ECOM3 Traders Club - TC

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 emerged as a digital community aimed at investors, combining market intelligence, data analysis, and financial education. Its early trajectory involved 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 targeting individual investors. Over the following years, TC rapidly expanded its registered user base, introduced new digital products, and consolidated an ecosystem geared toward retail investors, focused on content, data, and tools to support decision-making.

The evolution of Traders Club - TC’s business model has been 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, a feed for sharing investment ideas, and revamped its educational division, TC School. In 2020, new subscription plans were launched, such as TC Master and TC Private, along with 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 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, as well as multimedia channels such as TC Station, reinforcing its presence in live content and news.

TC’s business model is based primarily on selling subscriptions and providing 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, from which all of its net revenue is derived. In 2024, the company reported net revenue of R$ 44.0 million, fully associated with this segment, and a net loss of R$ 86.7 million. The TC app, accessible via desktop and mobile devices, operates 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 operations beyond the retail investor audience, 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 a well-established investment analysis platform, with databases on stocks, funds, fixed income, REITs (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 B3 and international exchange-traded assets, 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, focusing on equity, debt, and mergers and acquisitions 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 offering quantitative multi-strategy fund management and multifamily office solutions, connected to the platform’s user base. Additionally, TC advanced toward transactional operations and investment intermediation, initially through a partnership with Mercado Bitcoin for cryptoasset trading and, later, with the development of its own brokerage, TC Investimentos. The acquisition of Dibran DTVM, completed in 2024 after approval from 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 significant 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, consulting firms, 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 like the “TC Coins” system, integrated with the use of the brokerage. The company states that it does not have any clients responsible for more than 10% of its net revenue, reinforcing the nature of recurring 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 division leads the solutions’ lifecycle, from conception to support, in close integration with the Technology division, which is one of the company’s largest areas and a focus of ongoing investment in development, automation, and artificial intelligence. The technology infrastructure is treated as a strategic pillar to ensure speed, stability, and scalability of the platform. Distribution and sales processes are supported by a data-driven marketing structure, active in brand, performance, product marketing, and creative, integrated with the commercial 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 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. In environmental matters, TC states that it does not incur significant compliance costs, due to the predominantly digital nature of its operations. Regarding environmental, social, and governance topics, the company centralizes key information in a specific 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 trajectory includes significant changes in its controlling shareholder block and an expansion of its scope of operations. After the 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 is nonetheless 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 simulation of proprietary desk trading, illustrates the pursuit of monetizing 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.