Banco Master acquired a majority stake in Brazilian neobank Will Bank.
Through this acquisition, Banco Master will expand its retail customer base by incorporating Will Bank’s product offerings, such as credit cards and insurance.
“Now we will have a complete digital ecosystem, with robust technology and broad coverage in the distribution of financial products. There is a great possibility of synergy, in addition to a new expansion plan that we will implement in digital banking,” said Daniel Vorcaro, President of Banco Master.
Will Bank raised $50M from XP and Atmos in 2021. Following Banco Master’s investment, Atmos and the founding members exit the business. Chu Kong, Co-founder of Will Bank and a partner at XP, will continue serving as an advisor to the bank.
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