1
You open an MB account
Do it on your phone or your computer, in a few minutes. All you need is to be 18 or over and have an ID document.
Aforro Digital MB · issues open
Up to 5.5% a year in euros and 15.8% in reais, from €50
The return is set up front and the term is marked on the calendar. You know the number and the date before you go in.
- Put money that is sitting still to work, with the term fixed from the start.
- You know who owes, how long is left and what currency it is counted in. It is written in the fact sheet before you go in.
- The return comes from the interest in the contract, not from the stock market: it does not rise or fall with the market.
Open your account now. It takes minutes.
Name, email and phone, that is all. You go in, you see each issue from the inside and you pick yours.
If you already have an account click here
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How it works, from the debtor to your account
Follow your money in four steps. They are all written in each issue's fact sheet.
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1
The debt already exists before the issue opens
Somebody already owes this money and has to pay it. It can be a company that lent money and has instalments to collect. It can be a court ruling the state has to comply with. MB lends nothing and creates no debt: it takes one that already exists and opens it to subscription.
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2
You see the debt from the inside before you go in
Who owes, how much it pays, when it pays and in what currency. It is all in the fact sheet before you decide, and it stays in plain sight in the app after you go in.
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3
The debt is cut into slices
The right to be paid is divided into slices, and each slice is recorded in your name. That is why a debt of hundreds of thousands of euros can be bought from €50.
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4
The debtor pays, and the tokens leave circulation
On the fixed date the debt is settled and the tokens are burned, meaning they are taken out of circulation for good. AFD04 settles in euros. AFD05 settles in reais and only then converts to euros, at the rate published on br.tradingview.com.
The opportunities open right now
Each issue has its own currency, its own term and its own payment rhythm. Put them side by side and pick yours.
AFD04
- Currency
- Euros
- Annual return
- EUR + 5.50% a year (estimated)
- Ends
- 31/12/2030
- Left to place, in euros
- 38,197.77 € left of 125,838 € 70% already placed
You are paid in euros from start to finish, and you take all your money out at once in 2030.
AFD05
- Currency
- Euros · earns in BRL
- Annual return
- up to 15.85% a year (estimated)
- Ends
- 23/10/2028
- Left to place, in euros
- 143,942 € left of 241,931 € 41% already placed
It pays more and reaches you sooner, with your payments starting in 2027. It is counted in reais.
Sold out
Esgotado
CPC74
18.4% (CDI + 3.5%)
BRL| Annual Return | 18.4% (CDI + 3.5%) |
|---|---|
| End | 2027-07-01 |
Finished
Do the maths and see the dates
Pick the issue, use the calculator with the amount you are thinking of putting in, and find out right now what comes out at the end.
Pick the issue
You go in from €50. Change the amount as much as you like and watch the result change.
The dates of this issue
Side by side
AFD04
AFD05
Who owes
Brazilian state, with a final court decision
Jeitto, a private company. Its customers pay
Currency
Euros
Euros · earns in BRL
Annual return
EUR + 5.50% a year (estimated)
up to 15.85% a year (estimated)
Ends
31/12/2030
23/10/2028
Who takes the first losses
A tenth of what comes in
A fifth of what comes in
Way out before the end
A window every 12 months, 15 days at a time. The first is on 09/03/2027, and it runs until 24/03/2027.
No early exit: no secondary market
How you invest
Start today: three steps between your open account and your first slice.
2
You pick the issue and go in from €50
Put in €50, or whatever you want above that. You do it in the app or on the website, in a few steps.
3
You follow your slice in the app
Your amount, your term and your payment dates stay in plain sight in the app, at any hour of the day.
Common questions
You buy a slice of a debt owed by a company or by a public body. You always know who owes, how long is left and what currency it is counted in. Keep each debt's fact sheet: it is all in there, from the debtor to your payment dates.
It depends which one you pick, and the rate is always an estimate. AFD04, in euros, has an estimated return of 5.50% a year. AFD05 has an estimated return of up to 15.85% a year and is counted in Brazilian reais.
AFD05 depends on the Brazilian real. What reaches you in euros follows the real's exchange rate on the day of payment, because your return is counted in reais. AFD04 pays in euros from start to finish.
Check your term in each debt's fact sheet, before you go in. AFD04 ends on 31/12/2030 and pays everything at once on that date. AFD05 ends on 23/10/2028 and starts paying in 2027.
In AFD04 it is money a court ordered the Brazilian state to pay: a housing allowance for police officers. The decision is final and nobody disputes that the debt exists. The question is when and how the state pays. In AFD05 it is private credit: Jeitto receivables portfolios, paid by its customers' instalments.
You need an MB | Mercado Bitcoin Portugal account, opened and verified. There are restrictions by age and by country of residence or nationality, and registration always goes through internal validation: the conditions are in the Terms and Conditions of Service.
