What Max Capital does

Max Capital S.A. is an Argentine broker-dealer and asset manager founded in 2014 (originally as Max Valores) and headquartered in Buenos Aires, operating under CNV License No. 570 as Agente de Liquidación y Compensación y Agente de Negociación. The company runs a full-stack financial services platform spanning digital retail brokerage, high-net-worth wealth advisory, corporate finance advisory, capital markets underwriting, SME financing, and proprietary asset management through its wholly-owned subsidiary Max Capital Asset Management S.A. (CNV License No. 63). It serves five distinct customer segments—self-directed retail investors, high-net-worth individuals, corporate issuers, SMEs, and fintech/API partners—with physical operations across four Argentine provinces plus Uruguay. Capital Markets activity includes 144 debt issuance tenders across 42 issuers totaling over USD 5,784 million placed, and Max Capital Asset Management holds over $100 billion pesos in AUM across 20+ proprietary mutual funds.

The platform is built on a proprietary cloud-native technology stack comprising Max AI (an NLP-based investment assistant for account queries running on Max Capital's own infrastructure), Max OpenAPI (REST APIs with OpenAPI 3.0 specification and OAuth 2.0/JWT authentication enabling B2B integration of account, onboarding, and mutual fund services), and Matriz OMS (a cloud-based direct-market-access trading terminal developed by Primary S.A. of the A3 group providing streaming quotes and dual-market access to BYMA and A3). Revenue is generated through transaction commissions (0.50% on digital self-serve, up to 3.00% on personalized advisory), asset management fees on the proprietary fund family, custody and administration fees, and B2B API licensing. Distribution is hybrid: 100% digital onboarding for retail, a dedicated relationship-management team of 100+ for HNW and corporate clients, a sales-led capital markets placement desk, an API-first channel for fintechs and PSPs, and professional DMA access through Matriz OMS for sophisticated investors.

Name

Max Capital

Legal name

Max Capital S.A.

Website

https://max.capital

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Max Capital is an Argentine CNV-regulated broker-dealer and asset manager offering retail brokerage, high-net-worth advisory, capital markets underwriting, SME financing, and B2B APIs across Argentina and Uruguay, with a proprietary fund family and AI assistant.

Ownership category

akta.pro rank

Product category

Brokerage and Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Investment Activities (5239), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investors, Nec (6799)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Large-Cap Equity (Active) (FSAAAIAA), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Brokerage services
• Wealth management
• Capital markets advisory
• Asset management
• Corporate finance advisory

Headquarters

HQ city

Buenos Aires

HQ country

Argentina

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Commissions: Commissions charged on buy/sell transactions across all asset classes. Rates vary by service channel: Digital (0.50%) vs Personalized (up to 3.00%). Covers bonds, stocks, CEDEARs, ETFs, options, letters, futures, and derivatives.
2. Asset Management Fees: Fees from managing the Max Capital Asset Management family of mutual funds. Includes management and performance fees on FCI products (money market, fixed income, variable income). Max Capital Asset Management manages over $100 billion pesos in AUM.
3. Custody and Administration Fees: Fees on custody operations including dividends (1.00%), rents (0.70%), amortizations (0.26%), and W8 presentation for T-Bills/T-Notes (EUR 200). Administration and custody costs at Caja de Valores are subsidized.
4. API / B2B Licensing: Revenue from institutional partners and fintechs using Max OpenAPI for account services, onboarding, and FCI management. Monthly flat fee for automated portfolios (up to 0.15% AUM) and annual fee for trading accounts (up to 1.50% AUM).

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

Max Capital is a CNV-regulated Argentine financial services firm that provides retail brokerage, high-net-worth wealth advisory, corporate finance advisory, capital markets debt-issuance placement, SME financing, and asset management services through a proprietary digital platform (app, web, Max AI assistant, Max OpenAPI) and a team of 100+ advisory professionals. It also offers a family of 20+ proprietary mutual funds and complementary platforms for international investing (Max Global), agribusiness (Max Agro), payments (Max Pay), and professional DMA trading (Matriz OMS).

Product overview

Max Capital is a comprehensive Argentine financial services ecosystem combining retail and corporate banking, capital markets, wealth management, and digital trading infrastructure. The platform operates across multiple segments: Digital and Exclusive personal investment services, Corporate Finance and Capital Markets for enterprises, PyMEs for SME financing, and Asset Management through proprietary fund families. Key products include Max AI (AI-powered investment assistant), Max OpenAPI (programmatic API), Max Agro (agribusiness financing), Max Global (international investments), Matriz OMS (professional trading platform), and Max Pay (payments). The proprietary fund management arm (Max Capital Asset Management) offers 20+ mutual funds including Max Money Market, Max Ahorro Pesos, Max Acciones Argentinas, Max Renta Fija (CER-adjusted), Max Dinámico series, Max Cobertura (dollar-linked), and Max Abierto PyMEs. Additional services span stocks, bonds, CEDEARs, ETFs, futures, options, ADRs, letters, corporate bonds, deferred payment checks, promissory notes, financial trusts, and MEP dollar operations.

