PicPay filed its request for an initial public offering (IPO) on Nasdaq this Monday, January 5th, which, if successful, could be the first by a Brazilian company since Nubank's dual listing in the United States and Brazil in December 2021.
PicPay aims to raise up to US$500 million, and the IPO is already backed by Bicycle, the investment firm of Marcelo Claure, former SoftBank executive and current partner at eB Capital, sources told NeoFeed . Claure's firm has committed US$75 million. The goal is to have the Nasdaq listing bell ring by the end of January.
This is PicPay's second attempt to go public. In April 2021, the company, controlled by J&F, owned by the Batista family, also filed an IPO request on Nasdaq, which did not proceed due to adverse market conditions.
The transaction will be 100% primary, meaning there will be dilution of current shareholders. There will be two classes of shares, with J&F Participações holding 100% of the class B shares, with 10 votes per share, maintaining control over strategic decisions.
The funds will be used for working capital, operating expenses, compliance with regulatory requirements, investments in technology, portfolio expansion, and potential acquisitions, such as the one that occurred with the insurance company Kovr, which was controlled by Banco Master.
According to the prospectus filed with the SEC (Securities and Exchange Commission), PicPay has 65.6 million open accounts and 42 million active customers as of September 2025.
Deposits totaled R$ 26.7 billion, a 61% increase in 12 months. And the TPV (Total Payment Volume) reached R$ 392 billion in the first nine months of 2025.
When it attempted to go public in 2021, PicPay was operating at a loss, a characteristic of fast-growing companies. Now, the company has posted a net profit of R$ 314 million in the first three quarters of last year.
PicPay's credit portfolio reached R$ 18.7 billion in September 2025, with 44% of that volume secured (FGTS and payroll loans, for example). The 90-day delinquency rate is 6.2%.
Another piece of data that can be found in the prospectus is that of operational efficiency, which shows that the average monthly cost to serve an active customer is R$ 5.90.
The offering is being coordinated by Citi, Bank of America, and the Royal Bank of Canada (RBC).
