Brazilian FinTech PicPay Prepares for US IPO
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PicPay, a prominent Brazilian neobank owned by the billionaire Batista family’s holding company, is partnering with Citigroup Inc. to pursue an initial public offering (IPO) in the United States, according to sources familiar with the situation.
The timing of the IPO will depend on favorable market conditions. Both PicPay and Citigroup representatives have declined to comment on the matter.
Previously, PicPay filed for a US IPO in April 2021, seeking a valuation of $8 billion, as reported by Bloomberg News. However, the company withdrew its registration in June of the same year.
Founded in 2012 as a digital wallet, PicPay was acquired in 2015 by J&F Investimentos SA, the parent company of meatpacking giant JBS SA.
In 2023, the FinTech reported a net income of 37 million reais ($6.8 million), a significant turnaround from a loss of 693 million reais in 2022. PicPay also announced it achieved break-even status for the first time in March 2023.
As of December, PicPay boasted over 35 million active customers.
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INSIGHTS
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Disputes over credit-card charges, once a measure of last resort, have surged as shoppers learn how easy it is to deploy them.
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That is up from $7.2 billion in 2019, according to Datos Insights, a finance-industry research firm. The company predicts that figure will rise nearly 40% by 2026.
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FINTECH NEWS
🇧🇷 PicPay, the Brazilian mobile banking app owned by the billionaire Batista family’s holding company, is working with Citigroup Inc in order to try to do an initial public equity offering in the US, aiming to execute the transaction as soon as market conditions allow, according to people familiar with the matter.
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DIGITAL BANKING NEWS
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PARTNERSHIPS
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DONEDEAL FUNDING NEWS
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M&A
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