With AFD04, only on fixed dates: the fact sheet provides for a window every 12 months: the first on 09/03/2027, and you have 15 days to request redemption, until 24/03/2027. If you do not ask within that window, the money carries on earning until the next one. With AFD05 there is no provision for leaving before the end.
You get your interest on the date the fact sheet gives. AFD04 pays what you invested plus interest at the end of the term, all together. AFD05 starts paying you in 2027, bit by bit, until the end of the term.
New ones appear on this page and in the MB app as soon as they are ready. When they sell out, they move to the sold-out list.
It carries risk. You only get paid if whoever owes pays, and you can lose part or all of your capital: it is not a deposit, and the Deposit Guarantee Fund does not cover it. Each risk is explained under Mandatory information, at the end of this page.
The words that show up in the fact sheets and the legal notices, said in plain English. Where the law requires a term, it stays. At least you will know what it means.
- Assignment of receivables
- The transfer of a debt from whoever held it to whoever buys it. Here it goes through a notary's office, in front of a notary.
- Auxílio-moradia
- A housing allowance for police officers, which a court ordered the Brazilian state to pay. It is the debt behind AFD04.
- BRL / EUR
- Currency codes: BRL is the Brazilian real, EUR is the euro. AFD04 is counted and paid in EUR. AFD05 is counted in BRL, and what you get in euros shifts with the exchange rate.
- Bullet payment
- You get everything at the end of the term, in one go: what you invested plus interest. That is how AFD04 works, on 31/12/2030.
- Collateral
- The debt behind the investment: a real debt, with a named debtor. In AFD04 it is a case decided in court. In AFD05 it is Jeitto credit portfolios. That is where the money you get comes from.
- Cota subordinada
- The buffer that takes the first hit. The AFD04 fact sheet calls it cota subordinada and gives it a tenth of the total. The AFD05 fact sheet calls it a reserve and gives it a fifth of the total. When it runs out, the next hit is on whoever invested.
- Default
- When the one who owes does not pay.
- Discount
- The gap between what the debt is worth on paper and the lower price it is bought for. That gap is where the return to investors comes from. It exists because the payment can take a long time or never arrive.
- Early redemption
- Asking for your money back before the end of the term. In AFD04 it is only provided for in the windows the fact sheet sets: every 12 months, 15 days at a time. The first is on 09/03/2027, and it runs until 24/03/2027. Outside those windows, no. In AFD05 it is not provided for at any point. In no issue is there anywhere to sell your slice.
- Fact sheet
- The document that describes each debt in detail: who owes, the term, the currency, the payment dates and the risks. That is where the deal's risk rating is written.
- Gross annualised rate
- The rate counted per year and before tax and charges. "Gross" means what ends up in your hand is less than the number advertised.
- Issuer
- Whoever issues the security you buy. Not the same as the debtor. In AFD04 the one who owes is the Brazilian state. In AFD05 it is Jeitto and the customers paying it instalments.
- Maturity
- The date the term ends and the payment is due: 31/12/2030 for AFD04 and 23/10/2028 for AFD05 (estimated dates).
- NIPC
- Número de identificação de pessoa colectiva: a company's tax number in Portugal. Smart Token, Lda.'s is in the legal information at the foot of this page.
- Precatório
- A debt a court ordered the Brazilian state to pay. It is the name it goes by in Brazil.
- Prospectus
- The long document that offers above a certain size have to publish and submit for approval. This offer sits below that threshold, so there is no prospectus. What there is, is each debt's fact sheet.
- Securities
- The legal category covering shares, bonds and other instruments that get bought and sold. It is the category the legal notice on this page puts this offer in.
- Securitisation
- Taking a debt and selling it split into slices, so that several people each buy a part.
- Settlement
- The moment the money changes hands and reaches your account. AFD04 is counted and paid in euros. AFD05 is counted in Brazilian reais.
- Subscription
- The act of investing: the day you put the money in. From that day the issue's estimate starts counting for you.
- Virtual assets
- The name Portuguese law uses for crypto-assets and the like. It is the category of the register Smart Token, Lda. is entered in. What that register means, and what it does not, is under the question “What is MB's status in Portugal?”.
- Yield
- The return an investment produced, as a percentage. In the legal notices on this page it appears in the plural, to say something simple: what it earned in the past says nothing about what it will earn.
Mandatory information
You only get paid if the one who owes pays
The whole return depends on the debtor delivering. The payment can be late or never arrive. The subordinated tranche absorbs the first losses, a tenth in AFD04 and a fifth in AFD05, but it is not infinite: once it runs out, the next loss falls on whoever invested. At the limit, you may lose part or all of the capital invested.
