MAVSA

What MAVSA does

MAVSA (Mercado Argentino de Valores S.A.) is a privately held Argentine stock exchange founded in 1927 and headquartered in Rosario, Argentina. It operates as the only CNV-registered specialized market in Argentina focused on factoring, PyME (small and medium enterprise) financing, real economy instruments, and non-standardized products, registered with the Comisión Nacional de Valores under registration No. 15. The company serves a broad base of Argentine SMEs (which represent ~96% of Argentine companies), subnational government entities, and financial intermediaries, with monthly financing volumes reported at approximately ARS 2 trillion and a single-day record of USD 250 million negotiated.

The company operates an integrated technology platform spanning trading, clearing and settlement (via subsidiary ROSVAL), fiduciary services (ROSFID), and electronic invoicing discounting (Plataforma FCE). It has built a group structure under "Grupo MAV" with 9+ subsidiaries — including AUNE (Agents), Axis (analytics), A2CM, The Hybrid, MatchFin, and Docta — forming a vertical stack from execution through post-trade into AI-enabled portfolio management. Notable recent technical launches include SOC Ciberseguridad (2024), the first cybersecurity operations center dedicated to Argentine capital markets, and the PSAV (Proveedor de Servicios de Activos Virtuales) framework for virtual asset service providers launched in 2025.

MAVSA generates revenue through instrument-specific transaction fees ranging from 0.006% to 0.40% of transaction value plus VAT, recurring Agent membership fees of approximately USD 300/month per Agent plus platform access fees, and placement/licensing fees typically set at 0.0125% plus 0.05% of nominal value placed. The company pursues two primary go-to-market motions: a sales-led Agent network of 50+ registered intermediaries providing federal distribution, and event-driven onboarding of provinces and guarantee funds. Management reports that 90%+ of Argentine investment portfolios include MAV-listed instruments, and the CEO claims +60% year-over-year growth in USD-denominated terms.

Name

MAVSA

Legal name

Mercado Argentino de Valores S.A.

Website

https://mav-sa.com.ar

Company type

Private

Founded year

1927

Operating status

Operating

Headcount range

11–50 employees

Short description

MAVSA is a privately held Argentine stock exchange (founded 1927, Rosario) operating as the only CNV-registered specialized market for PyME financing, factoring, and real-economy instruments, serving Argentine SMEs, subnational governments, and financial Agents via an integrated execution, clearing, and AI-enabled portfolio platform.

Ownership category

akta.pro rank

Product category

Capital Markets / SME Financing Exchange

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

SME Lending Platforms & Embedded SME Credit (FSAKAGAJ)

akta.pro secondary industry

P2P Small Business / SME Marketplace Lending (FSAKAHAC)

Keywords

• Stock exchange operations
• SME financing instruments
• Factoring services
• Electronic credit invoices
• Capital markets platform

Headquarters

HQ city

Rosario

HQ country

Argentina

HQ region

Latin America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Trading Rights and Commissions: MAV charges market rights (derechos de mercado) as a percentage of discounted or traded amounts for instruments such as Cheques de Pago Diferido, ECHEQ, Pagarés Bursátiles, and Facturas de Crédito Electrónicas. Fees range from 0.03% to 0.40% of transaction values plus VAT.
2. Membership Fees: Monthly membership fees charged to registered Agents for access to MAV systems and platforms. Membership fee is USD 300 per month; platform access USD 20/month; DMA access USD 10/month.
3. Licensing and Placement Fees: Fees for organizing and settling placements of ON Simple PyME and other securities. Fee is 0.0125% on nominal value placed plus 0.05% on nominal value placed for settlement.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

MAVSA operates a specialized capital markets exchange for SME financing in Argentina, listing and trading instruments such as Echeq (electronic check), Pagaré Bursátil, Factura de Crédito Electrónica (FCE), and ON PyME (negotiable obligations for SMEs). The exchange connects issuers (primarily PyMEs) with investors through a national Agent Network and is supported by proprietary technology platforms including Hígyrus, Virtual Broker, Plataforma FCE, MatchFin, and MAV Data.

Product overview

MAVSA operates as a specialized capital markets exchange for SME financing, factoring, and non-standardized products in Argentina. The company offers a unified platform for trading financial instruments including Echeq (electronic checks), Pagaré Bursátil (promissory notes), Facturas de Crédito Electrónicas (electronic credit invoices), ON PyME (SME negotiable obligations), and Pase (repurchase agreements). Grupo MAV complements the core exchange with a portfolio of technology subsidiaries: AUNE provides back-office and trading solutions (Hígyrus, Virtual Broker); Plataforma FCE offers white-label factoring infrastructure; MatchFin delivers SaaS financing platforms; The Hybrid provides cybersecurity services; ROSVAL handles settlement; ROSFID manages fiduciary structures; Axis offers fund management; and Docta provides portfolio management technology. MAV Data serves as the data intelligence platform for market analytics.

