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The Master buys control of Will Bank, which operates the popular retail business  a job

The Master buys control of Will Bank, which operates the popular retail business a job

Banco Master has just completed the acquisition of digital bank Will Bank, its second deal in just over two weeks.

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Will Bank is putting Master on another level in retail, adding more than six million customers – taking Master's portfolio to more than 10.5 million individual customers in the country, in services such as credit cards and insurance.

The fintech company already has XP's private equity fund as a minority shareholder, which will remain a shareholder. Chu Kong, of XP, remains a member of the Board of Directors. Atmos, which entered the round with XP in 2021, and the founders left the fintech.

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Will Bank was seeking a round of capital for the new phase of growth and the search for profitability, but negotiations ended in a sale of control due to the Master's proposal and the difficulty of attracting venture capital funds at the required valuation.

The fintech company was founded in 2017 by the Piana family from Espirito Santo, with a focus on the unbanked C and D segment, and its growing geographic location in the Northeast. Last year's revenues reached R$2.8 billion. Until the first half of last year, the accumulated loss for the year amounted to R$268 million. In consolidated 2022, the loss amounted to R$164 million. The company is no longer committed to the Basel Index in January 2023.

Will Bank is now controlled by Banco Master – Image: Disclosure

For the new console, the business already includes synergies and cross-selling opportunities, which could turn the final line from red to blue.

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“The Master Group now has a complete digital ecosystem, with the ability to distribute financial products,” says Daniel Forcaro, President of Banco Master. “We will offer credit products to Credcesta customers, insurance products, etc. to existing Irada customers. There is great potential for synergies, in addition to a new expansion plan that we will implement in the digital bank.”

Al-Sayed has already made another purchase this month, acquiring Voiter Bank. In this case, the process is wholesale.


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