LATAM’S leading fintech PicPay becomes a bank

PicPay, the largest digital wallet in LATAM with more than 62 million users in Brazil, has been accredited as a bank.

The Central Bank of Brazil was asked to modify the name of a financial institution that is already a component of the J&F Participaçes holding company that governs both organisations to PicPay Bank. The switch was authorised in May 2022, and PicPay Bank changed from being a business that J&F directly controlled to one that PicPay Holding indirectly controlled.

The fintech’s goals to IPO and establish itself as Latin America’s first super app are unaffected by the bank’s new organisational structure. PicPay wants to grow its customer base, monetize it, and broaden its offerings in order to outperform its rivals and become a “super app.”

In addition to personal credit, debit and credit cards, and a P2S lending club where users are encouraged to lend money to one another, PicPay currently provides these services.

One of the fintech’s greatest accomplishments is that roughly 50% of its overall customer base is thought to be made up of active clients who used at least one of PicPay’s services in the previous three months. This helps the business better monetize and prepare for an IPO.