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TC S.A., known in the market as Traders Club - TC, is a Brazilian technology company focused on solutions for the financial market, with common shares traded on B3 under the ticker TRAD3. Founded in 2016 by Pedro Albuquerque, Rafael Ferri and Israel Massa, the company began as a digital community geared toward investors, combining market intelligence, data analysis and financial education. Its initial trajectory included consolidation on communication platforms such as Slack and, from 2017 onward, the structuring of its headquarters in São Paulo and the launch of subscription plans aimed at retail investors. Over the following years, TC rapidly expanded its registered user base, introduced new digital products and consolidated an ecosystem focused on the retail investor, with an emphasis on content, data and decision-support tools.

The evolution of Traders Club - TC’s business model was marked by the continuous expansion of its portfolio of digital products. In 2018, the company launched its mobile app and introduced TC Mover Pro, a real-time news and market intelligence service. In 2019, it added Trade Ideias, an investment-idea sharing feed, and revamped its educational area, TC School. In 2020, new subscription plans were launched, such as TC Master and TC Private, as well as products like Carteira, TC Labs and TC Matrix, consolidating the platform as an integrated environment that combines education, data, analyses and tools for investors. In 2021, the company became a corporation, adopted the corporate name TC Traders Club S.A., debuted on B3’s Novo Mercado segment under the ticker TRAD3 and launched TC Radio, an audio channel dedicated to the financial market, in addition to multimedia channels such as TC Station, reinforcing its presence in live content and news.

TC’s business model is based mainly on the sale of subscriptions and the provision of training and professional and managerial development services focused on the financial and corporate areas, delivered through its digital platform. According to the company itself, its activities are organized as a single operating segment, which accounts for all of its net revenue. In 2024, the company reported net revenue of R$ 44.0 million, fully attributable to this segment, and a net loss of R$ 86.7 million. The TC app, accessible via desktop and mobile devices, functions as an all-in-one platform where users can access courses, workshops, articles, real-time news, videos, radio, live rooms with certified analysts, as well as data analysis tools, investment evaluation, portfolio, income tax calculator and real-time quotes.

Over time, Traders Club - TC expanded its activities beyond the retail public, entering the B2B segment and strengthening its offering of data, market intelligence and solutions for institutions. The acquisition of Economatica in 2021 added to the group an established investment analysis platform, with databases on stocks, funds, fixed income, real estate funds (FIIs), BDRs, ADRs and ETFs in several countries. This integration enabled TC to offer the TC Economatica terminal, a market and political intelligence environment with a 24-hour news feed, real-time quotes for assets traded on B3 and international exchanges, fundamental data, yield curves, order book, times and trades and political content from Arko. In parallel, the company structured TC Advisory, a subsidiary dedicated to capital markets consulting and advisory, focused on equity, debt and M&A transactions for middle-market companies, expanding its revenue base from institutional clients.

TC’s ecosystem also came to encompass asset management and investment services. With the creation of TC Gestão (Wealth) and the acquisition of Pandhora Investimentos, the company began to offer quantitative multi-strategy fund management and multifamily office solutions, connected to the platform’s user base. Additionally, TC moved toward transactional operations and investment intermediation, initially through a partnership with Mercado Bitcoin for cryptocurrency trading and, later, with the development of its own brokerage, TC Investimentos. The acquisition of Dibran DTVM, concluded in 2024 after approval by the Central Bank, reinforced this strategy by adding a securities brokerage and distribution firm to the group. In 2023, the launch of the “TC Investimentos” app under a white-label model marked the beginning of the transactional phase, with trading of Pandhora funds, stocks, derivatives, options, ETFs and other instruments in a single digital environment.

Traders Club - TC’s client base is diversified, with no material revenue concentration in any single client, which indicates strong exposure to a large number of subscribers and individual users. In the B2B segment, Economatica and the TC Economatica terminal serve investment banks, asset managers, brokerages, investor relations departments, consultancies, educational institutions and government agencies, predominantly in Brazil and Latin America. In the B2C segment, the TC platform brings together hundreds of thousands of registered members, who use the investor community, discussion channels, tools such as the Tradômetro, chat, thematic channels and gamification features such as the “TC Coins” system, integrated into the use of the brokerage. The company states that it does not have any clients responsible for more than 10% of its net revenue, underscoring the recurring nature of revenue from multiple distributed subscriptions and services.

Operationally, TC organizes its digital products into verticals such as Community, Educational, Marketplace, News, Tools, Hubs and Gamification, with an internal structure based on squads and tribes under an agile framework. The Product area leads the solutions’ life cycle, from design to support, in close integration with the Technology area, which is one of the company’s largest and a focus of ongoing investment in development, automation and artificial intelligence. The technology infrastructure is treated as a strategic pillar to ensure the platform’s speed, stability and scalability. Distribution and sales processes are supported by a data-driven marketing structure working on brand, performance, product marketing and creative, integrated with the sales team for user acquisition, activation and retention in both B2C and B2B.

Geographically, Traders Club - TC’s revenue is generated entirely in Brazil, although some of its data and analytics solutions, such as Economatica, cover assets from dozens of countries. The company operates in a regulatory environment that includes, primarily, the General Data Protection Law (LGPD) and oversight by the National Data Protection Authority (ANPD) with respect to the processing of personal data. In activities related to financial intermediation, asset management and securities distribution, the company and its subsidiaries are subject to regulation by the Brazilian Securities and Exchange Commission (CVM) and, in the case of the DTVM and brokerage activities, to supervision and authorization by the Central Bank of Brazil. On the environmental front, TC states that it does not incur material compliance costs, given the predominantly digital nature of its operations. With regard to environmental, social and governance issues, the company centralizes key information in a dedicated section of its investor relations website, where it presents actions and commitments related to the ESG agenda, still without adopting a formal reporting standard or emissions inventory.

TC’s recent corporate history includes significant changes in the controlling shareholder group and an expansion of its business scope. After its IPO in 2021, the company carried out acquisitions in complementary segments such as investor relations (RIWeb, later Prisma), financial and political education (Galícia Educação, Arko), tax tech (TC Sfoggia) and cryptoassets (CriptoHub), building a diversified portfolio that nevertheless remains integrated around the financial market. The creation of structures such as TC Assessor de Investimentos, operating in accordance with RCVM 178, and TC Star Desk Educação Financeira, dedicated to education and simulated proprietary desk trading, illustrates its efforts to monetize different stages of the investor journey, from basic education to order execution and access to structured products. With shares traded on B3 under the code TRAD3, Traders Club - TC positions itself as a technology company applied to investments, combining community, data, content, asset management and financial intermediation in a single digital ecosystem.