Banco Master
Banco Master S.A. was a Brazilian multi-entity banking group offering credit, investment, brokerage, and digital banking through Banco Master, Will Bank, Banco Letsbank, and Master CCTVM, serving approximately 800,000 depositors before its November 2025 Central Bank-ordered liquidation amid an R$11.5 billion fraud scheme.
- Company typePrivate
- Founded2025
- HeadquartersRio De Janeiro, Brazil
- Headcount251–500
- GTM typeB2C
- OfferingServices
What Banco Master does
Banco Master S.A. was a Brazilian privately held banking group headquartered in Rio de Janeiro that offered a multi-entity suite of financial services including traditional banking (Banco Master S.A.), investment banking (Banco Master de Investimento S.A.), retail banking (Banco Letsbank S.A.), brokerage and securities services (Master CCTVM S/A), and digital banking and credit (Will Bank / Will Financeira S.A.). The group also operated the Credcesta consignado (payroll-deducted loan) product line. The franchise served approximately 800,000 depositors and grew rapidly through acquisition, most notably the February 2024 acquisition of Will Bank, while generating fee and net interest income from credit portfolios and investment products distributed to retail and institutional clients across Brazil.
The underlying business model depended on balance-sheet expansion funded by high-yield deposits and the acquisition of credit portfolios, including a contested R$23 billion transaction with state-run BRB (Banco de Brasília) that gave BRB a 58% stake. Investigations by Brazil's Federal Police under Operation Compliance Zero, the Central Bank of Brazil, and federal prosecutors determined that the credit portfolios were largely fabricated and that approximately R$11.5 billion had been diverted through a network of 36 companies, with additional payments allegedly directed at Central Bank officials, politicians, and judicial figures. Following the Central Bank's extrajudicial liquidation order (Ato do Presidente number 1.369) on November 18, 2025, the holding company and its subsidiaries were placed into liquidation, R$22 billion in assets were frozen, and the Credit Guarantee Fund (FGC) disbursed approximately R$51.8 billion to affected investors, marking the largest banking failure in Brazilian history. The relevant going-concern analytical unit for investment purposes is therefore a defunct entity whose residual value lies in the liquidation estate, ongoing criminal proceedings, and potential successor transactions rather than in any operating franchise.
Banco Master firmographics
Firmographics- Name
- Banco Master
- Legal name
- Banco Master S.A.
- Website
- https://bancomaster.com.br
- Company type
- Private
- Founded year
- 2025
- Operating status
- Closed
- Headcount range
- 251–500 employees
- Short description
- Banco Master S.A. was a Brazilian multi-entity banking group offering credit, investment, brokerage, and digital banking through Banco Master, Will Bank, Banco Letsbank, and Master CCTVM, serving approximately 800,000 depositors before its November 2025 Central Bank-ordered liquidation amid an R$11.5 billion fraud scheme.
- Ownership category
- akta.pro rank
Banco Master industry classification
Industry- Product category
- Retail Banking
- NAICS
- Depository Credit Intermediation (5221), Offices of Bank Holding Companies (551111), Commercial Banking (522110)
- SIC
- State Commercial Banks (6022), Personal Credit Institutions (6141), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industry
- Consumer & Retail (CPG, Food, Apparel) (FSABACAM)
Keywords
Where Banco Master is headquartered
LocationHeadquarters
- HQ city
- Rio De Janeiro
- HQ country
- Brazil
- HQ region
- Latin America
Offices2 records
Markets served
Banco Master business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales
Banco Master product offering
Product offeringCore offering
Banco Master operated as a Brazilian multi-service bank offering retail deposit accounts, credit portfolios, investment products, and securities brokerage services to retail and corporate customers through its headquarters in Rio de Janeiro. The group operated subsidiaries covering investment banking (Banco Master de Investimento S.A.), retail/banking (Banco Letsbank S.A.), brokerage (Master CCTVM S/A), and digital banking (Will Bank), plus the Credcesta payroll-loan product. The institution was placed under extrajudicial liquidation by Brazil's Central Bank on November 18, 2025, following allegations of fraudulent credit operations and liquidity shortfalls.
Product overview
Banco Master was a Brazilian banking group operating under extrajudicial liquidation since November 2025. The group comprised multiple entities including Banco Master S.A. (core banking), Banco Master de Investimento S.A. (investment banking), Banco Letsbank S.A. (retail banking), Master CCTVM (brokerage/exchange services), and Will Bank fintech subsidiary (digital banking/credit cards). The group also offered consignado credit products through Credcesta. All entities are now under liquidation proceedings by Brazil's Central Bank following fraud allegations.
Differentiator
Problem solved
Functional benefit
Products and services
- Banco Master S.A. (core retail and corporate banking) Core banking entity offering deposit accounts, credit portfolios, and related banking services to retail and corporate customers in Brazil from its Rio de Janeiro headquarters.
