A5X hits $525M valuation with $70M Series D for Brazilian derivatives exchange

A5X, a Brazilian fintech founded in 2023, has raised a $70M Series D to fund its push to build a derivatives exchange in Brazil and take on incumbent B3.

The round was led by Morgan Stanley, Goldman Sachs and Kaszek. Existing investors IMC, Jump Trading, Optiver, XTX Markets, XP and ABN AMRO Clearing also participated, giving the Brazilian exchange project a cap table heavy with market makers and trading firms rather than only traditional venture capital.

The raise values A5X at approximately $525M, roughly thirteen times the capital it had gathered in its previous round. A5X raised approximately $39M in September 2025.

A5X's technical pitch rests on a combination of trading and clearing technology from London Stock Exchange Group and infrastructure developed specifically for the Brazilian market. That pairing is central to the company's effort to stand up a full exchange stack in a market where B3 has long been the dominant venue for derivatives trading.

The company now has more than 200 employees.

Details on what the new capital will fund, beyond the exchange build-out, were not disclosed in the announcement.

The Series D lands amid broader interest in Latin American market infrastructure, where new entrants have tested whether incumbents' grip on trading and clearing can be loosened by importing proven exchange technology and pairing it with local market plumbing. A5X's investor list suggests that some of the trading firms that would ultimately route flow through a new venue are already betting on its ability to win share.

The company did not announce a timeline for its exchange's full launch or provide revenue figures.