Mubadala in talks to acquire struggling Brazilian fintech

Abu Dhabi’s Mubadala Investment Co. is reportedly in discussions to take over the troubled Brazilian fintech Will Bank.

Brazil’s deposit-guarantee fund FGC and Mastercard Inc. are also part of the talks, Bloomberg reported, quoting unidentified sources.

If the deal concludes, Mubadala will inject new capital into the fintech, but no figures were given.

FGC is also planning to provide a loan to the fintech, with an option to convert the debt into equity. Meanwhile, Mastercard, which charges Will Bank fees for its services, intends to give the fintech more time to pay the costs.

Will Bank offers credit cards to lower-income customers through a partnership with Mastercard. It was acquired by Brazilian bank Banco Master in 2024.

However, Brazil’s central bank said last month that it was planning to liquidate Banco Master over alleged fraud.

The fintech is not part of the liquidation process and is included in the central bank’s special temporary administration regime, which is looking at other options for Will Bank.

As of December 2024, the fintech had 7 billion reais ($1.3 billion) in credit-card receivables. It posted a loss of 244.7 million reais in the first half of 2025, Bloomberg said, quoting data from the Brazilian central bank.

In October 2022 Mubadala Capital led a funding round of up to 550 million reais in Brazilian receivables exchange Cerc.