Brazilian derivatives exchange startup A5X has secured R$360 million in a Series D funding round, reaching a valuation of R$2.7 billion and pushing its total funding above R$730 million. The company, which was founded in 2023 with a mission to compete against B3, has now completed four investment rounds backed by a mix of global and Brazilian financial institutions. The new capital strengthens its path toward a scheduled operational launch in the second quarter of 2027.
A Landmark Funding Round
The Series D was led by Morgan Stanley, Goldman Sachs, and Kaszek, three new investors for the company. Existing shareholders IMC Trading, Jump Trading, Optiver, XTX Markets, and ABN AMRO Clearing also participated, demonstrating sustained support from strategic trading firms and clearing infrastructure providers. Additionally, XP Inc. exercised its call option and joined the investor base, adding another important Brazilian partner to the company's shareholder group.
Capital Use and Regulatory Readiness
The proceeds will finance A5X through its breakeven point and cover the regulatory capital needed to operate as a market infrastructure provider. The funding will also support the scaling of trading and clearing operations before the exchange begins serving clients. A5X combines trading and clearing technology from the London Stock Exchange Group with proprietary infrastructure designed specifically for the Brazilian market, and it now employs more than 200 professionals.
Leadership Perspective
Chief Executive and co-founder Carlos Alberto Ferreira Filho said the company built an ecosystem of some of the world's most sophisticated financial institutions through this round. He emphasized that the combination of strong investors, an experienced team, and globally proven exchange technology significantly strengthens A5X's capacity to launch successfully. Ferreira Filho also reaffirmed the company's commitment to bringing more innovation, transparency, and efficiency to a segment that he believes needs major evolution.
Competitive Landscape and Market Interest
A5X was created by former XP executives and partners to challenge the concentration of derivatives trading currently dominated by B3. Interest in derivatives and event-linked contracts has grown recently with the rise of predictive market platforms such as Kalshi and Polymarket, which popularized trading tied to future events. In March, XP announced a partnership with Kalshi to offer clients with international accounts contracts linked to Brazilian economic indicators, and its entry into A5X reflects that strategic interest in the derivatives space.
Momentum and Recent Milestones
The new funding follows a prior round of approximately R$200 million announced in September of last year. In May, the company added Cicero Vieira, former chief operating officer of B3, as a partner and strategic advisor, strengthening its market knowledge and leadership. These developments, combined with the Series D, position A5X to intensify its challenge in a market that currently relies on a single dominant exchange.
A5X's Series D round represents a significant step toward introducing a new derivatives exchange in Brazil. With substantial capital, leading global investors, and proven technology, the company is building the regulatory and operational foundation needed to launch in 2027. As the Brazilian capital markets continue to evolve, A5X's progress will be closely watched by industry participants, regulators, and investors seeking greater competition and innovation.