Estar.Finance

What Estar.Finance does

Estar.Finance (legally Estar S.A., CNPJ 49.874.080/0001-01) is a Brazilian fintech and the first asset trading platform authorized by the Comissão de Valores Mobiliários (CVM) to operate an organized over-the-counter market for tokenized securities within Brazil's regulatory sandbox. The platform runs on a blockchain-based distributed ledger and was built as a joint initiative of SMU Investimentos (the parent crowdfunding company behind Estar), Demarest Advogados (legal/regulatory), and Digitra.com (matching engine technology). Its core products are a secondary market for tokenized securities, a crowdfunding platform (the first in Brazil), and tokenized asset infrastructure for the new economy, with the first tokenized Receivables Certificate (Certificado de Recebível) and an R$ 913 thousand Moreco commercial-notes tokenization among its commercial proof points. The platform serves two sides: small and medium enterprises seeking capital market access through tokenization, and individual investors seeking regulated exposure to startups and private issuers, monetizing via transaction fees on secondary market trading. In February 2026, Estar was acquired by Laqus, a Brazilian financial market infrastructure firm managing $9.58 billion in post-trade assets, with the deal pending regulatory approval and aimed at combining Laqus's settlement infrastructure with Estar's tokenized secondary market to compete with B3 and pursue a broader Latin American clearing strategy.

Name

Estar.Finance

Legal name

Estar S.A.

Website

https://estar.finance

Company type

Private

Founded year

2023

Operating status

Acquired

Headcount range

1–10 employees

Short description

Estar.Finance operates Brazil's first CVM-authorized secondary market for tokenized securities, allowing small and medium enterprises to issue tokenized assets and retail investors to trade them within a regulatory sandbox framework.

Ownership category

akta.pro rank

Product category

Digital Securities Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

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

akta.pro primary industry

Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG)

akta.pro secondary industry

Retail Crypto Brokerages (Simple Buy/Sell) (FSADAAAB)

Keywords

• Tokenized securities exchange
• Secondary market trading
• Blockchain asset platform
• SME crowdfunding Brazil
• Digital securities marketplace

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

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

Revenue model

1. Secondary Market Transaction Fees: Platform generates revenue through transaction fees on the secondary market trading of tokenized assets, including tokenized commercial notes and other securities.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Estar operates a CVM-authorized organized over-the-counter market (mercado de balcão organizado) for trading tokenized securities and investment assets in Brazil, including tokenized commercial notes (notas comerciais) and receivables certificates (certificados de recebíveis). The platform enables small and medium enterprises to access capital markets by issuing tokenized instruments while providing retail investors a regulated secondary market to buy and sell these digital assets on blockchain infrastructure. Estar also operates Brazil's first crowdfunding platform for democratized access to investing in innovative startups.

Product overview

Estar.Finance (branded as 'Estar') operates as a dual-platform investment ecosystem combining a crowdfunding platform (the first in Brazil) with a secondary market for tokenized assets. The company is authorized by Brazil's Securities Commission (CVM) within its regulatory sandbox framework, positioning it as a regulated market infrastructure provider for digital assets. The platform is part of the SMU group and serves small and medium enterprises seeking access to capital markets, offering retail investors opportunities to invest in innovative technology startups and tokenized securities. The company tokenizes real-world assets such as commercial notes and receivables certificates, providing secondary market liquidity for these digital assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Estar Secondary Market for Tokenized Assets Regulated CVM-authorized secondary market platform for buying and selling tokenized investment assets (such as tokenized commercial notes, receivables certificates, and profit-linked tokens) on blockchain infrastructure, targeting Brazilian SMEs as issuers and individual investors as traders.
• Estar Crowdfunding Platform (Brazil's First Crowdfunding Investment Platform) Crowdfunding investment platform providing democratized access to invest in innovative technology startups and Brazilian SMEs seeking capital, operated in conjunction with parent group SMU Investimentos.
• Estar Tokenized Asset Infrastructure Capital markets technology infrastructure for tokenized assets of the new economy, combining legal expertise (Demarest), market expertise (SMU Investimentos), and trading technology (Digitra.com) to enable digital asset issuance and secondary trading.
• Moreco Commercial Notes Tokenization Tokenization of R$ 913 thousand in commercial notes from Moreco (Rede de Motéis), enabling trading on Estar's secondary market and serving as a reference deployment of the platform's real-world asset tokenization capability.
• First Tokenized Receivables Certificate (Certificado de Recebível) RWA in Brazil Tokenization of a Receivables Certificate (Certificado de Recebível) as the first RWA token of its kind in Brazil, listed and traded on Estar's secondary market, providing issuers and investors a new regulated instrument for receivables-based financing.

