The Brazilian private credit market has experienced a boom in the last decade, becoming an industry that raises more than R$700 billion per year with CRIs, CRAs and debentures, present in the portfolios of large funds and individual investors. However, the data infrastructure has not kept pace with the segment. Decentralized information, divergent fees, and lack of standardization have made managing these assets an operational challenge.
It was to solve this pain that Daniel Magalhães, former CEO of Virgo, and Edson Lopes, former Itaú, created Vitrify, a startup that created a platform to be the reference screen for private credit, or, in the definition of the founders themselves, the “Bloomberg of private credit”.
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Officially launched in December 2025 after a testing period that began in March of the same year, the platform consolidates, cleans and standardizes data from around 10 thousand active securities on the market. The sources are diverse: B3, Anbima, CVM, fiduciary agents and the issuers themselves.
“This is still a market that has difficulty with secondary liquidity for two reasons: the liquidity pockets are decentralized and the data is destandardized, which makes pricing difficult”, explains Magalhães. “We want to be this platform where participants seek data, information and scale, without conflict of interest. We do not want to be a transaction desk, but the reference screen.”
The platform is aimed at fund managers, family offices, independent investment agent offices and other market participants. The partners explain that Vitrify has five main functions:
- Portfolio observance: a “copilot” that centralizes relevant facts, communications and management of meetings of the securities in the portfolio;
- Flow reconciliation: monitoring payments, amortizations and redemptions, with alerts about delays or extraordinary events;
- Search: quick access to documents, covenants, guarantees and list of holders of each asset that make up client portfolios;
- Search for issuers: allows you to investigate any issuer or paper
- Analytics: comparative tools that allow different theses and capital structures to be compared.
In addition to the difficulty of finding data in different sources, Vitrify also needs to deal with divergent information. In some cases, Anbima, B3 and securitizers report different rates for the same paper. It is possible for a rate to be changed at a meeting, but the information is not updated at all ends of the market.
To solve the problem, the company relies on the help of artificial intelligence tools to “always have a final photo of the data we want to use”, explains Lopes.
Keeping an eye on emitters
Although the initial focus is on the buy-side (who buys the credit), Vitrify prepares the ground to also serve issuers — the companies that take on the debt. The idea is to provide market intelligence for CFOs and treasurers to understand how their roles are performing in the secondary and how their competitors are raising resources.
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“Today, an issuer has difficulty knowing who the investors are in their paper and how competitors raise money. We want to provide data so that they are better equipped to talk to investment banks about a new structuring”, says Magalhães.
Towards R$3 million in 2026
The company is new, but the projected growth rate is aggressive. Vitrify started monetization in October 2025 and ended the year with a Monthly Recurring Revenue (MRR) of R$50 thousand.
For 2026, the goal is to multiply this number by ten. “We work with a goal of closing December 2026 with R$500,000 in MRR. Given that revenue accumulates, we imagine earning around R$3 million throughout the year”, reveals Magalhães. The business model is based on subscriptions (SaaS) charged per institution or business unit, with no limit on registered users or assets, encouraging massive adoption within teams.
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To date, the operation has been financed with the partners’ own capital. However, the startup is preparing to announce its first round of funding soon. The capital will be allocated entirely to technological development.
“Funding is very much focused on the use of technology applied to the business,” says Lopes. The roadmap includes the creation of an innovation center focused on AI to improve real-time asset pricing, one of the final frontiers to unlock private credit liquidity in Brazil.
With the promise of reducing information asymmetry, the startup is betting that, by organizing the mess of market data, it will bring more investors to the table. “We see Vitrify as a tool for expanding this market. More data and more security bring more investors and, consequently, more issuers”, concludes Magalhães.
