Key Facts
- ✓ PicPay filed for an IPO on the Nasdaq stock exchange in the United States.
- ✓ Net profit for the nine months ending September 30, 2025, was R$ 313.8 million.
- ✓ The company's active customer base reached 42.1 million.
- ✓ Total payment volume (TPV) increased by 32% to R$ 392.46 billion.
- ✓ Citigroup, BofA Securities, and RBC Capital Markets are the global coordinators.
Quick Summary
Digital bank PicPay has formally filed for an initial public offering (IPO) on the Nasdaq stock exchange in the United States. The company aims to list its shares under the ticker symbol "PICS." This move represents the company's renewed effort to expand its capital structure in the U.S. market.
Financial performance for the nine months ending September 30, 2025, showed substantial growth. The company reported a net profit of R$ 313.8 million, a significant increase from the R$ 172 million recorded in the same period the previous year. Total revenue reached R$ 7.26 billion, doubling the R$ 3.78 billion reported a year earlier.
Customer metrics also saw positive momentum. The total number of active clients grew from 37.5 million to 42.1 million. Additionally, the average quarterly revenue per active client increased to R$ 65.40, while the cost of attendance rose slightly to R$ 17.80. The total payment volume (TPV) reached R$ 392.46 billion, marking a 32% increase compared to the previous year.
Financial Performance and Growth Metrics
PicPay has demonstrated robust financial health leading up to its filing. The company's ability to nearly double its net income highlights a period of rapid expansion and operational efficiency.
Key financial indicators from the nine months ending September 30, 2025, include:
- Net Profit: R$ 313.8 million (up from R$ 172 million year-over-year).
- Total Revenue: R$ 7.26 billion (up from R$ 3.78 billion year-over-year).
- Active Customers: 42.1 million (an increase from 37.5 million).
- Total Payment Volume (TPV): R$ 392.46 billion (a 32% increase).
Operational metrics reveal that the average revenue generated per active client has risen significantly to R$ 65.40. This suggests a deeper monetization of the user base, even as the cost of servicing those customers remained relatively stable at R$ 17.80 per client.
Strategic Context and Ownership
The filing marks PicPay's second attempt to open its capital in the United States. The company, which is controlled by the holding group J&F, previously abandoned IPO plans in 2021 due to unfavorable market conditions. J&F is also the owner of the meat processor JBS.
The current filing comes during a revitalized period for the U.S. IPO market. After nearly three years of slow activity, the market gained momentum in 2025. However, analysts noted that volatility caused by import tariffs, government shutdowns, and a downturn in artificial intelligence stocks late last year tempered expectations for a consistent recovery.
Despite these challenges, projections indicate that the IPO market will continue to gain traction in 2026. Several other fintech and cryptocurrency companies, including the British neobank Revolut, the digital asset platform Kraken, and the Japanese payment app PayPay, are also indicating plans to open their capital.
Use of Proceeds and Underwriting
PicPay intends to use the net proceeds from the IPO for general corporate purposes. These objectives include working capital, operational expenses, meeting regulatory capital requirements, and funding future investments.
The offering is being managed by a consortium of major financial institutions. Citigroup, BofA Securities, and RBC Capital Markets are acting as the global coordinators for the offering. Their involvement underscores the scale and international scope of the transaction.
