Brazilian digital bank PicS files for an estimated $500 million US IPO
PicS sets terms for $400 million US IPO
January 20, 2026
Brazilian digital bank PicS sets terms for $400 million US IPO
PicS （PicPay）， which operates a digital banking platform in Brazil, announced terms for its IPO on Tuesday.
The S?o Paulo, Brazil-based company plans to raise $400 million by offering 22.9 million shares at a price range of $16 to $19. At the midpoint of the proposed range, PicS （PicPay） would command a fully diluted market value of $2.3 billion. Anchor investors Bicycle Fund and Claure Group have indicated on $75mm worth of shares （19% of the deal）。
PicS should be the first Brazilian company to complete a US IPO since 2021, when Nu Holdings （NU） raised $2.6 billion. Brazil’s stock market has had an impressive rally recently, with the BOVESPA Index up 34% over the past year.
IPO Overview
PicS （PicPay）， which operates a digital banking platform in Brazil, filed on Monday with the SEC to raise what we estimate could be up to $500 million in an initial public offering.
PicS, operating under the name PicPay, provides a digital financial services platform in Brazil for consumers and SMEs, with 42 million quarterly active consumers and about 812,000 active businesses accepting its payments network as of September 30, 2025. Its offerings include wallet and banking services such as Pix, P2P, bill pay, cards, loans, insurance and investments. The platform also runs PicPay Shop, Ads, and merchant acquiring across QR, e-commerce, POS, and Tap on Phone.
The Sao Paulo, Brazil-based company was founded in 2012 and booked $1.7 billion in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol PICS. PicS （PicPay） filed confidentially on November 24, 2023. Citi, BofA Securities, RBC Capital Markets, Mizuho Securities, and Nomura Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
About the Company
PicPay Brazil was founded more than ten years ago in the city of Vitória, in the State of Espírito Santo, Brazil, as a peer-to-peer （P2P） transfer platform to provide a seamless digital payment solution in a country where making payments historically was cumbersome, slow and costly. Our user-friendly solution allowed individuals to send money easily via their mobile phones any time of day, which caught the attention of millions of consumers. In just a few short years, we became one of Brazil’s leading digital wallets by number of consumers, according to information provided by the Brazilian Central Bank. After our early success with P2P payments, we noticed a gap in the broader payments ecosystem and broadened our lens to focus on improving the relationship between consumers and businesses within our platform, which led us to build a two-sided ecosystem, servicing both consumer and business customers. We were one of the first financial services companies to provide QR Code payments for businesses in Brazil, allowing our consumers to seamlessly make payments by scanning a QR Code, either in-store or online. As we grew as a company, so did the financial needs of both our consumer and business customers. We continued to innovate and deliver new solutions to address their respective needs, launching various payments, credit, insurance and investment products.