will bank
Will Bank was a Brazilian digital bank and fintech subsidiary of Banco Master SA that issued credit cards and payment accounts to approximately 6 million lower-income Brazilian customers through its mobile application until its extrajudicial liquidation by Brazil's Central Bank in January 2026.
- Company typePrivate
- Founded2017
- HeadquartersSão Paulo, Brazil
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
What will bank does
Will Bank (legal name Will Financeira S.A. – CFI, CNPJ 23.862.762/0001-00) was a Brazilian digital bank and fintech subsidiary of Banco Master SA, headquartered in São Paulo and founded in 2017. The company operated as a single-product-focused digital bank, primarily issuing credit cards to lower-income Brazilian consumers underserved by traditional banking institutions, alongside ancillary electronic payment accounts (contas de pagamento). Distribution was exclusively through its mobile application, with the bank reaching approximately 6 million customers and accumulating R$7.1 billion in credit card receivables prior to its collapse.
The business model centered on credit card interest, interchange fees, and float from payment account balances, targeting the mass-market lower-income retail segment that conventional banks had failed to serve at scale. In July 2021, the company raised a R$250 million minority investment led by XP's Private Equity fund with Atmos Capital to fund accelerated growth, new product development, and corporate governance improvements. The company was controlled within the Banco Master SA group, which was placed into extrajudicial liquidation by Brazil's Central Bank in November 2024 amid fraud allegations, with the parent controlled by Daniel Vorcaro.
Following the parent's collapse, Will Bank itself was placed into extrajudicial liquidation by Brazil's Central Bank on January 21, 2026 via Ato do Presidente number 1.376, with the regulator citing compromised economic and financial conditions and insolvency. The collapse left approximately R$6 billion in outstanding credit card payments to merchants unresolved and exposed card network partner Mastercard to roughly R$5 billion in payments to merchant acquirers. Abu Dhabi's Mubadala Investment Co. was reported in talks to acquire the entity in late 2025 but no deal was completed before liquidation. As of March 2026, the Credit Guarantee Fund (FGC) has begun disbursing approximately R$200 million in anticipatory guarantee payments to creditors with claims up to R$1,000 through the Will Bank app.
will bank firmographics
Firmographics- Name
- will bank
- Legal name
- Will Financeira S.A. Crédito, Financiamento e Investimento
- Website
- https://willbank.com.br
- Company type
- Private
- Founded year
- 2017
- Operating status
- Closed
- Headcount range
- 1,001–5,000 employees
- Short description
- Will Bank was a Brazilian digital bank and fintech subsidiary of Banco Master SA that issued credit cards and payment accounts to approximately 6 million lower-income Brazilian customers through its mobile application until its extrajudicial liquidation by Brazil's Central Bank in January 2026.
- Ownership category
- akta.pro rank
will bank industry classification
Industry- Product category
- Digital Banking
- NAICS
- Credit Card Issuing (52221), Depository Credit Intermediation (5221)
- SIC
- Personal Credit Institutions (6141), Finance Services (6199)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industry
- Direct-to-Consumer (D2C) Personal Lending Platforms (Unsecured Installment) (FSAKAAAK)
Keywords
Where will bank is headquartered
LocationHeadquarters
- HQ city
- São Paulo
- HQ country
- Brazil
- HQ region
- Latin America
Offices1 record
Markets served
will bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Infrastructure
Distribution channels1 record
will bank product offering
Product offeringCore offering
Will Bank was a Brazilian digital bank that issued credit cards to lower-income customers and operated electronic money payment accounts (contas de pagamento). All products were distributed exclusively through the Will Bank mobile application, targeting financially underserved Brazilian consumers who lacked access to traditional banking services.
Product overview
Will Bank was a Brazilian digital fintech that operated as a single-product focused company, primarily offering credit cards to lower-income customers and electronic payment accounts (contas de pagamento). The company operated under Will Financeira S.A. – CFI and was a subsidiary of Banco Master SA. As of January 21, 2026, the company has been placed under extrajudicial liquidation by Brazil's Central Bank (Ato do Presidente do Banco Central do Brasil número 1.376).
