Home / Business and Economy / Brazilian Fintech PicPay Files for US IPO
Brazilian Fintech PicPay Files for US IPO
6 Jan
Summary
- PicPay seeks up to $500 million in its US IPO.
- Profit increased by 79% in the first nine months of 2025.
- Founded in Brazil, it's owned by the Batista family's holding company.
PicPay, the Brazilian mobile banking application owned by the Batista family's investment firm J&F Participacoes, has initiated the process for an initial public offering in the United States. The company is targeting a valuation of up to approximately $500 million, with plans to list its shares on the Nasdaq Global Select Market under the ticker symbol PICS. This move signals a significant step for the fintech, which has shown robust financial growth.
In the first nine months of 2025, PicPay reported a substantial 79% increase in net income, reaching 270.4 million reais ($50 million) on revenue of 7.26 billion reais. This financial performance contrasts sharply with the prior year's figures, indicating accelerated growth and market expansion. The company, founded in Vitoria, Brazil, in 2012, has evolved from a digital wallet to a full-fledged bank following Brazil's introduction of the instant payment system Pix in late 2020.
The planned IPO follows a period of subdued activity in Latin America's equity capital markets, with the Brazilian market notably quiet since Nu Holdings Ltd.'s large listing in late 2021. Bicycle, a growth-equity fund, has committed to purchasing up to $75 million in shares. Citigroup, Bank of America, and Royal Bank of Canada are leading the offering, with PicPay expected to officially adopt the name Pics NV post-listing.
