Mubadala Negotiates Acquisition of Brazilian Fintech Will Bank Amid Central Bank Oversight
Abu Dhabi's Mubadala is negotiating to acquire Brazil's fintech Will Bank, now under Central Bank administration, with Mastercard and FGC involved in the deal to stabilize the troubled company.
- • Mubadala is negotiating to acquire control of Brazilian fintech Will Bank, owned by Banco Master.
- • Will Bank operates under Central Bank temporary administration due to Banco Master’s liquidation proceedings.
- • Mastercard and Brazil’s Credit Guarantee Fund (FGC) are involved in the deal, considering capital injections and equity conversion.
- • Will Bank has R$ 7.1 billion in credit card receivables and R$ 7.5 billion in deposits, with significant financial losses in 2025.
Key details
Mubadala, the sovereign wealth fund from Abu Dhabi, is currently in negotiations to acquire control of Will Bank, a Brazilian fintech owned by Banco Master that is undergoing significant operational challenges. Will Bank operates under a special temporary administration imposed by the Central Bank of Brazil to ensure continuity of services while seeking alternatives to minimize losses to creditors, including Mastercard and the Credit Guarantee Fund (FGC).
Will Bank offers Mastercard-branded credit cards primarily to low-income clients and has substantial financial figures, including R$ 7.1 billion in credit card receivables as of December 2024 and approximately R$ 7.5 billion in customer deposits. The fintech reported a loss of R$ 244.7 million in the first half of 2025. The Central Bank placed Will Bank into special administration after initiating liquidation against its parent Banco Master due to fraud allegations, which the bank denies. However, Will Bank itself is not under liquidation.
The acquisition deal reportedly involves Mastercard, which provides payment services to Will Bank and is considering the impact of extending payment terms. The FGC is also contemplating providing a loan to Will Bank, which could convert into equity, helping to stabilize the fintech’s position. Mubadala is expected to inject new capital as part of the agreement. Laplace Finanças is assisting Banco Master with the sale process, though they have declined to provide comments.
The Central Bank's intervention aims to protect consumer interests and minimize financial risks to stakeholders during the transition. Ensuring service continuity is critical given the scale of deposits and receivables involved, and disruptions could negatively impact consumers and creditors alike.
This potential acquisition highlights Mubadala’s strategic interest in the Brazilian fintech market and underscores the complex financial and regulatory challenges facing fintech companies in Brazil. Both Mubadala and Mastercard have not publicly commented on the negotiations, and representatives from Will Bank and the FGC also declined to comment on the matter.
As negotiations progress, the Central Bank’s approval remains pivotal for the sale to proceed under the special administration framework, emphasizing the importance of regulatory oversight in stabilizing Brazil’s fintech sector.
This article was synthesized and translated from native language sources to provide English-speaking readers with local perspectives.