Is Hotmart profitable in 2026?

No audited figures exist for 2026. Hotmart was reported profitable and three times Teachable's size at the time of the 2020 Teachable acquisition, but no company-disclosed revenue or profit numbers have surfaced since, leaving current profitability unconfirmed as of 2026.

Hotmart is privately held, founded in 2011 in Brazil by João Pedro Resende and Mateus Bicalho. Investors include TCV, Alkeon Capital, General Atlantic, Koolen & Partners and GIC, with TCV leading a $130M Series C in March 2021 that valued the company near $1B.

Could AI replace Hotmart?

AI is commoditizing course-structuring and tutoring, workflows Hotmart historically monetized, but the company is folding AI into a sellable AI Agent product (launched 2025-2026) rather than being displaced, and its HotPay payments and compliance infrastructure across 180+ countries remain hard for AI tools to replicate.

Who is Hotmart's biggest competitor?

In Brazil, fast-growing rival Kiwify is the named domestic threat, though no independent market-share data confirms it has taken material share as of 2026. Globally, Hotmart also competes with Kajabi, Thinkific, Udemy, Coursera and its own Teachable subsidiary.

Is Hotmart going public?

Hotmart explored an IPO targeting roughly $500M around 2021 but shelved it as the IPO window closed, and no new funding round or public offering has been confirmed since the March 2021 Series C, leaving its public-listing plans unresolved as of 2026.

What happened with Hotmart's US lawsuit?

A US class action filed in August 2024 by a Washington state plaintiff over payment-processing claims was dismissed in July 2026, with the court ruling the dispute belonged in Amsterdam courts under Hotmart's forum-selection clause.

Netherlands · Netherlands

Hotmart

Platform where creators sell online courses, sales pages, and digital products, strong in Brazil and LATAM.

Protection under test

Assessed 29 July 2026 · Evidence as of 29 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 29 July 2026 · Checkable from Sept 2026 · Every call on the record Checkpoint: Hotmart Fire conference, where a funding update or IPO signal is expected

The call

Hotmart still leads LATAM course sales on payment infrastructure, but no new funding since 2021 and Kiwify's rise leave its next move unclear.

Hotmart helps creators and businesses sell online courses and digital products, especially in Latin America, and handles tricky cross-border payments and local taxes that big US companies like Shopify find hard to manage in that region. The company is difficult to replace because of these payment and tax skills, plus its network of affiliate sellers who promote courses, but it has not raised new investment in years, cut staff in 2022, and lost its chief operating officer, which suggests the company may have stopped growing. A Brazilian competitor called Kiwify is taking market share, and generic course platforms combined with AI tools are making it easier for anyone to build and sell courses without needing Hotmart's help, though Hotmart is trying to stay relevant by selling AI features to creators. The biggest unknown is whether Hotmart will announce new funding or go public around late 2026, which would show whether investors still believe the company has a future.

Why

AI pressure: Generic AI course-builders and chatbot content generators. AI tools can auto-draft course content, weakening Hotmart's structuring value, so Hotmart now sells its own AI Agent as a bundled feature. Could AI do the core job? Only partly.

Bigger players: Kiwify. Kiwify, a Brazilian rival with lower fees, is live and competing directly for the same creators in Hotmart's home market. Could a giant copy it? Probably.

What protects it. HotPay's cross-border payments and Brazilian tax/compliance infrastructure are hard for foreign platforms to copy quickly.

What would change this call

Hotmart discloses a new priced funding round or valuation update. Would show investor confidence returning after five years without a priced round.
Independent data confirms Kiwify's share of Brazilian creators rising versus Hotmart. Would confirm Hotmart is actually losing domestic ground, not just facing anecdotal pressure.
Hotmart announces another layoff round or delays its planned IPO refile again. Would indicate continued operational strain rather than stabilization.

Key numbers

$130M Series C raised, led by TCV (2021-04-01)
12% of staff cut amid efficiency drop (2022-10-20)
$10B+ lifetime creator GMV, 200K+ creators (2024-03-21)

Named risks

No priced funding round since March 2021 leaves valuation stale and liquidity uncertain. Severity: high
12% layoff in 2022 plus October 2025 COO departure signal leadership and cost strain. Severity: medium
Kiwify's growth in Brazil could erode Hotmart's core LATAM creator base. Severity: medium
AI tools commoditizing course-structuring could shrink one of Hotmart's original value props. Severity: medium
US litigation over payment processing could resurface despite July 2026 dismissal. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Kiwify	gaining on	Named as fast-growing Brazilian rival by local press, no confirmed share data as of 2026
Kajabi	contesting	Direct course-hosting and creator-monetization overlap, vendor comparison content ongoing 2026
Udemy	contesting	Broad online-course marketplace overlapping with Hotmart's creator base
Skool	contesting	Community/subscription platform overlapping with Hotmart Club offering as of 2026

Questions people ask

Is Hotmart profitable in 2026?: No audited figures exist for 2026. Hotmart was reported profitable and three times Teachable's size at the time of the 2020 Teachable acquisition, but no company-disclosed revenue or profit numbers have surfaced since, leaving current profitability unconfirmed as of 2026.
Who owns Hotmart?: Hotmart is privately held, founded in 2011 in Brazil by João Pedro Resende and Mateus Bicalho. Investors include TCV, Alkeon Capital, General Atlantic, Koolen & Partners and GIC, with TCV leading a $130M Series C in March 2021 that valued the company near $1B.
Could AI replace Hotmart?: AI is commoditizing course-structuring and tutoring, workflows Hotmart historically monetized, but the company is folding AI into a sellable AI Agent product (launched 2025-2026) rather than being displaced, and its HotPay payments and compliance infrastructure across 180+ countries remain hard for AI tools to replicate.
Who is Hotmart's biggest competitor?: In Brazil, fast-growing rival Kiwify is the named domestic threat, though no independent market-share data confirms it has taken material share as of 2026. Globally, Hotmart also competes with Kajabi, Thinkific, Udemy, Coursera and its own Teachable subsidiary.
Is Hotmart going public?: Hotmart explored an IPO targeting roughly $500M around 2021 but shelved it as the IPO window closed, and no new funding round or public offering has been confirmed since the March 2021 Series C, leaving its public-listing plans unresolved as of 2026.
What happened with Hotmart's US lawsuit?: A US class action filed in August 2024 by a Washington state plaintiff over payment-processing claims was dismissed in July 2026, with the court ruling the dispute belonged in Amsterdam courts under Hotmart's forum-selection clause.

Timeline

2026-07-20US class action over payment processing dismissed in favor of Amsterdam forum clause
2026-04-13Hotmart formalizes AI Agent sellable product format inside Hotmart Club
2025-10-08Hotmart Fire's 10th edition draws 10K+ attendees from 26 countries
2025-10-01Co-founder COO Mateus Bicalho steps down to board after 14 years
2025-09-23Native two-way Hotmart-Teachable enrollment sync integration ships
2024-03-21Hotmart announces $10B+ lifetime creator GMV and 200K+ creators
2024-01-22Hotmart acquires Brazilian AI startup Reshape
2022-10-20Hotmart cuts 12% of staff citing drop in operational efficiency
2021-04-01Hotmart raises $130M Series C led by TCV at unicorn valuation
2020-03-16Hotmart acquires Teachable for roughly $250M

Revision history

29 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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