The rates are estimates, not promises
The estimated rates are not guaranteed by anybody, and your money does not sit in a bank. The estimates are not a guarantee of return from MB or from any company in the group. The calculator uses the issue's estimated rate and assumes the debtor pays everything on time. If they pay later, or pay less, you get less than the calculation shows. The AFD04 rate is fixed until the first liquidity event; if you leave the money in for the next cycle, it can go up or down.
This is not a deposit
Aforro Digital is not a deposit and not a Certificado de Aforro, and it is not covered by the Deposit Guarantee Fund. MB does not return the capital if the debtor fails. Past yields do not guarantee future yields.
The date may not be the one written down
In AFD04 the payment joins a queue that depends on the Brazilian budget each year, and changes in the law or spending caps can stretch the term. In AFD05 there are two rules in the contract that close the deal earlier. The fact sheet says that is there to protect the investment, and it promises neither how much you get nor when.
The exchange rate can cut the return
AFD04 pays in euros, and the fact sheet says the exchange rate only moves the rate from the second cycle on, if you leave the money there after the first redemption window. AFD05 is counted in reais. If the real falls against the euro, you get less than the estimate points to, even if the debtor pays everything on time.
There is nowhere to sell your slice
No issue has a secondary market. AFD04 opens redemption windows every 12 months, 15 days at a time. The first is on 09/03/2027, and it runs until 24/03/2027. AFD05 makes no provision for returning the money before maturity. Put in only money you can leave sitting still until the end of the term. If you need to get out before the end, talk to us. Each case is looked at on its own.
What MB does not do
MB is not the one who owes the money: the one who pays is each issue's debtor. It does not guarantee the rate, it does not give financial advice and it does not recommend issues. No authority has approved these products or assessed the risk of each debt.
Who is communicating
Commercial communication from Smart Token, Lda. (MB | Mercado Bitcoin Portugal), with an application for authorisation under the MiCA Regulation. This is not financial advice and not an investment recommendation. In AFD05 the receivables portfolios are all from Jeitto, so they are not risks independent of one another, and the AFD05 fact sheet does not describe the independent verification of the collateral. The full conditions of each issue are in the fact sheet.
What is MB's status in Portugal?
Smart Token, Lda. (MB | Mercado Bitcoin Portugal) has its application for European authorisation (MiCA Regulation) under review.
Default
The payment can be late or never arrive, and in that case you may lose part or all of the capital invested.
AFD04 fact sheet (PDF) · AFD05 fact sheet (PDF)
AFD04 fact sheet published on 02/04/2026. AFD05 fact sheet published on 07/04/2026.
Comunicação comercial da Smart Token, Lda. (MB | Mercado Bitcoin Portugal). Taxa bruta anualizada, fixada no momento da subscrição, sujeita ao risco de incumprimento do emitente. Investir envolve risco de perda parcial ou total do capital investido. Não é um depósito bancário nem um Certificado de Aforro e não está coberto pelo Fundo de Garantia de Depósitos. Rendibilidades passadas não garantem rendibilidades futuras. Condições completas e informação sobre riscos em mercadobitcoin.pt.
*O valor total na União Europeia desta oferta de valores mobiliários é inferior a 8 000 000 (Euros), em conformidade com o disposto no artigo 109.o, n.o 4, do Código dos Valores Mobiliários, por conseguinte, excetua-se a exigibilidade de elaboração de prospecto e de aprovação de publicidade. O investimento em ativos virtuais está sujeito a riscos, nomeadamente ao risco de perda parcial ou da totalidade dos montantes investidos ou convertidos em ativos virtuais.
Courtesy translation — the legally binding text is the Portuguese above
Commercial communication from Smart Token, Lda. (MB | Mercado Bitcoin Portugal). Gross annualised rate, locked at the moment of subscription, subject to the issuer's default risk. Investing carries the risk of partial or total loss of the capital invested. This is not a bank deposit and not a Certificado de Aforro, and it is not covered by the Deposit Guarantee Fund. Past yields do not guarantee future yields. Full terms and risk information at mercadobitcoin.pt.
*The total value in the European Union of this offer of securities is less than 8,000,000 (Euros), in accordance with Article 109(4) of the Portuguese Securities Code; the requirement to draw up a prospectus and to have advertising approved is therefore waived. Investment in virtual assets is subject to risks, in particular the risk of partial or total loss of the amounts invested or converted into virtual assets.
MB | Mercado Bitcoin (Smart Token Lda.) is currently undergoing an authorisation process under the MiCA Regulation with the Banco de Portugal. Client assets and currently available services remain protected by the same security, compliance and operational control standards that define our activity. Learn more
Smart Token, Lda. · NIPC 516 025 686 · Av. da Liberdade 258, 9.º Esq., 1250-149 Lisboa. Entered in the Banco de Portugal register of entities carrying on activities with virtual assets. Application for authorisation under the MiCA Regulation under review.
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