Luiz Frias leads the Folha-UOL Group, focusing mainly on the acquiring market with PagSeguro PagBank, founded in 2006 as a card payment machine company, a business that turned out to be more profitable for the family than the traditional newspaper business. PagSeguro’s progress as an acquirer gained relevance and the company began to invest on other fronts, such as digital banking. Frías has a fortune estimated at US$1.3 billion, according to Forbes.
