will bank

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.

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

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

• Digital banking services
• Credit card products
• Payment accounts
• Consumer lending
• Mobile banking

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Infrastructure

Distribution channels1 record

Core 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.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• MastercardcoreTechnology or IntegrationMastercard 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

Direct 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

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about will bank