PicPay Holdings Netherlands B.V. has set terms for its initial public offering, with the Brazilian digital payments and financial services platform seeking to list its Class A common shares on the New York Stock Exchange under the ticker symbol “PICS.” The company plans to offer 22.9 million shares at an expected price range of $16.00 to $19.00 per share, implying gross proceeds of approximately $400 million at the $17.50 midpoint. The offering includes both primary and secondary shares, with proceeds from the primary portion going to the company. At the midpoint, PicPay is expected to debut with an implied market cap of $2.27 billion, positioning it among the largest Latin American fintech IPOs in recent years. The offering is led by J.P. Morgan, Goldman Sachs, Citigroup, UBS, and BTG Pactual.
Founded in Brazil and backed by J&F Group, PicPay operates a broad digital financial ecosystem spanning peer-to-peer payments, consumer banking, merchant acquiring, credit products, and investment services. With tens of millions of registered users, the platform has evolved into a financial “super-app,” competing directly with both traditional banks and leading fintech platforms across Latin America. Unlike pure payments companies, PicPay generates revenue across multiple touchpoints, including transaction services and financial income derived from balance-sheet activity.
PicPay’s financial profile reflects the scale and complexity of a full-stack digital financial services platform. For the year ended December 31, 2024, the company generated $1.05 billion in total revenue and financial income, up from $647 million in 2023, representing approximately 62% year-over-year growth. Growth was driven by higher transaction volumes, increased user engagement across consumer banking services, and expanding financial income as PicPay’s balance sheet grew alongside its user base.
Profitability improved meaningfully in 2024. PicPay reported profit before income taxes of $65 million and net income attributable to shareholders of $41 million, marking a clear inflection from 2023, when profitability was positive but modest. The improvement reflects operating leverage as revenue scaled faster than expenses, alongside tighter cost controls across technology, marketing, and administrative functions.
Momentum continued into 2025. For the nine months ended September 30, 2025, PicPay reported $1.37 billion in total revenue and financial income, representing approximately 30% growth compared with the same period in 2024. Profit before income taxes totaled $66 million, while net income attributable to shareholders reached $51 million, underscoring the company’s ability to sustain profitability while continuing to invest in product expansion, credit offerings, and ecosystem development. All financial figures are presented in U.S. dollars as reported in the company’s “Summary Financial and Other Information” section and translated using exchange rates disclosed in the prospectus.
From a valuation perspective, PicPay’s IPO positions the company among emerging-market digital banks and payments platforms, rather than U.S.-listed fintech infrastructure providers. The most relevant public comparables include Nubank, StoneCo, and PagSeguro, all of which operate at scale in Latin America and generate meaningful revenue from payments, banking, and merchant services. Mercado Pago, while not separately listed, also serves as an important benchmark given its role as the fintech arm of MercadoLibre.
Relative to these peers, PicPay enters the public markets with approximately $1.4 billion in LTM revenue, placing it below Nubank and Mercado Pago in absolute scale but comparable to other mature regional fintech platforms. Importantly, PicPay is GAAP profitable, distinguishing it from earlier-stage fintech issuers and aligning it more closely with profitable peers such as StoneCo and PagSeguro. At the same time, the company’s diversified revenue mix — including meaningful financial income — introduces balance-sheet exposure that investors will weigh alongside growth and profitability.
Overall, PicPay’s valuation framework reflects a balance between scale, profitability, and business-model complexity. The IPO offers investors exposure to Brazil’s rapidly digitizing financial system through a platform that has already demonstrated operating leverage, while still carrying the risks inherent in credit exposure and geographic concentration. Following the offering, PicPay will remain a controlled company, with J&F Group retaining voting control, and stands out as a notable test case for investor appetite toward profitable, scaled fintech platforms in emerging markets as the 2026 IPO calendar continues to build.
PicPay is expected to IPO on Thursday, January 29th, 2026