented equity fund and publishes the Bússola do Valor methodology guide for stock selection.
Is Market Makers a public or private company?
Market Makers is a private company. It is classified as corporate owned and is currently operating.
When was Market Makers founded?
Market Makers was founded in 2022. It employs 11 to 50 people.
Where is Market Makers based?
Market Makers is headquartered in São Paulo, Brazil, in the Latin America region.
How does Market Makers make money?
Three revenue lines are on record. Subscription Products are the primary driver. The others are digital Content Products and advertising and Sponsorships.
Who are Market Makers's main competitors?
Emerging players on record are Seeking Alpha and The Motley Fool. Direct peers are Suno Research, InfoMoney, Brazil Journal, NeoFeed, Empiricus Research and Stock Pickers. Broad incumbents are Valor Econômico and Money Times.
Does Market Makers have an API?
No public API is recorded for Market Makers.
What industry is Market Makers in?
Market Makers's product category is Financial Media & Investment Education. Its primary akta.pro industry code is MPAJADAC, Business, Financial & Trade News Publishers, with a secondary code of BPAMALAK, Creative, Content Production & Ad Ops Tools. Its NAICS code is 5131 and its SIC code is 2711.