Fictor Group Ex-Payroll Unit Expands Despite Parent Bankruptcy

A lucrative municipal credit business in Brazil is actively expanding its footprint with local governments, despite its former parent company being mired in a massive corporate bankruptcy. An exclusive investigation by Brazilian business outlet NeoFeed has revealed that 3RP Consignado, formerly known as Fictor Consignado, was strategically spun off and kept entirely outside the R$ 4 billion ($730 million) judicial recovery process of its former parent, the holding company Grupo Fictor.

Grupo Fictor entered Brazil's court-supervised reorganization system—known locally as recuperação judicial—in February 2026. The group’s sudden financial collapse followed a failed R$ 3 billion attempt to acquire Banco Master, which triggered a severe liquidity shock. While creditors and local courts scramble to track down the personal assets of Fictor’s founders, the spun-off payroll loan unit has continued to secure lucrative public sector contracts.

The operational survival of 3RP Consignado highlights the complex corporate maneuvers used to shield valuable credit portfolios from broader corporate distress in Brazil. In November 2024, just months before the bankruptcy filing, Fictor Holding transferred 100% of the payroll unit to Rafael Paixão Ferreira Giuseppe, a former partner who managed the division. Because the transfer occurred before the formal bankruptcy petition, the unit was successfully ring-fenced from the judicial recovery proceedings.

Today, 3RP Consignado is a partner in three benefit-card companies—Alvo Card, BCBR Card, and EI Card—which collectively hold more than 100 active agreements with Brazilian municipal governments and public agencies. These cards allow public employees to secure payroll loans, with payments deducted directly from their government salaries. One of these partners, Alvo Card, boasts active agreements with major cities including São Paulo, Campinas, and São José dos Campos. Another partner, BCBR Card, signed a new agreement with the municipality of Taubaté in May 2026, three months after the parent group declared bankruptcy.

This expansion has drawn scrutiny because none of the three benefit-card companies are currently registered as payment institutions with the Central Bank of Brazil. Furthermore, the ongoing corporate restructuring of Grupo Fictor remains highly contentious. Brazilian courts recently authorized the breach of banking secrecy for Fictor's founders, as creditors raise concerns over potential asset dispersion. While the main holding company faces legal battles and potential liquidation, its former payroll credit arm continues to collect steady revenue from public sector salaries across Brazil.