Brazilian fintech startup PicPay targets $2.46B valuation, plans to raise $434M in long-awaited US IPO

Everyone is talking about AI and crypto IPOs, but Brazil’s fintech scene just sent a reminder that digital banking is back in play. PicPay, one of the country’s biggest consumer finance apps, is heading to Wall Street with plans to raise up to $434 million in a long-awaited Nasdaq debut. The company is targeting a valuation of about $2.46 billion, marking one of the most high-profile U.S. listings by a Brazilian startup since Nubank’s blockbuster IPO in 2021.

The São Paulo-based digital bank said it plans to sell roughly 22.9 million shares priced between $16 and $19 each. If the offering lands at the top of that range, PicPay would bring in just over $434 million, giving U.S. investors a fresh look at Brazil’s consumer fintech market after years of quiet.

“Picpay Holdings Netherlands BV, the Brazilian fintech controlled by the billionaire Batista family, is seeking to raise more than $400 million in what could be the first initial public offering out of the country in four years,” Bloomberg reported.

For PicPay, this moment has been a long time coming. The company first explored a U.S. listing in 2021, then shelved the plan as rising interest rates and shaky markets cooled appetite for growth stocks across Latin America. That freeze left Nubank as the last major Brazilian tech IPO on U.S. exchanges. Even Cosan’s Moove Lubricants, which came close to breaking the drought last year, pulled back before pricing its deal.

Batistas’ PicPay fintech aims to raise $434M in U.S. IPO as Brazil listings return to Wall Street

Now the window appears to be cracking open again. Fintech lender Agibank filed paperwork for a New York listing last week, signaling renewed interest from Brazilian issuers testing U.S. markets.

PicPay’s story mirrors much of Brazil’s fintech boom. Founded in 2012, the company started with peer-to-peer payments and QR codes before growing into a full-service digital bank. Users can now access credit cards, insurance products, and buy now, pay later options inside the app. As of September 30, PicPay reported 42 million active users, making it one of the largest digital finance platforms in the country.

Behind the scenes, PicPay carries heavyweight backing. The company is supported by J&F Investimentos, the holding firm controlled by billionaire brothers Wesley and Joesley Batista, best known for building meatpacking giant JBS into a global powerhouse. That connection gives PicPay both capital muscle and political visibility in Brazil’s crowded fintech market.

Bicycle Capital, a growth equity firm focused on Latin America, is stepping in as the anchor investor and plans to purchase $75 million worth of shares in the offering. Citigroup, Bank of America Securities, and RBC Capital Markets are leading the deal as joint global coordinators.

If all goes to plan, PicPay will trade on Nasdaq under the ticker “PICS.”

For global investors, the IPO offers a rare chance to tap into Brazil’s consumer finance shift. Millions of Brazilians still rely on legacy banks with high fees and limited access to credit. Apps like PicPay built their following by offering simpler products, lower costs, and mobile-first experiences that resonate with younger users and small businesses.

This IPO won’t just test demand for PicPay. It will gauge whether international markets are ready to return to Brazilian tech stories after years of caution. If the deal performs well, it could open the door for more Latin American startups to make the same leap.

PicPay co-founders Anderson Chamon (left) and Dárcio Stehling (right).Andressa Freitas/PicPay