What BlackOpal does

BlackOpal is a payments finance platform that tokenizes Brazilian credit card receivables, enabling global institutional investors to access short-duration emerging market credit while providing Brazilian merchants with immediate liquidity through receivables sales at a discount. The platform operates through two core products: GemStone, offering direct exposure to Brazilian credit card receivables with a target 13% annualized yield, and LiquidStone II, a hybrid strategy pairing receivables exposure with an on-chain liquid sleeve of regulated daily-redeemable instruments targeting 12% annualized USD returns. Both products are structured through bankruptcy-remote vehicles (a secured credit facility and a Brazilian FIDC), with ownership locked at Brazil's CERC registry and independently verified against card network settlement records. Settlement is available in USD, USDT, and USDC, with FX hedging via institutional NDFs. The effective credit counterparty is the Visa/Mastercard card network rather than individual merchants, which the company claims structurally limits credit default risk.

The company operates through a multi-jurisdictional structure: OpalAccess Limited (Malta, registration C110023) as the primary contracting entity governed by Maltese law, BlackOpal Labs, Inc. (Delaware, file number 10492353) as the US operating entity, and BlackOpal Finance Ltda. (Brazil, Porto Alegre) handling Brazilian receivables financing operations. The CEO (Jason Dehni) is based in Dubai, while the COO (Pedro Viegas) and Head of Receivables Financing (Lucas Vinicius) operate from São Paulo/Brazil. BlackOpal distributes exclusively through Authorized Distribution Partners — including DeFi protocols, yield aggregators, tokenization platforms, fund administrators, and institutional intermediaries — and does not offer direct permissionless access to its products.

BlackOpal monetizes through management fees, transaction fees, and performance fees embedded in product pricing on bankruptcy-remote vehicles. As of the available data, the platform has originated $43M in credit and holds $9.7M in AUA/TVL, delivering a reported 12.5% average APY to investors with a 0.0% credit default rate. The company raised $200M in Q1 2026 as part of broader crypto infrastructure funding momentum and was ranked among the top 10 crypto infrastructure companies raising $20M+ that quarter.

Name

BlackOpal

Legal name

BlackOpal Labs, Inc.

Website

https://blackopal.finance

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

BlackOpal is a payments finance platform that tokenizes Brazilian credit card receivables, offering institutional investors 12-13% annualized yields via GemStone and LiquidStone II products with Visa/Mastercard settlement rails and bankruptcy-remote FIDC structures.

Ownership category

akta.pro rank

Product category

Tokenized Credit Receivables

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Sales Financing (522220)

SIC

Finance Services (6199)

akta.pro primary industry

Card-Based Cross-Border Payments & FX Settlement (FSAMAIAD)

akta.pro secondary industries

Payments, Remittances & Merchant Acceptance (checkout, invoicing, payroll) (FSAPAEAE), Card Clearing & Settlement (Interchange, Network Settlement) (FSABAJAJ)

Keywords

• Tokenized credit receivables
• Payments finance platform
• Receivables tokenization
• Emerging market credit
• Stablecoin settlement

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Financial Product Distribution: BlackOpal acts as a technology and infrastructure provider facilitating access to financial products. Revenue appears to be generated through management fees, transaction fees, or performance fees on tokenized credit receivables products distributed via authorized partners.
2. Investment Product Management: Products offered through bankruptcy-remote vehicles including secured credit facilities and Brazilian FIDC structures with management fees embedded in product pricing.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

BlackOpal tokenizes Brazilian credit card receivables and distributes them as structured investment products (GemStone and LiquidStone II) to global institutional investors. Brazilian merchants sell their credit card receivables at a discount for immediate cash, while investors earn approximately 12–13% annualized yield with structural risk protections. Settlement is available in USD, USDT, and USDC, with FX hedging via institutional NDFs.

Product overview

BlackOpal is LATAM's global payments finance platform connecting Brazil's credit market to global capital across TradFi and Web3 rails. The platform offers two core products: GemStone and LiquidStone II. GemStone provides direct exposure to short-duration Brazilian credit card receivables through bankruptcy-remote structures (secured credit facility and Brazilian FIDC), with settlement in USD, USDT, and USDC. LiquidStone II is a hybrid-strategy that pairs the same receivables exposure with an on-chain liquid sleeve of regulated, daily-redeemable instruments for enhanced liquidity and composability, targeting 12% annualized returns in USD. Both products leverage AA+ rated payment network receivables, FX hedging via NDFs, and independent third-party verification against the CERC registry.

