The Luxembourg fintech, which recorded its first net profit in 2025 and has grown revenue by more than 70% a year, seeks institutional partners to scale across Europe and the wider EMEA region and to build out its digital ecosystem
Luxembourg and Madrid, 9 November 2026. Estating, the cross-border infrastructure for investing in, structuring, issuing, distributing and managing real-world assets (RWA), today announces its Series A financing round of up to €10 million. The round is addressed to institutional and professional investors who want to take part as real-world assets move into the portfolios of banks, wealth managers and digital platforms. The capital will fund the next stage of growth: technology and artificial intelligence across the platform, expansion across Europe and the wider EMEA region from Spain, new countries in Latin America, where Estating has built its business over six years, a broader product range and the senior team needed to scale.
A working infrastructure that already generates revenue
Estating turns real-world assets, today mainly real estate, into bankable securities with a Swiss ISIN. It issues them through its own securitisation vehicle in Luxembourg, within a regulated European framework, and settles them through SIX, Euroclear and Clearstream. Investors buy and hold these MiFID II transferable securities from their own bank account, alongside the rest of their portfolio. Estating covers the full value chain: sourcing and selecting assets, structuring, issuing, distributing and supervising each investment through to exit. It always invests as anchor investor alongside selected asset partners, without a manager role and without a proprietary book. For digital-asset investors, its securities are being made available in tokenised form through Tortuga, a sister company co-founded by Martin Halblaub and Daniel Vegue Domínguez.
A new category: infrastructure that others use
Capital for real-world assets increasingly comes from two directions: traditional wealth management and the digital asset world. Estating is built as the infrastructure both use, so that private banks, wealth managers, family offices and digital platforms do not have to build it themselves. A network of ten asset partners managing more than US$25 billion supplies the opportunities; around 30 wealth management partners in Latin America, Andorra, Spain and Central and Eastern Europe, with access to more than 1,000 financial advisers, bring them to their clients. In recent weeks, Estating announced a distribution agreement with ASN Markets for Spanish private banks and wealth managers, and a strategic partnership with the digital investment platform Reental, with around 50,000 clients in some 100 countries.
Growth with discipline
Estating has grown revenue by more than 70% a year on average in recent years and recorded its first net profit in 2025. It operates in 16 markets across Europe and the Americas and has executed more than 20 transactions for several hundred investors. Since July 2026, the platform runs with four profit centres, each with its own leadership and each covering its direct costs. A&O Shearman acts as its legal adviser, and PwC has audited Estating since its incorporation, with unqualified opinions for every year. Its registered office and corporate governance are in Luxembourg. The Series A funds the investment phase that takes this model to scale.
Use of proceeds: four capabilities, one AI foundation
The Series A will strengthen the platform's four capabilities, with artificial intelligence as their common foundation, automating origination, structuring, distribution and execution. In origination, Estating will add asset partners in Europe and broaden into new classes of real-world assets. In structuring, it will widen the product range, including evergreen notes and Master Notes, and build its financial markets team. In distribution, it will deepen its adviser network, integrate with more private banks and grow from Spain across Europe and the wider EMEA region, starting with Poland, while expanding into new Latin American countries. In digital distribution, it will scale its integration with Tortuga and with digital investment platforms.
"We are entering the dual-channel decade," says Martin Halblaub, Founder, Chairman and Group CEO of Estating. "More than US$100 trillion of real-world assets still sit outside a bankable format, and access to private markets has become the key question for investors in traditional and digital finance alike. What will be decisive is infrastructure that is deeply embedded in the real-world asset ecosystem and in both capital pools at once. That is what we have built over six years: live, revenue-generating and audited without qualification. With this Series A we want to make Estating the category-defining infrastructure for the real-world asset economy, together with partners who bring more than capital."
Leadership
Martin Halblaub was founding CEO of SDX, the SIX Digital Exchange, and Chairman of the Hannover Stock Exchange. Before that, he spent more than two decades in banking, among other roles as CEO Financial Markets at HSH Nordbank and as a member of the Group Board of NORD/LB. He founded Estating in 2020 together with Daniel Vegue Domínguez, CEO Latin America, who previously led the independent asset manager business in Latin America for Credit Suisse and Julius Baer. Between them, the founders combine institutional banking, market infrastructure and the wealth management relationships through which Estating distributes.
About the round
The Series A is addressed exclusively to professional and institutional investors across Europe, the Middle East and Africa and the Americas. Martin Halblaub leads the fundraising for Estating; Lets Finance, the Madrid-based corporate finance boutique, supports the company in running the process. Estating gives preference to strategic investors whose own business benefits from its infrastructure: financial institutions such as private banks, wealth managers and asset managers, market infrastructure and digital-asset players, and family offices with a long-term view on real-world assets. It is also open to venture and growth investors who can help it scale into the category-defining platform for the real-world asset economy. Beyond capital, Estating expects its new shareholders to contribute access to distribution and assets, capital markets capacity and their networks across EMEA and the Americas. Interested investors are invited to set out in their first approach how they could contribute to the platform's growth. Investor enquiries: Ignacio Gómez, Lets Finance, igomez@letsfinance.es.
Editor's note
About Estating: Estating is a Fintech platform specialising in infrastructure for real estate within the Real-World Assets (RWA) ecosystem. Founded in 2020 by Martin Halblaub and Daniel Vegue Domínguez, the company has its registered office and corporate governance in Luxembourg, recorded its first net profit in 2025 and operates through an international network of asset and wealth management partners. Over six years it has executed more than 20 transactions for several hundred investors. It integrates the value chain required to originate and select assets, structure and securitise them, distribute them as investment products within a regulated European framework, and supervise them through to exit. Its infrastructure is designed for private banks, wealth managers, family offices, investment platforms and other regulated intermediaries.
This press release is for information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of Estating S.A. in any jurisdiction. The round is addressed exclusively to professional and institutional investors; it is not offered to retail investors or to US persons. Any investment will be made solely on the basis of definitive documentation. The shares have not been and will not be registered under the US Securities Act of 1933. This release may contain forward-looking statements subject to risks and uncertainties; actual results may differ.
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