Brazilian fintech PicPay has formally filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering, signaling a potential reopening of the New York market for large Latin American fintechs. The company is seeking to list its Class A common shares on the Nasdaq Global Select Market under the ticker PICS, although it has not disclosed the size or pricing of the deal. The filing comes after a prolonged slowdown in fintech IPOs, as investors have prioritized profitability and balance sheet discipline over rapid expansion.
IPO Structure and Underwriters
The proposed offering is being led by Citigroup, BofA Securities, and RBC Capital Markets as joint global coordinators. Mizuho and Wolfe | Nomura Alliance are acting as joint bookrunners, with FT Partners serving as co-manager. PicPay stated that the transaction remains subject to market conditions and the completion of the SEC review process.
Early Investor Demand
In connection with the filing, growth equity firm Bicycle Capital provided an initial non-binding indication of interest to purchase shares in the IPO. Subsequent reports indicate that Bicycle has committed up to $75 million in the primary offering, positioning itself as a potential anchor investor. The firm is led by Marcelo Claure, a well-known backer of global digital banking platforms, whose participation is viewed as a credibility signal for institutional investors.
From Payments App to Digital Bank
PicPay began as a QR-code-based instant payments application before expanding into a full-service digital bank serving both consumers and businesses. Its product suite now includes digital wallets, credit cards, personal loans, buy-now-pay-later offerings, investment products, and insurance. By customer count, PicPay has grown into the second-largest digital bank in Brazil, competing with players such as Nubank, Mercado Pago, and increasingly digitalized incumbent banks.
Scale and User Engagement
As of September 30, 2025, PicPay reported 42 million quarterly active consumers, representing a 12 percent increase compared to the same period in 2024. Consolidated total payment volume reached $25.9 billion during the quarter, reflecting a year-on-year increase of just over 29 percent. The company also highlighted improving engagement metrics, with a declining share of low-activity users who only opened the app once during the quarter.
Financial Performance and Profitability
PicPay is positioning its IPO around improved financial performance rather than purely growth-driven metrics. In the first nine months of 2025, the company generated $1.3 billion in total revenue and financial income, while net profit reached approximately $57.8 million. It also reported an annualized return on equity of 17.4 percent in the third quarter of 2025, supported by tighter credit underwriting and operating leverage across its platform.
Ownership and Deal Dynamics
The offering is expected to be entirely primary, meaning existing shareholders will not sell shares as part of the transaction. PicPay’s controlling shareholder, J&F, will be diluted but will retain control through a dual-class share structure, with Class B shares held exclusively by the Batista brothers. Market reports suggest the total offering could raise between $400 million and $500 million, potentially making it the first Brazilian IPO in the U.S. in more than four years.
PicPay’s IPO filing marks a notable test of investor appetite for scaled, profitable fintechs from emerging markets. The company’s combination of large user numbers, growing transaction volumes, and sustained profitability differentiates it from many earlier fintech listings. Whether the deal proceeds, and at what valuation, will ultimately depend on global risk sentiment and investors’ willingness to re-engage with Latin American technology stories.