Differentiator
Problem solved
Functional benefit
Products and services
- Will Bank Credit Card Credit card product targeting lower-income Brazilian consumers underserved by traditional banks, issued by Will Bank and processed through the Mastercard network. Reached approximately R$7.1 billion in receivables before the company's collapse.
- Contas de Pagamento (Payment Accounts) Electronic money deposit accounts that allow Will Bank customers to hold funds and conduct payment transactions, accessible via the Will Bank mobile application. Approximately R$25 million in balances were managed through the liquidation process.
Companies that use will bank
Customer profileSegments1 record
Ideal customer profiles1 record
will bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
will bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- MastercardcoreMastercard served as the card network for Will Financeira SA (Will Bank), processing credit card transactions. Following the bank's liquidation in January 2026, Mastercard was exposed to approximately R$5 billion in payments to merchant acquirers and is seeking reimbursement from the liquidator.
Scale indicators5 records
Recent moves5 records
Expansion highlights2 records
will bank competitors and assessment
Company assessmentDirect peers
- PicPay: Brazilian digital financial platform offering payment accounts, cards, and consumer credit products through a mobile app, with mass-market distribution overlap with Will Bank.
- Nubank: Brazil's largest digital bank, serving mass-market and lower-income consumers with credit cards, payment accounts, and personal loans via a mobile app. Closest direct comparable to Will Bank's model at far greater scale and profitability.
- C6 Bank: Brazilian digital bank offering credit cards, payment accounts, and consumer credit through a mobile-first platform, including the C6 Carbon and 'C6 Conta' products targeted at the same mass-market customer segment.
- Banco Inter: Brazilian digital bank offering checking accounts, credit cards, and consumer credit via mobile app, with a strong focus on retail and lower-income segments—highly comparable GTM and product mix to Will Bank.
- Neon Pagamentos: Brazilian digital bank explicitly targeting underserved and lower-income consumers with digital accounts and credit products, closely mirroring Will Bank's customer thesis and digital-first distribution.
- Digio: Brazilian digital credit card issuer offering revolving and installment credit to mass-market consumers through a mobile-first experience—a tight product-line overlap with Will Bank's core credit card offering.
- Banco Original: Brazilian digital bank offering consumer accounts, credit cards, and loans via mobile app, with overlap in mass-market digital banking—comparable product breadth and digital GTM.
Broad incumbents
- Banco PAN: Brazilian bank with a strong consumer credit focus (payroll loans, vehicle financing, credit cards), including significant exposure to lower-income borrowers—an established incumbent serving the same end customer.
- Banco BMG: Brazilian bank specializing in payroll-deductible loans and consumer credit to lower-income and public-sector borrowers, with a digital channel—an incumbent comparable on customer segment rather than product mix.
Regional players
- Crefisa: Brazilian consumer finance company focused on personal loans and credit to lower-income borrowers; comparable on customer target and consumer credit product type, though Will Bank was digital-first while Crefisa has a heavier branch footprint.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat2 records
Key risks6 records
Key highlights5 records
Customer concentration
will bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
will bank leadership team
Management profileNumber of profiles
Profiles6 records
will bank funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
will bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about will bank
What does will bank do?
Will Bank was a Brazilian digital bank that issued credit cards to lower-income customers and operated electronic money payment accounts (contas de pagamento). All products were distributed exclusively through the Will Bank mobile application, targeting financially underserved Brazilian consumers who lacked access to traditional banking services.
Is will bank a public or private company?
will bank is a private company. It is classified as corporate owned and is currently closed.
When was will bank founded?
will bank was founded in 2017. It employs 1,001 to 5,000 people.
Where is will bank based?
will bank is headquartered in São Paulo, Brazil, in the Latin America region.
Who are will bank's main competitors?
Direct peers on record are PicPay, Nubank, C6 Bank, Banco Inter, Neon Pagamentos, Digio and Banco Original. Broad incumbents are Banco PAN and Banco BMG. Crefisa is listed as a regional player.
Does will bank have an API?
No public API is recorded for will bank.
What industry is will bank in?
will bank's product category is Digital Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSAKAAAK, Direct-to-Consumer (D2C) Personal Lending Platforms (Unsecured Installment). Its NAICS code is 52221 and its SIC code is 6141.