FIDCs: The Season of Billion-Real Offerings
The growth of this market opens new opportunities for investors, but it also reinforces the importance of assessing the quality of each deal and the risks involved.
Anyone following Brazil's capital markets closely has noticed: 2026 has been a true FIDC season. FIDCs (Fundos de Investimento em Direitos Creditórios), receivables investment funds that turn credit rights into investable assets and have gained a relevant role in the funding of Brazilian fintechs, were behind some of the largest offerings of the year.
Who raised what
- CloudWalk (InfinitePay): R$ 5.5 billion. The largest FIDC issuance in the history of the Brazilian market, coordinated by Bradesco BBI (lead), Itaú BBA, BTG Pactual, Safra, Banco Votorantim, Santander and UBS BB. The proceeds will fund the prepayment of credit card receivables for the micro and small businesses served by InfinitePay.
- Agibank: R$ 2.1 billion. The company's third FIDC, completed in early October and backed by INSS payroll-deductible loans. With it, the bank has raised R$ 6.6 billion through FIDCs since 2025.
- CashGO: R$ 120 million. A deal focused on rent prepayment, structured with Banco XP, Augme Capital, ARX Investimentos and RBR Asset Management.
- Pinbank: R$ 100 million. A FIDC structured and distributed by XP, with proceeds earmarked to expand its merchant acquiring business.
Structural signals add to this picture: a BTG Pactual survey, reported by NeoFeed, shows that FIDCs linked to Shopee grew 222% in 12 months in the credit race against Mercado Livre, while the portfolios of FIDCs tied to delivery, mobility and e-commerce apps already exceed R$ 25 billion in credit granted. For the first time, the industry has crossed the symbolic mark of R$ 1 trillion in net assets and is reshaping corporate liquidity in the country.
The other side of the balance sheet
The same careful reading, however, requires looking at the counterpoint. Household delinquency remains at historically high levels, and the Central Bank itself has already raised a flag: fintechs and digital banks, major FIDC issuers, concentrate unsecured credit portfolios and tend to be more sensitive to a deterioration in credit quality. Among credit cards issued by digital banks, the share of delinquent customers jumped from 7.71% in 2021 to 20.31% in 2025, according to a study by Equifax BoaVista.
The industry's response is already visible in the structure of the funds themselves: higher subordination of quotas, overcollateralization and a migration toward secured underlying assets, such as registered receivables, payroll-deductible loans and electronic trade bills (duplicatas escriturais).
What we read into this movement
Institutional appetite for private credit remains strong. The participation of seven coordinators in CloudWalk's record deal is, in itself, a sign of the scale this market has reached.
The premium is shifting from "how much" to "how". Structure, underlying assets and origination quality carry more weight than the size of the offering. This is where fundamental analysis makes a difference.
Selection has never mattered more. In a market marked by billion-real issuances and a credit environment that demands attention, what sets deals apart is the quality of their structuring. This is exactly where active management can add value.
Private credit is no longer treated as a homogeneous asset class. Increasingly, it is a market of structures, in which every deal tells a different risk story.
At MAUD, we follow this market deal by deal. A season of large offerings does not change our discipline. On the contrary, it reinforces the importance of analyzing each structure, understanding its risks and selecting with rigor.
