What began as an operational "hiccup" in payments to retailers ended on the morning of Friday, March 27, with the final decision of the Central Bank (BC). The regulatory body decreed the extrajudicial liquidation of EntrePay Instituição de Pagamento, extending the measure to Acqio, the acquiring business, and Octa, the Direct Credit Company, the other two arms of the group.

In its decision, the Central Bank justified the measure due to the "compromised economic and financial situation" of the institutions, the violation of legal and regulatory norms, and the existence of losses that subjected creditors to an "abnormal risk."

"This is a small prudential conglomerate classified in segment S4 of prudential regulation, with EntrePay Instituição de Pagamento as the lead institution," writes the monetary authority.

"In December 2025, the conglomerate held approximately 0.009% of the total assets of the National Financial System (SFN). Regarding payment institutions and direct credit companies, the liquidated entities do not have funding through instruments covered by the Credit Guarantee Fund (FGC)," it adds.

EntrePay was yet another fintech company trying to position itself as a disruptive player in the payment methods sector. But its connections went far beyond services for the financial sector.

The company is part of the business conglomerate of businessman Antonio Carlos Freixo Júnior, who is the target of investigations by the Federal Police (PF) due to suspicions of fraud committed by Banco Master and significant alterations in Investment Funds in Credit Rights (FIDCs) that held the company as the assignor of the credits.

According to Estadão , authorities suspect that Daniel Vorcaro is the "hidden owner" of EntrePay. Mineiro, as Freixo Júnior is known, is believed to be the operator of the infrastructure that benefited Master. The suspicion is that the connection model was the same as Reag's, with a series of funds being used in fraud and money laundering schemes.

Freixo Júnior was also being monitored by the Securities and Exchange Commission (CVM), in addition to the police authorities.

With the liquidation of the payment institution, the assets of the controllers and former administrators were made unavailable, and Cassio Haig Vartanian was appointed as liquidator to manage the estate of the companies.

The BNB case

The intervention by the Central Bank is the culmination of a liquidity and governance crisis that NeoFeed has been monitoring and has anticipated signs of insolvency for the market.

In early March, EntrePay was facing a wave of complaints from merchants about systematic delays in payments. At the time, what the company tried to classify as "technical instability" actually masked larger structural problems.

According to reporting by NeoFeed , the operation was under scrutiny by Compliance Zero, a Federal Police unit, and was facing changes to its FIDCs (Investment Funds in Receivables) – the mechanism that was supposed to guarantee cash flow for payments to retailers.

The pressure intensified for EntrePay when Banco do Nordeste (BNB) unilaterally terminated its contract with EntrePay in the first half of March.

The company was the operational partner for the payment terminals of the Crediamigo program, one of the largest microcredit programs in Latin America. Failure to meet deadlines for disbursing funds to micro-entrepreneurs in the Northeast made the partnership unsustainable and exposed the group's vulnerability to the market and regulators.

For retailers and creditors who have funds withheld, all that remains now is to wait for the liquidation process to try to recover their resources. Unlike commercial banks, Payment Institutions (PIs) and Direct Credit Companies (SCDs) like Octa do not have FGC protection.

After the publication of the report, Grupo Entre sent these clarifications:

Regarding the Central Bank's liquidation: "The Entre Group informs that it has become aware of the Central Bank's decision to decree the extrajudicial liquidation of Entrepay Instituição de Pagamento, Acqio Adquirência, and Octa Sociedade de Crédito Direto, as per the public announcement released today."

"The Group clarifies that it had been conducting, in a structured manner, a process of discontinuing the operations of these companies, within the context of a strategic review of its business portfolio, focusing on the orderly transition of activities, the fulfillment of obligations assumed, and the preservation of operational continuity during this period."

"Grupo Entre reaffirms its commitment to full cooperation with the competent authorities, providing all necessary clarifications and monitoring the developments of the liquidation process within the appropriate institutional channels, in order to mitigate impacts on clients, partners and other related stakeholders."

"The Entre Group has other businesses that will continue as normal."

Regarding Daniel Vorcaro: "Grupo Entre clarifies that the information claiming Daniel Vorcaro is the 'hidden owner' of Entrepay is incorrect. There is no corporate, control, or governance link between the businessman and the company."

"The decision to proceed with the extrajudicial liquidation of Entrepay was adopted by the Central Bank within the scope of its legal powers, as per the public announcement, and is being monitored by the company through the appropriate institutional channels."

"Grupo Entre emphasizes that it had been conducting, in a structured manner, a process of discontinuing Entrepay's operations, focusing on the orderly transition of activities and the fulfillment of its obligations."

"The company reaffirms its commitment to transparency, collaboration with authorities, and correcting information that could lead to misinterpretations about its structure or operations."