Quantifiable outcome

• First tokenized Receivables Certificate (Certificado de Recebível) in Brazil with secondary market trading
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• SMU InvestimentoscoreStrategic or Co-development Partner · 2 August 2023SMU Investimentos is the parent company/group behind Estar.Finance. Estar is described as 'uma empresa do grupo SMU' (a company of the SMU group). SMU is the crowdfunding platform that pioneered investment democratization in Brazil and now operates the capital markets infrastructure for new economy investment assets.
• Demarest AdvogadoscoreImplementation/ SI/ Consulting Partner · 2 August 2023Founded in 1948, Demarest is one of Brazil's most respected law firms with over 250 lawyers and nearly 700 employees. The firm provides legal excellence and expertise for the regulatory sandbox project, ensuring compliance with CVM regulations and securities law requirements.
• Digitra.comcoreTechnology or Integration · 2 August 2023Digitra.com provides advanced trading negotiation technology infrastructure for Estar's platform. This technology brings greater security and speed to digital market transactions, meeting reliability and efficiency requirements for the tokenized asset trading platform.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Regional players

• Bitso: Leading Latin American crypto exchange with strong Brazil presence. Competes for retail digital asset investors in Brazil and has explored tokenized products, positioning it as a regional competitor in the same end market.

Direct peers

• Securitize: Enterprise tokenization platform for issuing and managing digital securities with built-in compliance. Comparable as a tokenized RWA infrastructure provider focused on regulated private market securities.
• Vórtx QR Tokenizadora: Brazilian tokenization platform also operating under CVM regulatory dispensations alongside Estar and BEE4. Targets similar issuance and tokenized asset use cases for Brazilian SMEs and asset managers.
• BEE4: Brazilian digital asset platform authorized within the same CVM regulatory sandbox as Estar (with jointly extended regulatory dispensations). Competes head-to-head for tokenized securities issuance and trading in Brazil.
• Laqus: Brazilian post-trade infrastructure firm that acquired Estar in February 2026, managing $9.58B in assets. The combined entity aims to offer a vertically integrated stack for tokenized issuance, trading, and settlement—directly comparable to Estar's pre-acquisition secondary market.
• tZERO: US-regulated tokenized securities trading platform operating a regulated ATS for private company shares and digital securities. Closest international functional analog to Estar's organized OTC market model.

Emerging players

• Mercado Bitcoin: Largest Brazilian crypto exchange by volume, increasingly active in tokenization and security tokens. Overlaps with Estar's retail investor base and RWA ambitions but at much larger scale and broader scope.
• Ondo Finance: Protocol focused on tokenized real-world assets (treasuries, yield products). Comparable as a regulated RWA infrastructure player with a focus on secondary liquidity for tokenized yield-bearing instruments.

Broad incumbents

• B3: Brazil's dominant stock exchange and clearinghouse. While not natively a tokenized securities venue, B3 is the strategic competitor Laqus explicitly targets and has the issuer relationships, clearing infrastructure, and balance sheet to enter tokenized private markets if it chooses to.

Others

• SMU Investimentos: Parent group of Estar and Brazil's first crowdfunding investment platform. Operates the primary-issuance side of the dual platform, funneling SMEs and startups into Estar's secondary market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/estar-finance

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

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 Estar.Finance