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    Thiago Paura Mascarenhas

    Research Analyst at BTG Pactual

    Thiago Paura Mascarenhas is an Analyst at BTG Pactual specializing in equity research, with a primary focus on financial services and fintech companies. He covers firms such as StoneCo Ltd. and IRB-Brasil Resseguros SA, and has actively participated in earnings calls and investor conferences with these companies. Mascarenhas joined BTG Pactual after starting his career in finance, where he steadily built experience through sector-specific analysis. Although explicit performance metrics and professional credentials such as success rates and securities licenses are not publicly available, he maintains a visible industry presence through direct engagement with company management and research events.

    Thiago Paura Mascarenhas's questions to StoneCo (STNE) leadership

    Thiago Paura Mascarenhas's questions to StoneCo (STNE) leadership • Q1 2025

    Question

    Thiago Paura Mascarenhas asked for a deeper understanding of Stone's competitive advantage in the credit segment, particularly regarding its underwriting model and structural advantages that support its 2027 guidance for the credit portfolio.

    Answer

    Executive Lia de Matos detailed a two-pronged credit strategy. The first involves longer-duration working capital loans for SMBs, differentiated by a specialist distribution and a unique repayment structure tied to sales. The second, less mature part focuses on shorter-duration products like credit cards for micro-merchants and PIX-based financing. She stated the overall differentiation stems from the product experience, offering, and distribution approach.

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