Differentiator

Problem solved

Functional benefit

Brands

• Max Capital Asset Management: Subsidiary managing the company's family of mutual funds including Max Money Market, Max Ahorro Pesos, Max Renta Fija, Max Acciones Argentinas, and others.
• Max Agro
• Max Global
• Max Pay
• Max OpenAPI
• Max AI
• Matriz OMS
• Max Dinámico

Products and services

• Digital (Personas) Digital investment platform for retail investors, offering access to financial tools to protect and grow savings with 100% online account opening, a fund supermarket with 250+ local and international mutual funds, and AI-powered assistance via Max AI. Commission starts at 0.50% on buy/sell of bonds, stocks, CEDEARs, and options.
• Exclusivo (Personas) Personalized wealth management service for high-net-worth individuals, providing comprehensive estate planning, succession strategies, tax planning, portfolio rebalancing, and exclusive advisory with dedicated relationship managers backed by a team of 100+ professionals. Personalized commissions reach up to 3.00%.
• Empresas Comprehensive corporate services for businesses of all sizes, including financing access, liquidity excess investment, and risk coverage strategies with 360-degree advisory from a dedicated team.
• Finanzas Corporativas Strategic corporate finance advisory for mergers, acquisitions, financing, and restructuring to maximize shareholder value. Services include company evaluation, valuation, debt restructuring, strategic planning, and M&A advisory for Argentine corporates.
• Capital Markets Debt issuance and placement franchise focused on public offerings in Argentine capital markets, including negotiable obligations and financial trusts. Track record of 144 tenders, 42 issuers, and over USD 5,784 million in issued volume. Targets corporate and institutional clients needing financing solutions.
• PyMEs SME financing services including checks, promissory notes, electronic credit invoices, bank loans, leasing, and SGR guarantees through a strategic alliance with Aval AR SGR. Designed for Argentine small and medium enterprises.
• Max OpenAPI Programmatic API ecosystem enabling financial institutions, PSPs, wallets, and fintechs to integrate capital markets services. Provides REST APIs for account statements, digital onboarding, and mutual fund operations with OpenAPI 3.0 specification, OAuth 2.0 + JWT authentication, JSON responses, sandbox environment, and SDKs.
• Max AI AI-powered investment assistant available 24/7 in the mobile app. Processes natural language queries for portfolio valuation, composition analysis, operation history, cash movements, and investment guidance with access to real-time account and market data, powered by account data processed within Max Capital's own infrastructure.
• Matriz OMS Cloud-based professional trading platform (DMA) developed by Primary S.A. with direct access to BYMA and A3 markets. Features streaming quotes, real-time charts, leverage tools, implied rate calculator, and custom watchlists. Available free to Max Capital clients meeting minimum portfolio (USD 5,000) and trading activity (10 transactions/quarter) requirements.
• Dólar MEP Onshore USD purchase/sale mechanism through the capital market by buying bonds in pesos (AL30) and selling in USD (AL30D), enabling dollarization without limits through automated one-click operation with automatic parking compliance and instant peso/dollar crediting.
• Max Capital Asset Management Proprietary fund management company (CNV License No. 63) offering a family of 20+ mutual funds for cash management, fixed income, and variable income. Manages over $100 billion pesos in AUM since 2023. Includes Max Money Market, Max Ahorro Pesos, Max Acciones Argentinas, Max Renta Fija, Max Dinámico series, Max Cobertura, and Max Abierto PyMEs.
• Max Global International investment platform providing access to global markets through partnership with Interactive Brokers, with a flat monthly fee for automated portfolios (up to 0.15% AUM) and an annual trading account fee (up to 1.50% AUM). Account activation is free with minimum funding of USD 5,000.
• Max Agro Agricultural financing solution in alliance with NDC, enabling grain commercializers to sell their grain and receive payment in US dollars through the Max Capital platform.
• Max Pay Integrated platform for managing collections, payments, and reconciliations for businesses, enabling streamlined cash management and operational workflows.
• Fideicomisos Financieros Financial trusts regulated by CNV (License No. 78), where assets become publicly offered securities managed by a fiduciary for investor payments and risk distribution. Used by corporates and SMEs for structured financing.
• Fondo de Asistencia Laboral (FAL) Labor Assistance Fund under Argentine Law 27.802 for corporate severance reserves, invested through FCI or financial trusts to protect capital against inflation.

