PicPay is preparing an IPO which could become Brazil’s most significant fintech listing since Nubank’s debut in 2021.
The parent company of PicPay, Brazil’s second-largest digital bank, has confirmed plans to pursue an initial public offering on the Nasdaq Stock Market.
Announced on January 5, the company named Citigroup, BofA Securities and RBC Capital Markets as lead underwriters for the proposed offering, while selecting Mizuho and Wolfe | Nomura Alliance as bookrunners.
Subject to market conditions and regulatory approval, PicPay plans to list its Class A common shares on the Nasdaq Global Select Market under the ticker symbol “PICS”.
Other details including the number of shares to be offered and the expected price range have not yet been announced, with the IPO remaining subject to the completion of the US Securities and Exchange Commission’s review process and other customary conditions.
PicPay also revealed early investor interest in the offering, noting Bicycle Capital, a growth equity firm focused on durable businesses, has submitted a non-binding indication of interest to purchase Class A common shares as part of the IPO.
PicPay’s rise
Headquartered in São Paulo, PicPay started as a mobile payments and digital wallet platform before becoming one of Brazil’s biggest fintech players.
The company initially focused on peer-to-peer payments and QR code-based transactions, a model which gained traction in Brazil as instant payments became mainstream, particularly following the widespread adoption of the Pix.
PicPay has since expanded into a full-service digital bank, offering products including digital wallets, credit cards, personal loans and buy now, pay later (BNPL) services. The platform serves both consumers and merchants, making it now more of a broad financial services ecosystem rather than a single-product fintech.
PicPay’s customer base has grown to approximately 66 million users across Brazil. Growth has accelerated in recent months, with the company reporting 42 million quarterly active consumers as of September 30 2025, up 12% from 37 million a year earlier.
Transaction volumes have also increased, with total payment volume reaching R$141bn ($26.05bn) in the three months ended September 30 2025, representing a 29.1% rise from R$109bn in the same period of 2024.
Additionally, financial performance has followed a similar trajectory. PicPay reported a 79% increase in profit over the first nine months of 2025, posting net income of R$270.4m on revenue of R$7.26bn for the period ended September 30.
Biggest Brazilian fintech move since Nubank?
If completed, PicPay’s listing would rank among the most significant capital markets moves by a Brazilian fintech since Nubank’s New York Stock Exchange debut in December 2021.
Nubank went public at a valuation of around $45bn and has since used its US listing as a platform for international expansion, entering Mexico and Colombia, where it now serves millions of customers. This strategy has allowed Nubank to diversify away from Brazil’s increasingly competitive digital banking market.
The planned Nasdaq listing puts PicPay within a trend of Latin American fintechs choosing US exchanges over domestic markets. Deeper pools of capital, higher liquidity and greater visibility among global investors continue to make the US an attractive destination for fintech firms.
PicPay’s IPO ambitions are not new, however, as the company previously filed for a Nasdaq debut in 2021 but ultimately delayed the process as market conditions deteriorated. In hindsight, the pause may have proved timely because PicPay now approaches the market with stronger financial performance, a larger user base and growing profitability. Reports suggest the company is targeting a raise of up to $500m.
Unlike Nubank, PicPay currently operates exclusively in Brazil. However, a successful IPO could provide the capital and profile needed to support future international expansion.
