Market Makers

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.

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

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

• Financial media
• Investment research
• Investor education
• Value investing
• Equity research

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Others

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core 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

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability2 records

Partnerships

One partnership is on record.

• Grupo EmpiricuscoreStrategic or Co-development PartnerMarket 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

Emerging 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

• Xx.com/mmakersoficial
• YouTubeyoutube.com/channel/mmakers
• Facebookfacebook.com/mmakersoficial
• LinkedInlinkedin.com/company/mmakersoficial
• Instagraminstagram.com/mmakers.oficial

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Market Makers