PicPay Plans US IPO Amid Improving Market Conditions

Brazilian mobile banking app PicPay, owned by the Batista family’s J&F Investimentos SA, is preparing for an initial public offering (IPO) in the United States with the assistance of Citigroup Inc. Sources familiar with the matter indicate the company is poised to proceed once market conditions are favorable.

PicPay initially filed for a US IPO in April 2021, targeting an $8 billion valuation, but withdrew its registration in June of the same year. Neither PicPay nor Citigroup have commented on the current IPO plans.

Founded in 2012 as a digital wallet, PicPay was acquired by J&F Investimentos in 2015. The company reported a net income of 37 million reais ($6.8 million) in 2023, a significant turnaround from a loss of 693 million reais in 2022. PicPay achieved profitability for the first time in March 2023 and currently boasts over 35 million active customers as of December.

The anticipated IPO marks a critical step for PicPay as it seeks to capitalize on its growth and profitability in the evolving fintech landscape.