Key Facts
- ✓ The Central Bank ordered the extrajudicial liquidation of Will Financeira, the financial arm of the will bank brand, on January 21, 2026.
- ✓ Founded in 2017, the digital bank focused on financial inclusion for low-income clients, with 60% of its user base located in Brazil's Northeast region.
- ✓ In 2021, the institution received a R$ 250 million investment from private equity funds linked to XP and Atmos Capital, securing them a 24.9% stake.
- ✓ Despite the liquidation order, will bank reported a net profit of R$ 47.4 million in the first half of 2024, reversing previous accumulated losses.
- ✓ The bank's ownership was restructured in 2024, transferring control of the financial institution to the Grupo Master conglomerate.
Quick Summary
The Central Bank of Brazil has officially ordered the extrajudicial liquidation of Will Financeira, the financial institution operating under the brand name will bank. This regulatory action immediately halts the company's activities, which included resource capture and credit concession within the conglomerate.
Established with a mission to promote financial inclusion, will bank positioned itself as a digital lender targeting individuals with limited access to the traditional banking system. The intervention marks a significant turning point for a fintech that had recently shown signs of financial recovery and profitability.
A Mission-Driven Origin
The digital bank was founded in 2017, emerging from pag!, a credit card issuer created by Felipe Felix alongside brothers Giovanni and Walter Piana. Initially focused on card issuance, the company underwent a strategic pivot in 2020, rebranding as will bank to expand its services beyond credit cards and solidify its status as a comprehensive digital bank.
Throughout its history, the institution expanded its product portfolio to meet the needs of its target demographic. Key offerings included:
- Remunerated digital accounts
- Payments via Pix and boletos
- Personal loans and FGTS withdrawal anticipation
- A marketplace featuring a cashback system
The brand's communication strategy consistently emphasized simple and accessible language, reinforcing its narrative of democratizing credit for the underserved.
Regional Focus and Growth
will bank cultivated a user base heavily concentrated in the Nordeste (Northeast) region of Brazil, which hosted approximately 60% of its users. Many of these clients resided in small towns, a demographic often overlooked by large traditional banks. This regional focus allowed the fintech to tailor its services to specific local economic realities.
Despite its regional roots, the company attracted significant external capital. In 2021, it secured an investment of R$ 250 million from private equity funds associated with XP and Atmos Capital. This deal granted the investors a minority stake of 24.9% in the institution. The following year, the bank accelerated its growth by acquiring the team and partnerships of the cashback startup Getmore, enhancing its online sales and marketplace strategies.
Ownership Restructuring
In 2024, the conglomerate underwent a major ownership restructuring following approvals from both the Cade (Brazilian economic defense authority) and the Central Bank. The process resulted in a split of the group's assets: the Will Instituição de Pagamento (payment institution) was transferred to the control of the Grupo Reag, while the Will Financeira (the bank subject to liquidation) passed to the control of the Grupo Master.
As part of this transition, assets and liabilities related to payment arrangements began to be transferred from the payment institution to the financial institution. This complex reorganization occurred just months before the regulatory intervention that ultimately suspended the bank's operations.
Recent Financial Performance
Paradoxically, the liquidation order arrived after a period of improved financial health. According to data released by the institution itself, will bank managed to reverse accumulated losses in the first half of 2024. The company reported a net profit of R$ 47.4 million during this period, suggesting that operational adjustments were yielding positive results prior to the Central Bank's decision.
The sudden halt to operations interrupts this recovery trajectory. The extrajudicial liquidation process now dictates the management of the institution's remaining assets and liabilities, effectively ending the bank's run as a digital lender focused on financial inclusion.
Looking Ahead
The liquidation of will bank represents a significant shift in the Brazilian fintech landscape, particularly for the Northeast region where it held a strong presence. The intervention highlights the rigorous oversight applied by the Central Bank to financial institutions, regardless of their recent profitability or mission-driven goals.
As the liquidation process unfolds, the focus will shift to the recovery of assets and the protection of client interests. The story of will bank serves as a case study in the volatility of the digital banking sector and the critical importance of regulatory compliance in maintaining operational stability.
