Brazil’s PicPay Reaches $2.5 Billion Valuation in US IPO

Brazilian FinTech PicPay has raised $434 million in its U.S. initial public offering.

The company announced Wednesday (Jan. 28) evening that it had sold 22.8 million shares at $19 each, the high end of its target price range. PicPay is set to begin trading on the Nasdaq Thursday (Jan. 29) morning.

A report by the Financial Times (FT) notes that the IPO — which valued PicPay at $2.5 billion — is a pivotal move for owners Wesley and Joesley Batista, who have been seeking to list their global meatpacking business JBS on the American market.

PicPay filed for its IPO earlier this month and announced its valuation target last week. As PYMNTS wrote at the time, the company’s market entry has become one of the most closely watched Brazil-linked FinTech listings since the region’s equity-capital-markets pipeline cooled in the wake of Nubank’s debut in 2021.

The IPO is happening at a moment when the Latin American FinTech space is enjoying a resurgence of funding, particularly from venture capital, that’s allowed for “steady financial innovation,” as PYMNTS wrote earlier this month.

Digital wallets, account-to-account transfers and real-time payment systems are supplanting cash, modernizing commerce and offering greater access to formal financial services, according to the PYMNTS Intelligence report “Digital Developments: Charting Digital Payment Growth in Latin America.”

“The shift is structural rather than cyclical,” PYMNTS added. “The report found that experts predict that by 2030, digital payments will account for roughly two-thirds of eCommerce transaction value and nearly half of point-of-sale value across the region, reflecting sustained changes in consumer behavior rather than short-term substitution.”

Brazil remains the region’s standout when it comes to digital payments at scale. The PYMNTS Intelligence report “Global Digital Shopping Index: Brazil Edition” found that 61% of Brazilian consumers used a mobile phone for retail purchases, the highest rate among surveyed countries.

“That consumer behavior is reinforced by infrastructure,” PYMNTS wrote. “Pix, Brazil’s government-backed real-time payment system, processed 64 billion transactions in 2024 alone, surpassing combined debit and credit card volumes and cementing its role as a national payments backbone.”

Meanwhile, Brazil-based digital bank Inter recently received regulatory approval to do business in the U.S. The company announced earlier this month that the Federal Reserve and Florida Office of Financial Regulation had granted it permission to set up a state‑licensed international banking branch in Florida.