Differentiator

Problem solved

Functional benefit

Brands

• GemStone: Platform providing exposure to short-duration Brazilian credit card receivables with structurally limited credit risk. The effective counterparty is the card networks (Visa, Mastercard) and regulated by the Central Bank of Brazil. Offered through bankruptcy-remote vehicles including a secured credit facility and Brazilian FIDC. Settlement available in USD, USDT, USDC.
• LiquidStone II

Products and services

• GemStone GemStone provides exposure to short-duration Brazilian credit card receivables with structurally limited credit risk where the effective counterparty is the card networks (Visa, Mastercard), regulated by the Central Bank of Brazil. Offered through two bankruptcy-remote vehicles with structurally protected capital: a secured credit facility and a Brazilian FIDC. All transactions are independently verified. Available USD-hedged via NDFs or in BRL. Settlement: USD, USDT, USDC.
• LiquidStone II LiquidStone II is a hybrid-strategy providing exposure to short-duration Brazilian credit card receivables paired with an on-chain liquid sleeve of regulated, daily-redeemable instruments for liquidity and composability. Offered in a Brazilian FIDC with receivables owned outright via True Sale, independently verified, fully hedged via institutional NDFs, targeting a 12% annualized return in USD.

Quantifiable outcome

• 0.0% Credit Default Rate achieved through Visa/Mastercard settlement rail structure
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• Brazilian FintechscoreStrategic or Co-development PartnerBlackOpal partners with leading Brazilian fintechs to source high-quality credit card receivables from merchants with proven transaction history. These partnerships provide the origination pipeline for the GemStone and LiquidStone II platforms, enabling merchant access to immediate liquidity through receivables sales.
• Visa and MastercardcoreTechnology or IntegrationVisa and Mastercard serve as the structural counterparty and settlement rails for BlackOpal's credit card receivable products. Collections route through card network settlement rails rather than merchant repayment, providing structurally limited credit risk. Products are regulated by Central Bank of Brazil and operate within card network infrastructure.
• Central Bank of BrazilcoreTechnology or IntegrationBlackOpal operates under regulatory oversight of the Central Bank of Brazil. Products are structured within Brazilian regulatory frameworks including FIDC (Fundo de Investimento em Direitos Creditórios) structures. CERC registry integration provides ownership verification and regulatory compliance.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Ondo Finance: Tokenized yield and treasury products (e.g., OUSG) targeting institutional investors. Broader incumbent in tokenized fixed income rather than receivables, but comparable in serving institutional demand for compliant on-chain yield.
• Stone Co. Major Brazilian payments acquirer serving merchants across LATAM. Comparable in providing payment-rail infrastructure to Brazilian merchants, though as a much larger TradFi incumbent rather than a tokenization platform.

Direct peers

• Centrifuge: Tokenizes real-world assets (invoices, receivables, real estate) for on-chain financing via Tinlake. Comparable in bringing off-chain receivables on-chain with structured senior/tranche products for institutional investors.
• Clearpool: On-chain credit marketplace connecting institutional lenders with vetted borrowers via single-borrower pools. Comparable in intermediating institutional capital into structured credit using on-chain settlement.
• Rain: Crypto-native card and payments infrastructure company that raised $250M in the same Q1 2026 crypto funding week as BlackOpal. Comparable as a regulated, institutional-grade crypto payments company with similar investor audience.
• Maple Finance: Institutional on-chain credit market where lenders provide undercollateralized loans to borrowers via pool delegates. Comparable business model of intermediating institutional capital into structured credit exposure, with similar yield targets and institutional onboarding.
• TrueFi: On-chain credit market for uncollateralized and structured lending with institutional underwriting. Comparable institutional yield product targeting sophisticated capital, though with different geographic focus.
• Credix: On-chain credit marketplace focused on Latin American and emerging-market receivables, including structured credit facilities for fintechs. Most directly comparable to BlackOpal given shared LATAM receivables thesis and institutional DeFi distribution.
• Goldfinch: Decentralized credit protocol offering undercollateralized loans to fintechs in emerging markets. Directly comparable in using on-chain rails to channel global capital into emerging-market credit exposure.

Emerging players

• Plume Network: Modular L2 focused on real-world asset tokenization with native compliance rails. Comparable as enabling infrastructure where BlackOpal-style receivables could be deployed, though Plume is a chain rather than an originator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/blackopal_fi
• LinkedInlinkedin.com/company/blackopalpayments

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 BlackOpal