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 aimed at investors, combining market intelligence, data analysis and financial education. Its initial trajectory involved consolidation on communication platforms such as Slack and, starting in 2017, the structuring of its headquarters in São Paulo and the launch of subscription plans geared toward retail investors. Over the following years, TC rapidly expanded its registered user base, introduced new digital products and consolidated an investor-focused ecosystem for the retail segment, emphasizing content, data and decision-support tools.

The evolution of Traders Club - TC’s business model was marked by the continuous expansion of its digital product portfolio. 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 area, TC School. In 2020, it introduced new subscription plans, 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, analysis and tools for investors. In 2021, the company became a corporation (sociedade por ações), 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, 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 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 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, 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 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 covering equities, 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 assets listed 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 consulting and advisory services in the capital markets, focused on equity, debt and mergers and acquisitions transactions for middle-market companies, increasing the share of revenue 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 management of quantitative multi-strategy funds 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 trading crypto assets and later with the development of its own brokerage firm, 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 in 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.

The client base of Traders Club - TC is highly diversified, with no significant revenue concentration in a 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, mainly 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 into use of the brokerage. The company states that it does not have any customers 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 conception to support, in close integration with the Technology area, which is one of the largest in the company and a focus of continuous 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 commercialization processes are supported by a data-driven marketing structure covering 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, mainly, the General Data Protection Law (LGPD) and supervision by the National Data Protection Authority (ANPD) regarding 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, 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 linked 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 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 crypto assets (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 simulated proprietary desk trading, illustrates the effort 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.

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