PicPay, the Brazilian mobile banking and instant-payments provider, has filed for a U.S. initial public offering (IPO), marking one of the most closely watched Brazil-linked FinTech listings since the region’s equity-capital-markets pipeline cooled after Nubank’s blockbuster debut.
The move comes as investors keep a close eye on how Pix—the central bank-backed instant payments rail—continues to reshape consumer finance and merchant payments in Brazil.
According to a Bloomberg News report, the Amsterdam-incorporated firm reported a sharp improvement in profitability as it moved toward the public markets. PicPay posted net income of 270.4 million reais (about $50 million) on revenue of 7.26 billion reais (about $1.3 billion) for the nine months ended Sept. 30, up from net income of 150.8 million reais (about $27.9 billion) on revenue of 3.78 billion reais (about $700 million) a year earlier—an increase Bloomberg characterized as a 79% rise in profit.
Bloomberg also reported that Bicycle, a growth-equity fund run by former SoftBank executives including Marcelo Claure, plans to buy up to $75 million of shares at the IPO price. The company had been seeking to raise as much as about $500 million in the offering, Bloomberg reported in October. PicPay is expected to list on the Nasdaq Global Select Market under the symbol PICS, with Citigroup, Bank of America and Royal Bank of Canada leading the deal, Bloomberg reported.
PYMNTS has been tracking the company’s IPO plans and the broader Brazil FinTech backdrop for more than a year. In October, PYMNTS reported that PicPay was considering today’s U.S. listing that could raise roughly $500 million, citing Bloomberg, and noted that timing and size could shift as market conditions evolved. Earlier, in October 2024, PYMNTS covered reports that PicPay was preparing for a U.S. IPO as Brazil’s digital payments adoption accelerated, tying the company’s ambitions to the scale effects created by Pix.
Beyond capital markets, PYMNTS has also followed PicPay’s product push on Brazil’s real-time rails, including its move to enable Pix payments via WhatsApp through partnerships with Meta and Microsoft—an effort aimed at meeting consumers where they already communicate. And PYMNTS’ broader reporting on Brazil’s FinTech market has highlighted how Pix helped build a larger digital financial ecosystem, creating conditions for banks and FinTechs to expand beyond wallets into lending, insurance and investments.
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