Brazil’s PicPay Eyes US IPO by End of Year

Mobile banking app PicPay reportedly aims to raise $500 million in a U.S. initial public offering that could happen as soon as this year.

The company is working with banks on a potential listing, though the deliberations are ongoing and the size and timing of it could change, Bloomberg reported Friday (Oct. 10), citing unnamed sources.

PicPay did not immediately reply to PYMNTS’ request for comment.

According to the report, PicPay offers digital wallets, cards, loans and investments.

It was reported in October 2024 that the company planned to go public in the U.S. in 2025 and that it was set to hire financial firms to help it with an IPO in New York.

At that time, it was reported that PicPay was aiming for an IPO not only to raise funds but also to increase the company’s visibility on the global stage, draw new investors and help generate money to fuel its expansion in Brazil.

PicPay planned to go public on the Nasdaq in 2021 but abandoned that idea because of unfavorable market conditions.

The company said in September that during the first half of 2025, it tripled its net profit year over year while increasing its revenue by 91%.

PicPay also saw year-over-year increases of 13% in the number of accounts, bringing it to 64 million, and 14% in the number of active users, bringing it to 41.3 million.

“Once again, we’ve demonstrated our ability to grow profitably and efficiently,” PicPay CEO Eduardo Chedid said in a Sept. 26 press release. “We’ve increased our results and customer engagement, while simultaneously working on expanding new growth avenues to solidify PicPay as the primary bank for millions of Brazilians.”

PYMNTS reported in April that Brazil’s digital momentum is being driven by its young, tech-savvy population and near-universal smartphone access, together with a big boost from FinTech firms and a government that are thinking big.

In November 2024, PicPay began offering access to Brazil’s Pix instant payment system via WhatsApp, having partnered with WhatsApp owner Meta and Microsoft. PicPay said at the time that the combination of a trusted payment method and a widely used messaging tool would drive adoption of a new way to make payments with Pix.