Differentiator

Problem solved

Functional benefit

Brands

• MAV Data: Platform providing all reports, statistical data and evolution of instruments traded in MAV
• MAV en Cifras
• QCCP
• Grupo MAV

Products and services

• Echeq

Quantifiable outcome

• Monthly financing volume of approximately $2 trillion pesos across all instruments
• +5 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature9 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• Banco de Tierra del Fuego (BTF)minorStrategic or Co-development Partner · 1 March 2025Joint work agreement with BTF for a comprehensive inclusive housing financing program. MAV provides the market infrastructure and instruments for the bank's housing financing initiatives in Tierra del Fuego.
• FOGABA (Fondo de Garantías de Buenos Aires)coreStrategic or Co-development Partner · 9 October 2024Framework collaboration agreement signed by MAV President Alberto Curado and FOGABA President Verónica Wejchenberg to develop joint work agenda promoting MiPyME financing and productive development in Buenos Aires province. Facilitated by FONRED.
• BYMA (Bolsas y Mercados Argentinos)coreStrategic or Co-development Partner · 1 October 2024Formal market specialization agreement between MAV and BYMA for product segmentation. BYMA handles price formation for high-liquidity senior securities while MAV specializes in instruments for regional economies and PyMEs. This agreement defines the distinct market roles of each exchange in Argentina.
• CAME (Confederación Argentina de la Mediana Empresa)coreStrategic or Co-development Partner · 1 October 2024Collaboration agreement signed by MAV President Alberto Curado and CAME President Ricardo Diab to promote PyME financing. CAME's nationwide network of medium enterprise members gains access to MAV's instrument suite and Agent network.
• FOGARÍO (Fondo de Garantías de Río Negro)coreStrategic or Co-development Partner · 1 January 2024Framework agreement signed enabling FOGARÍO to operate provincial guarantees in the capital markets, facilitating access to financing for Río Negro MiPyMEs for working capital and productive strengthening. MAV commits to financial education and federal market development.
• FOGACAT (Fondo de Garantías de Catamarca)minorStrategic or Co-development Partner · 1 January 2024Framework agreement signed at the XXVIII Ibero-American Forum on Guarantees and PyME Financing. FOGACAT joins the network of provincial guarantee funds collaborating with MAV for PyME financing.
• FOGAPLAR (Fondo de Garantías de La Rioja)minorStrategic or Co-development Partner · 1 January 2024Framework agreement signed at the XXVIII Ibero-American Forum on Guarantees and PyME Financing. FOGAPLAR collaborates with MAV to promote financing strategies for La Rioja PyMEs.
• BCR (Bolsa de Comercio de Rosario)coreStrategic or Co-development Partner · 1 January 2024Long-standing institutional partnership with Rosario's primary commodities exchange. Joint activities include financial education programs, joint events (BCR Agtech Forum, BCR en Territorio), and market infrastructure collaboration. MAV's headquarters are co-located with BCR in Rosario.
• CNV (Comisión Nacional de Valores)coreOthers · 1 January 2024MAV operates as a registered market (Registro N° 15 CNV) under CNV oversight. CNV approves regulations, listings, and market rules. Regular meetings between MAV leadership and CNV authorities for regulatory development.
• Grupo MAV Subsidiaries (ROSVAL, AUNE, ROSFID, Plataforma FCE, Axis, A2CM, The Hybrid, MatchFin, Docta)coreTechnology or Integration · 1 January 2024Grupo MAV is a holding company comprising technology and financial service subsidiaries that provide integrated solutions to MAV and the broader capital market ecosystem. These include AUNE (software factory), ROSVAL (clearing), ROSFID (fiduciary services), Plataforma FCE (factoring technology), Axis (fund administration), A2CM (startup financing), The Hybrid (cybersecurity), MatchFin (SaaS credit platform), and Docta (portfolio management technology).

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• AIM (London Stock Exchange): London Stock Exchange's growth market for smaller and growing companies. International peer operating a specialized sub-market with lighter regulation, comparable to MAV's specialist market positioning.
• Matba Rofex: Argentine futures and options exchange recently merged into a single integrated derivatives venue. Direct peer within the Argentine capital markets ecosystem, with complementary product focus (derivatives vs. cash SME instruments).
• BME Growth: Spanish SME growth market segment run by Bolsas y Mercados Españoles. Closest international analog to MAV's niche: dedicated venue for SME and growth-company financing with lighter listing requirements than the main board.
• TSX Venture Exchange: Canadian venture exchange operated by TMX Group targeting early-stage and emerging companies. Direct structural analog to MAV's role as a venue for emerging and smaller Argentine issuers.
• Euronext Growth: Euronext's pan-European growth market for SMEs. Closely comparable operating model as a multi-country SME financing venue with lighter regulatory burden than the main exchange.
• Bolsa de Comercio de Rosario (BCR): Long-standing institutional partner and co-located with MAV headquarters. Operates the Rosario commodities exchange and grain market; comparable in its regional economic development mission and historical partnership with MAV.
• BYMA (Bolsas y Mercados Argentinos): Argentina's primary securities exchange operating price formation for senior, high-liquidity instruments. Direct peer under the 2024 specialization agreement, which assigns MAV the SME/non-standardized niche while BYMA retains large-cap equities and corporate bonds.
• Nasdaq First North: Nasdaq's European growth market for SMEs, operating across the Nordics and Europe. Comparable model of a growth/specialist exchange serving smaller issuers with simplified admission requirements.

Emerging players

• Openfinance (MatchFin competitor concept): Emerging Argentine fintech platform focused on tokenization and digital asset infrastructure. Adjacent emerging player intersecting MAV's digital instruments business (ECHEQ, FCE) through new asset classes.

Broad incumbents

• Bolsa de Comercio de Buenos Aires: Historic Buenos Aires commodities and securities institution and strategic partner of MAV. Broader incumbent in Argentine markets with overlapping historical role in capital formation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/MAVSAOficial
• YouTubeyoutube.com/@MAVSAOficial
• LinkedInlinkedin.com/company/mercado-argentino-de-valores-s.a.
• Instagraminstagram.com/mavsaoficial
• Facebookfacebook.com/MAVSAOficial

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries9 records

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 MAVSA