Amid growing complaints about not receiving redemption requests linked to investments in joint venture companies (SCPs) at Fictor, the company has changed its fundraising method with investors.
According to reporting by NeoFeed , Fictor stopped selling SCPs (Special Purpose Companies) at the end of 2025 – these are a way to raise money through a partnership where partners have limited liability to the amount invested – in which the company promised stable returns of up to 1.8% per month and which were a key part of its financing.
Fictor is now seeking investors for its new Investment Fund in Credit Rights (FIDC). The fundraising method, however, remains similar to that used for the sale of stakes in SCPs (Special Purpose Companies).
Everything is done directly, with the product being presented by an agent trained by the company and a bank transfer being sent to Fictor's accounts. On its website, the Fictor Group states that it operates in various areas, such as agribusiness, financial services, and infrastructure.
In November, the Group made headlines for announcing the purchase of Banco Master the day before the arrest of Daniel Vorcaro, the financial institution's owner, and its extrajudicial liquidation by the Central Bank . According to a report by UOL , Fictor allegedly used toxic assets to inflate its balance sheet in an attempt to acquire Master.
In a conversation with one of these agents, in which the reporter identified themselves as a potential investor, it was stated that the offering of SCPs ceased in December of last year and that there is no longer any availability for investment.
This agent said he has worked for Fictor for three years, but on social media, he presents himself as a healthcare professional and has tens of thousands of followers, without mentioning any kind of financial advice.
The change in methodology, he said, was due to the company's growth, governance strategy, and "adaptation to market standards." "We were very comfortable working with the other system because we grew a lot. So, we were bothering a lot of people."
Since 2021, Fictor has opened at least 12 SCPs (Special Purpose Entities), totaling R$ 1.673 billion in share capital. However, the figures reported by the company are substantially higher. According to documents obtained by NeoFeed , Fictor claims to have originated R$ 3.5 billion in business across the entire conglomerate in 2024 alone.
Like SCPs (Special Purpose Companies), FIDCs (Investment Funds in Credit Rights) are sold as instruments to finance company growth and promise returns above the industry average. In Fictor's FIDC, target returns range from 1.4% to 1.8% per month, depending on the amount invested. The minimum investment is R$ 30,000, and for the target return of 1.8%, a minimum of R$ 5 million is required.
“The money enters Fictor’s ecosystem. It’s used for buying and selling grains, for the energy business, and in the payroll loan sector. In the payroll loan sector, for example, we lend at 2.8%. So, we pay the investor and still make a profit,” said the Fictor agent.
The fund in question is Fictor Invest FIDC, administered by BRL Trust and managed by Fictor Asset itself. Launched in August 2025, it had already raised R$ 230 million by November, the date of the fund's last monthly report.
This FIDC (Investment Fund in Credit Rights) invests primarily in shares of other FIDCs, which are backed by credit rights. Among the main assets of these structures are payroll loan operations for public employees, receivables linked to agribusiness, and financing for solar energy projects, according to material released by the fund.
Newly launched, the fund is already the largest of Fictor's six FIDCs (Investment Funds in Credit Rights). Although it didn't offer them as actively as it does now, the company has been using these instruments since at least 2022, and has R$ 628 million in net assets in its FIDCs.
The growth of FIDCs (Investment Funds in Credit Rights) is not unique to Fictor. In recent years, this type of fund has become one of the fastest-growing segments of the Brazilian market, driven by flexibility in granting credit and the possibility of structuring tailor-made operations for different risk and return profiles.
On the other hand, despite being regulated instruments, FIDCs (Investment Funds in Credit Rights) often have low transparency regarding the credits that make up their portfolios, which makes it difficult for investors to assess the real risk.
Just like with SCPs, Fictor's FIDCs are being sold with a guaranteed redemption period of up to 60 days. However, if the company's recent history with SCPs is anything to go by, this timeframe is likely to be extended.
Delayed redemptions
In one of the cases contacted by NeoFeed , an investor who asked not to be named claims to have invested R$ 200,000 in a Fictor SCP in August of last year. The redemption was requested in October and was scheduled to be deposited on December 27th, 60 days later. But nothing was paid.
On Reclame Aqui (a Brazilian consumer complaint website), the company has faced an increase in complaints related to delays. On Fictor Invest's page on the portal alone, at least 30 complaints have been filed in the last 20 days, 19 of which were within the last 10 days. Only two complaints had been filed previously.
According to the investor, the company has since offered various justifications for the delay and has been working with the promise of a new deadline, on February 11th.
The first justification, he said, was an alleged hacker attack. Then, Fictor informed him that it was undergoing "internal changes." "After that, they said that the CVM (Brazilian Securities and Exchange Commission) was there and couldn't make any moves until the problems were resolved."
Another investor contacted by NeoFeed states that he has held investments in Fictor's SCP for two years and has received partial redemptions twice during that period. However, on the third occasion, he has faced payment delays.
"I redeemed my investment twice and it worked. I saw that the company was sponsoring Palmeiras and Congonhas Airport. So, I talked to my wife and invested larger amounts. Now, I can't withdraw it," said the investor, also on condition of anonymity.
Aside from customer complaints, Fictor is under investigation in case number 19957.000116/2026-15, opened by the CVM (Brazilian Securities and Exchange Commission) following a complaint from the Brazilian Association of Investment Advisors (ABAI) regarding the company's fundraising methods.
"In this scenario, which ABAI believes is distorted, there are promises of profitability that are incompatible with the current reality of the financial market and with the variable income nature of SCPs," says the Association, in a statement sent to NeoFeed .
ABAI also classified the lack of records for investments made directly into current accounts as "worrying." According to the statement, investment advisors are promised commissions of up to 2% per month on the amount raised, and there are reports of promises of returns of up to 3% per month for the client.
In a statement to NeoFeed , Fictor claims that the SCP ransoms will be paid on February 12th. According to the company, the payments were not made on schedule due to "an environment of increased external pressure, stemming from public questioning and media exposure, which led some partners and stakeholders to tighten their own internal procedures, impacting operational timelines involving multiple stages and counterparties."
The company states that, since then, it has "deliberately chosen to reorganize flows, strengthen controls, and readjust schedules, focusing on implementing a definitive solution." "Communications with investors have consistently reflected this scenario, without any relation to regulatory impediments or alteration of already established rights," the statement says.
Regarding the change from the SCP (Special Purpose Company) model to FIDC (Investment Fund in Credit Rights), the company stated that it reflects an "evolution." "The decision focused on greater regulatory robustness, governance, transparency, and investor protection, since the FIDC is a regulated vehicle, subject to CVM (Brazilian Securities and Exchange Commission) supervision, with asset segregation, periodic reporting, independent auditing, and a formal management and control structure."
Fictor further stated that "the transition does not stem from any irregularity in the structures previously used, which remain valid under the terms of their contractual instruments, and is a strategic option aligned with the current stage of the business."
Regarding the distribution model, the company stated that the SCPs (Special Purpose Companies) stem from private contractual instruments and that there is no involvement of independent agents or any form of irregular intermediation in the distribution of its FIDCs (Investment Funds in Receivables).
"The subscription of shares occurs exclusively in accordance with the fund's regulations and documents, under the responsibility of the manager, observing suitability controls, anti-money laundering measures, and other applicable legal and regulatory obligations," the statement says.
