EntrePay, the acquiring arm of the Entre group, owned by businessman Antonio Carlos Freixo Júnior, has been experiencing an increase in complaints related to delays in payments to merchants for sales made by credit card using the company's payment terminal.
The acquiring company of Grupo Entre maintains a partnership with Banco do Nordeste to offer card payment terminals to borrowers of the CrediAmigo program, a microcredit program for small businesses, which has around 2 million participants.
The delays in payments were acknowledged in a statement to the market by Banco do Nordeste, which stated that the problem is related to "operational issues" at EntrePay and that it would be resolved by Monday, March 2nd.
Until Wednesday, March 4th, the company continues to receive complaints related to delays on its Reclame Aqui page. Of the 42 complaints received this year through the company's page on the platform, 36 were made since January.
In a statement sent to NeoFeed , the group states that the delays are related to a "technical processing failure that generated partial settlements." According to the company, the issue is being resolved with the affected counterparties.
The delays in payments from EntrePay occur amidst investigations by the Federal Police linking Antonio Carlos Freixo Júnior, CEO of Grupo Entre, to suspected fraud committed by Banco Master and significant changes in Investment Funds in Credit Rights (FIDCs) that held the company as the assignor of the credits.
In January of this year, the businessman was also the target of a search and seizure operation in Operation Compliance Zero, along with Julia Grasiela de Oliveira Freixo, co-founder and legal director of Grupo Entre, Daniel Vorcaro, owner of Master, João Carlos Mansur, of Reag, and Marcelo Quadrado, of Fortesec.
From a financial standpoint, NeoFeed identified, using data provided by the Uqbar platform, four FIDCs (Investment Funds in Receivables) that had EntrePay as a significant assignor in their portfolios: Rover FIDC, Moriah FIDC (which later became Sinai Multi), FIDC Garson, and Garson Card.
Since December of last year, these FIDCs have undergone a series of changes in their structures, such as changes in administrator and manager, name changes, and the inclusion, in regulations, of new risk factors related to the assignors of the invested credits.
In a statement to NeoFeed , Grupo Entre affirms that Entrepay "had credit and/or assignment operations with some of the aforementioned FIDCs" and that these were for the purpose of "assignment and anticipation of card receivables, as is common practice in this market, with other institutions operating in the payments sector." The company, however, denied that the delays are related to the structures of the FIDCs.
FIDC Garson is the largest among those that had exposure to Entrepay, with nearly R$300 million in declared net assets. In December, the fund approved, at an Extraordinary General Meeting, the inclusion of a series of new risk factors related to the credits.
The list includes the possibility of credit rights "being blocked or redirected to pay other debts of the Assignor/Endorser or the respective Debtors, including as a result of requests for judicial reorganization, bankruptcy, or extrajudicial reorganization plans."
According to documents obtained by NeoFeed , this FIDC (Investment Fund in Credit Rights) had EntrePay as the assignor of more than 10% of its assets until August 2025, and between May 2024 and June 2025.
According to a statement from Grupo Entre, Entrepay has no connection whatsoever with the rules defined in the FIDC Garson regulations, and "any assignment operations carried out were in strict compliance with the current regulations and under the scrutiny and selection of the respective manager."
The Group also stated that it has a "solid financial position," and there are no liquidity events that would justify a request for judicial reorganization by EntrePay.
The company acting as a specialized consultant for the fund is Garson Crédito, which holds the same position in the Garson Card FIDC (Investment Fund in Receivables), where EntrePay is the sole assignor of the portfolio.
In January of this year, the fund had net assets of R$ 197 million, and in an evaluation related to the third quarter, its subordinated shares received a BB rating from Liberum Ratings.
Because it is a single-origin company, EntrePay's operational solidity is fundamental to the success of the FIDC (Investment Fund in Receivables), according to analysts at Liberum Ratings. However, in their report, they stated that they did not have access to the company's financial statements.
The Entre Group, however, claims to have received "no request regarding Liberium," but that it is available to assist.
Another FIDC that financed EntrePay's operations was Rover, which, in June, had more than 10% of its net worth made up of credits assigned by the company.
According to documents obtained by NeoFeed in August, the fund concentrated approximately 83% of its net worth, close to R$150 million, in just three debtors. Each of the three accounted for more than 20% of the net worth, violating the 20% limit established in its regulations.
The fund is managed by Reag, which is undergoing extrajudicial liquidation and is being investigated by the Federal Police. According to a report in the newspaper Valor Econômico , the FIDC received R$ 90 million from Banpará, one of the partners of the Entre Group, according to the company's website.
