The acidification rates of Lactobacillus delbrueckii subsp. bulgaricus (Lb), Lactobacillus acidophilus (La), Lactobacillus rhamnosus (Lr), and Bifidobacterium animalis subsp. lactis (Bl) in co-culture with Streptococcus thermophilus (St) were studied in Minas frescal cheese whey. Effects of the co-culture composition and the final pH values on the kinetic parameters of acidification, post-acidification and counts of health promoting micro-organisms were also studied. Fermentation time to reach pH 4.5 was longer when St–Lr co-culture was used, while St–Lb had the shortest fermentation time when compared with the other co-culture combinations. All products showed development of acidity during the storage period and lowest values had been observed employing St–Bl co-culture. The technological interest of using M. frescal cheese whey for the production of a probiotic lactic beverage is discussed in this article.