Morgan Stanley and Goldman Sachs Back A5X's Challenge to B3

A5X has raised $70M in a Series D round led by Morgan Stanley, Goldman Sachs, and Kaszek — a syndicate that places some of the largest names in global finance at the top of the cap table of a Brazilian startup founded only three years ago.

The company is building a derivatives exchange to compete with B3 in Brazil. Its platform combines trading and clearing technology from London Stock Exchange Group with infrastructure developed for the Brazilian market, a pairing that suggests A5X is importing proven plumbing rather than constructing every layer from scratch.

The round values A5X at approximately $525M.

Existing investors also participated: IMC, Jump Trading, Optiver, XTX Markets, XP, and ABN AMRO Clearing. That roster is as notable as the lead ticket. Several of those names — IMC, Jump, Optiver, and XTX Markets — are proprietary trading firms and market makers whose economics hinge on exchange liquidity and execution costs. Their continued participation suggests A5X is courting the participants a new venue needs to become viable, not just the capital required to build it.

A5X has more than 200 employees. The company raised approximately $39M in its previous round in September 2025, making the Series D a significant step up in a span of roughly a year.

The competitive backdrop is formidable. B3 has long dominated Brazilian exchange trading, derivatives included, and challengers have found the incumbent difficult to dislodge. But Brazil's derivatives market is large enough that even a modest share would be meaningful, and having Morgan Stanley and Goldman Sachs on the lead ticket gives A5X both capital and credibility with the institutional counterparties it will need to attract.

The company's founding in 2023 puts it roughly three years into that effort, with the new capital arriving as it seeks to establish itself against an entrenched domestic operator.