- Banco Master de Investimento S.A. Investment banking subsidiary providing investment products and capital-markets services within the Banco Master group.
- Banco Letsbank S.A. Banking subsidiary operating within the Banco Master group, expanding the group's banking footprint.
- Master CCTVM S/A Securities brokerage subsidiary providing stock, securities, and capital-markets brokerage services within the Banco Master group.
- Will Bank Digital banking and fintech platform subsidiary of the Banco Master group, providing mobile-based banking, credit card, and digital financial services to retail customers.
- Credcesta Payroll-loan product offered to workers, providing consumer credit via payroll deduction as part of the Banco Master group's retail credit portfolio.
Companies that use Banco Master
Customer profileSegments1 record
Ideal customer profiles1 record
Banco Master technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Banco Master partnerships and signals
Strategic signalScale indicators7 records
Recent moves9 records
Expansion highlights4 records
Banco Master competitors and assessment
Company assessmentEmerging players
- Nubank: Brazil's largest digital bank offering deposits, credit, and investments to retail customers. Comparable to Banco Master's Will Bank subsidiary in digital-first retail banking, though at vastly larger scale.
- C6 Bank: Brazilian digital bank competing in retail deposits, consumer credit, and investments. Comparable to Banco Master's digital banking strategy via Will Bank.
Direct peers
- Banco Sofisa: Brazilian commercial bank focused on lending and deposits to businesses and individuals. Comparable mid-tier Brazilian commercial bank serving similar customer segments as Banco Master.
- Banco BMG: Brazilian commercial bank specializing in payroll-deducted (consignado) consumer loans — the same segment Banco Master targeted through its Credcesta product. Comparable in customer base and product focus.
- Banco PAN: Brazilian commercial bank offering consumer credit, deposits, and payroll-deducted loans to retail customers. Directly comparable to Banco Master's mix of deposit-taking and consumer credit products.
- Original (Banco Original): Brazilian commercial bank offering agribusiness, corporate, and digital banking services. Comparable diversified banking group with overlapping corporate and retail lending focus.
- Banco Daycoval: Mid-sized Brazilian commercial bank with comparable offerings in corporate lending, treasury services, and capital markets — similar in scale and product breadth to Banco Master's banking group.
- Banco Inter (Inter&Co): Brazilian digital bank offering deposits, credit, and investments to retail and SMB customers. Closely comparable to Banco Master's digital banking ambitions executed via the Will Bank subsidiary.
Others
- BRB (Banco de Brasília): State-run Banco de Brasília that acquired 58% of Banco Master's capital involving R$23 billion in assets. Directly involved as both commercial counterparty and as the principal victim of the fraudulent credit portfolio purchase.
Broad incumbents
- BTG Pactual: Brazil's largest investment bank offering brokerage, asset management, and corporate banking services. Comparable to Banco Master through its Master CCTVM brokerage and Banco Master de Investimento subsidiaries.
Market position
Strengths2 records
Weaknesses5 records
Competitive moat3 records
Key risks7 records
Key highlights5 records
Customer concentration
Banco Master social profiles
Digital presenceBanco Master financial estimates
Financial estimateRevenue estimate
Valuation estimate
Banco Master leadership team
Management profileNumber of profiles
Profiles1 record
Banco Master subsidiaries and ownership
Company hierarchySubsidiaries4 records
Banco Master funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Banco Master M&A and investment
M&A and investmentM&A1 record
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Banco Master
What does Banco Master do?
Banco Master operated as a Brazilian multi-service bank offering retail deposit accounts, credit portfolios, investment products, and securities brokerage services to retail and corporate customers through its headquarters in Rio de Janeiro. The group operated subsidiaries covering investment banking (Banco Master de Investimento S.A.), retail/banking (Banco Letsbank S.A.), brokerage (Master CCTVM S/A), and digital banking (Will Bank), plus the Credcesta payroll-loan product. The institution was placed under extrajudicial liquidation by Brazil's Central Bank on November 18, 2025, following allegations of fraudulent credit operations and liquidity shortfalls.
Is Banco Master a public or private company?
Banco Master is a private company. It is classified as founder individual operated bootstrapped and is currently closed.
When was Banco Master founded?
Banco Master was founded in 2025. It employs 251 to 500 people.
Where is Banco Master based?
Banco Master is headquartered in Rio De Janeiro, Brazil, in the Latin America region.
Who are Banco Master's main competitors?
Emerging players on record are Nubank and C6 Bank. Direct peers are Banco Sofisa, Banco BMG, Banco PAN, Original (Banco Original), Banco Daycoval and Banco Inter (Inter&Co). BRB (Banco de Brasília) is listed as an others. BTG Pactual is listed as a broad incumbent.
Does Banco Master have an API?
No public API is recorded for Banco Master.
What industry is Banco Master in?
Banco Master's product category is Retail Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABACAM, Consumer & Retail (CPG, Food, Apparel). Its NAICS code is 5221 and its SIC code is 6022.