Quantifiable outcome

• Over $100 billion pesos in AUM managed by Max Capital Asset Management since 2023
• +3 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• NDCcoreStrategic or Co-development Partner · 1 January 2025Alliance with NDC (N discount company) to launch Max Agro, a platform enabling agricultural producers to sell their grain and receive payment in US dollars, targeting the agribusiness sector.
• Aval AR SGRcoreStrategic or Co-development Partner · 1 January 2023Strategic alliance with Aval AR SGR to provide mutual guarantee coverage for SMEs accessing credit and capital markets financing. Max Capital works with Aval AR to offer preferential guarantee lines and financing conditions for PyMEs, integrating SGR guarantee services with the Max Capital platform.
• Primary S.A. (Grupo A3)coreTechnology or IntegrationMatriz OMS professional trading platform is developed and provided by Primary S.A., a technology company within the A3 group. Max Capital offers this platform as a complementary tool to its retail offering, targeting sophisticated investors who need DMA access to BYMA and A3 markets.
• Interactive BrokerscoreTechnology or IntegrationMax Capital Global uses Interactive Brokers as the underlying broker for international investment accounts, enabling clients to access global markets through a unified platform with automated portfolios and trading accounts.
• Multiple SGRs (Sociedades de Garantía Recíproca)minorChannel Partner/ Reseller/ DistributorMax Capital works with multiple SGRs (mutual guarantee societies) nationally to offer guarantees enabling SMEs to access credit lines with better rates than traditional banking, expanding the range of financing options available to clients.
• Multiple BanksminorChannel Partner/ Reseller/ DistributorPartnerships with major banks for guarantee issuance and SME credit line financing, complementing Max Capital's own product offerings for small and medium enterprises.
• Caja de ValorescoreOthersCustody of securities in Caja de Valores S.A., Argentina's primary securities depository, providing secure custody, settlement, and administration of client assets.
• BYMA, MAV, A3 (Matba Rofex)coreOthersOperates across all major Argentine financial markets: BYMA (Bolsa y Mercado Argentinos), MAE (Mercado Abierto Electrónico), Matba Rofex, and MAV (Mercado a Término de Rosario), enabling access to all local asset classes.

Scale indicators8 records

Recent moves18 records

Expansion highlights6 records

Direct peers

• InvertirOnline (IOL): Major Argentine digital broker owned by Banco Supervielle, offering local and international trading plus mutual funds — a direct competitor in Max Capital's self-directed digital retail channel.
• Balanz Capital: Argentine broker-dealer and asset manager offering retail brokerage, wealth management, corporate finance and proprietary mutual funds — directly comparable to Max Capital's multi-line ALyC model under CNV regulation.
• Portfolio Personal de Inversiones (PPI): Leading Argentine retail broker and wealth manager (part of Grupo Financiero Galicia) providing online trading, mutual funds and personalized advisory — overlapping directly with Max Capital's Digital and Exclusivo segments.
• Cohen Aliados Financieros: Argentine wealth manager and corporate finance advisor serving high-net-worth individuals and corporates with asset management and advisory services — closely comparable to Max Capital's Exclusivo and Finanzas Corporativas lines.
• Facimex Valores: Argentine broker-dealer focused on fixed income and capital markets, similar in scale and product mix to Max Capital's MAE-leading fixed income and debt issuance franchise.
• Adcap Securities Argentina: Argentine broker offering trading and capital markets services to retail and institutional clients, with a comparable mix of brokerage, fixed income placement and asset management.
• TPCG (Grupo Transamerica): Argentine investment bank specializing in capital markets advisory, debt and equity placement and corporate finance — directly comparable to Max Capital's Capital Markets and Finanzas Corporativas divisions.

Broad incumbents

• BTG Pactual Argentina: Argentine arm of Brazil's largest independent investment bank, offering a broader regional platform across brokerage, asset management and corporate finance — overlaps with Max Capital but at larger scale and with a wider product set.
• Banco Galicia / Galicia Asset Management: Major Argentine universal bank with a sizable asset management arm (including PPI) — competes with Max Capital across retail brokerage, FCI placement and corporate finance but as part of a broader depository institution.

Emerging players

• XP Inc. Brazilian digital broker and wealth manager with a comparable platform-led model combining open finance, proprietary funds and B2B APIs; relevant regional comparable for Max Capital's API and Max Global expansion thesis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/MaxCapital_
• Facebookfacebook.com/MaxCapital
• LinkedInlinkedin.com/company/max-capital
• Instagraminstagram.com/MaxCapital

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Max Capital