BlackOpal said on January 12 that it has secured a US$200 million, three-year financing facility to support the launch of a tokenized investment product backed by Brazilian credit card receivables.
The facility is anchored by Mars Capital Advisors, a Swiss asset manager that focuses on working-capital financing and reports approximately US$2 billion in assets under advisory. The structure is deployed through Plume, a blockchain network used for tokenizing real-world assets. Draupnir Capital acted as sole lead advisor and capital introduction partner on the transaction.
The new product, called GemStone, is designed to give institutional investors exposure to Brazilian credit card receivables. In Brazil, roughly 70% of credit card transactions are made using installment payments, typically spread over up to 12 months. This has created a large and regulated receivables financing market estimated at about US$100 billion, driven by merchants’ demand for upfront liquidity.
According to BlackOpal, GemStone purchases receivables through a “true sale” structure, with ownership registered in Brazil’s Central Bank C3 Registry. Payment collections are routed through Visa and Mastercard settlement systems rather than relying on direct repayment from merchants. The company said it uses the same structure as its earlier product, LiquidStone, which it reported operated without defaults.
BlackOpal said GemStone has asset capacity exceeding US$1 billion and is intended to serve as a channel for international investors seeking exposure to Brazilian consumer payment flows.
Jason Dehni, chief executive of BlackOpal, said the product is structured around the acquisition of receivables rather than merchant credit exposure, with payments settling through card network infrastructure. Rick Pearson, chief executive of Mars Capital Advisors, said the firm anchored the facility to gain exposure to Brazilian credit card receivables, which it views as a large and under-represented asset class for institutional investors.
Plume co-founder and chief business officer Teddy Pornprinya said the company is providing the blockchain infrastructure for the tokenized product. Draupnir Capital’s head of capital markets, Boris Redfern, said the firm supported the transaction as lead advisor and capital introduction partner.
