Brazil's neobank Will Bank raises BRL 250 million from XP Private Equity and Atmos Capital

The minority equity acquisition will be used to strengthen the balance sheet and sustain the fintech's growth projection

Will Bank's co-founder and CEO, Felipe Felix. Photo: Will Bank/Courtesy
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  • Will Bank has issued more than 1.7 million credit cards since it was born;
  • In 2020, the neobank said to have reached more than BRL 500 million in revenue, double that recorded in 2019.

Brazilian neobank Will Bank announced on Monday that it has raised a BRL 250 million investment round from a group led by XP‘s Private Equity fund and manager Atmos Capital.

The minority equity contribution will be used to strengthen the company’s balance sheet and sustain the startup’s projected high growth, including the development of new product lines in the coming years.

Founded in 2017 by the Piana family, entrepreneurs in Brazil‘s Espírito Santo state financial sector, and entrepreneur Felipe Felix, the will bank was born under the brand Meu Pag!.

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Since then, the company has issued more than 1.7 million cards and has more than half of its customers in Brazil‘s Northeast region. Last year, the fintech said it reached BRL 500 million in revenue, double that in 2019, as well as positive net income in recent years.

Will Bank provides digital accounts and checking account services, as well as annuity-free credit and debit cards.

According to Will Bank’s co-founder and CEO, Felipe Felix, Will Bank was the first startup to offer a digital account integrated with a credit card in Brazil in early 2017. “With a large part of the employees in the technology and data areas, we have a lot of agility and flexibility to develop new products and improvements, evolving our customers’ financial lives from something dull and bureaucratic to a pleasurable, positive and complete experience.”

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Erik Lassner, manager at Atmos Capital, adds that “the company’s profitability is mainly related to the high rate of organic customer growth, due to the quality of the product and brand positioning, focused on a public historically underserved by the traditional financial system.” The company estimates that a large portion of Will Bank’s customers did not have a credit card before. This was Atmos’ first investment in a privately held company.

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