BlackOpal, a LATAM-focused global payments finance platform specialising in tokenised real-world assets, has secured significant backing to support the launch of its latest institutional product aimed at opening up Brazilian credit card receivables to global investors.
The launch of GemStone is backed by a $200m, three-year anchor facility structured by Mars Capital Advisors, a Swiss-based firm focused on working capital strategies with approximately $2bn in assets under advisory.
The facility is deployed on BlackOpal’s tokenisation partner, Plume, a blockchain platform dedicated to powering real-world asset-based yield. Draupnir Capital acted as sole lead advisor and capital introduction partner on the transaction.
BlackOpal’s platform is designed to connect institutional capital with payment-driven assets across Latin America, focusing on removing traditional credit risk from emerging market yield opportunities. Its new GemStone product centres on Brazilian credit card receivables, a market shaped by the country’s widespread use of instalment-based card payments. Around 70% of all Brazilian credit card transactions are paid over instalment schedules of up to 12 months, creating sustained working capital demand for merchants and supporting what has become a highly automated and regulated receivables financing market worth around $100bn.
GemStone purchases Brazilian credit card receivables as a True Sale, with ownership registered through Brazil’s Central Bank C3 Registry. Collections are automatically routed via Visa and Mastercard settlement infrastructure, removing dependence on merchant repayment behaviour. BlackOpal said the same methodology underpinned its predecessor product, LiquidStone, which delivered risk-adjusted yield with zero defaults.
The new capital will be used to support the scaling of GemStone, which already has asset capacity exceeding $1bn. BlackOpal aims to position the product as a primary access point for global institutional investors seeking exposure to Brazilian receivables without assuming emerging market credit risk, an asset class that has historically been difficult for offshore allocators to access.
The launch comes amid growing institutional demand for alternative yield sources and increasing interest in the tokenisation of real-world assets, which has become one of the fastest-growing areas in digital finance.
BlackOpal CEO Jason Dehni said, “GemStone represents a fundamental rethinking of emerging market credit. We don’t underwrite merchants. We don’t take credit risk. We purchase receivables as True Sale that settle through Visa and Mastercard payment rails, with ownership locked at the Central Bank level. The structure is designed so that collection is not a question of ‘if’ but ‘when.’ This is what institutional-grade emerging market yield should look like.”
Mars Capital Advisors CEO Rick Pearson said, “BlackOpal has built exactly the kind of infrastructure we look for: real assets, real cash flows, and structural protections that eliminate traditional credit risk. Brazilian credit card receivables are a massive, liquid asset class that has been underserved by institutional capital. GemStone changes that. We’re proud to anchor this facility and look forward to scaling alongside the BlackOpal team.”
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