Regarding the management of the Rover FIDC, the Entre Group states that Reag "was a company registered with the CVM (Brazilian Securities and Exchange Commission) that managed and administered several investment funds, and at the time, no discreditable aspects regarding its conduct were known."
At the time of Reag's liquidation, according to Entrepay, the Rover Fund "was in the process of changing management and administration service providers." However, no minutes of any shareholders' meeting regarding the change in the fund's administration and management are available on the CVM website.
FIDC Moriah, on the other hand, had a significant stake concentrated in credits granted by EntrePay between January and May 2024. The fund underwent a series of restructurings after Fabiano Zettel, owner of Moriah Asset, was arrested in a Federal Police operation linked to investigations into the Master case, involving his brother-in-law, Daniel Vorcaro.
The FIDC, which was once administered by Master and managed by Acura, changed its name, administrator, and manager, but failed to prevent the increase in its default rate, which rose from 9.5% of the portfolio in September to 60% in January.
Although cited as a relevant assignor of the fund in 2024 documents, Grupo Entre states that Entrepay "has no commercial or credit relationship with the aforementioned fund, and is not responsible for and/or corresponds to the credits invested" by Moriah FIDC. "We are unaware of any event involving Moriah," the statement says.
Another vehicle linked to Master that also invested in Grupo Entre's businesses was the private credit fund Revolution, which, according to a report by NeoFeed , held R$ 112 million in debentures from Leads Securitizadora.
Enter and the Vorcaro family
The Vorcaro family's ties to the Entre Group are not recent. Daniel Vorcaro and Antonio Carlos Freixo Júnior are jointly facing a lawsuit filed in 2020 by the Brazilian Securities and Exchange Commission (CVM) to investigate potential fraud related to the third issuance of shares in the Brazil Realty fund.
The shares were subscribed by Master and partially paid for with assets that, according to an investigation by the CVM's Superintendency of Registrations (SRE), had fraudulent valuation reports.
Among the assets is a plot of land in the city of Contagem, Minas Gerais, registered in the name of a company headed by Natalia Bueno Vorcaro Zettel, sister of Daniel Vorcaro and wife of Fabiano Zettel.
According to the CVM (Brazilian Securities and Exchange Commission), Entre Investimentos actively participated in secondary market trading, carrying out 177 transactions and acting to provide liquidity to the shares involved in the questioned operation. The technical area indicates that the company obtained R$ 418,426.54 in the transactions.
In December, Entre Investimentos and the Group's CEO, along with Vorcaro and companies related to him in the case, proposed a settlement agreement worth R$ 21 million to end the case with the CVM (Brazilian Securities and Exchange Commission). The proposal was not accepted by the agency's board.
Contacted for comment, Garson Crédito, Banco Master, and Banco do Nordeste did not respond.
How did the Entre Group come about?
Founded in 2016, the Entre group has grown through the acquisition of payment and credit companies, consolidating an ecosystem that it claims brings together around 26 companies and approximately 700 employees – although the company's LinkedIn profile only lists about ten directly related individuals.
Entre presents itself as a group of companies offering financial, technological, and digital content solutions, with a focus on innovation and expansion in the Latin American market.
Among its brands are Acqio, a merchant acquiring and payments company; Entrepay, a merchant acquiring services and B2B point-of-sale terminal solutions company; Octa, a financial management and platform company; Pmovil, a technology and app integration company; and Portal Istoé , an online content and advertising channel, among others.
The turning point for the business occurred in 2022, when the holding company acquired the Brazilian operations of Global Payments. This transaction gave rise to EntrePay, the acquiring arm that would become the group's main operational engine. Since then, the strategy has been to accelerate consolidation.
In August 2025, the Central Bank approved the purchase of Acqio, a traditional franchise network of point-of-sale terminals, by Entre. The next move was the acquisition of Credihome, a Direct Credit Society (SCD) - which was renamed Octa - to expand its capacity to offer services typical of a digital bank, such as accounts, Pix settlement, and credit granting.
According to data released by the company itself, EntrePay would have processed R$ 12.8 billion in 2024, with growth exceeding 60% compared to the previous year. But the public figures stop there.
Unlike competitors such as Cielo, Rede, and Stone, Entre does not disclose audited financial statements, consolidated net revenue, margins, or leverage levels. As a privately held company, it is not subject to the same degree of transparency as publicly traded companies – something that makes it difficult to accurately assess its true size and the sustainability of its growth.
In 2024, the group issued R$ 200 million in debentures to finance its expansion. The operation marked a more structured access to the credit market.
