PicPay has submitted a Form F-1 registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common shares, aiming to list on the Nasdaq Global Select Market under the symbol PICS. The company has not yet determined the number of shares to be offered or the price range, with completion contingent on SEC review and prevailing market conditions. Citigroup, BofA Securities and RBC Capital Markets serve as joint global coordinators, while Mizuho and Wolfe | Nomura Alliance act as joint bookrunners and FT Partners as co-manager.

For the nine months ended September 30, 2025, PicPay reported total revenue and financial income of R$7.3 billion and net profit of R$313.8 million, reflecting a year-over-year increase of 92% in revenue and a 108% jump in net income compared with the same period in 2024. Deposits held by consumers reached R$27 billion as of September 30, supporting an annualized return on equity of 17.4% in the third quarter.

PicPay serves over 66 million customers across Brazil, of which 42 million were active in Q3 2025. The platform has expanded beyond its QR-code payment roots to offer digital wallets, credit cards, loans, buy-now-pay-later solutions, investments and insurance. Integration with Pix, Brazil’s central bank instant-payments rail, drives transaction volumes, while partnerships with Meta and Microsoft enable Pix payments via WhatsApp, targeting consumer habits and boosting engagement.

Growth-equity firm Bicycle Capital, backed by former SoftBank executives, has indicated it intends to purchase up to US$75 million of PicPay shares at the IPO price. The company initially targeted raising as much as US$500 million in the offering, according to prior reports. This anchor investment underscores institutional confidence in PicPay’s market position and growth trajectory in Latin America’s rapidly evolving FinTech sector.