PicPay, the digital bank controlled by Brazil's Batista family of JBS, has filed for an initial public offering on a US exchange, aiming to raise up to US$ 500 million. The Dutch-incorporated firm reported a 79% profit increase in the first nine months of 2025, driven by higher revenues. Marcelo Claure's Bicycle fund plans to support the deal by purchasing up to US$ 75 million in shares.
PicPay submitted documents to the US Securities and Exchange Commission on January 5, 2026, disclosing a net profit of R$ 270.4 million in the first nine months of 2025, roughly US$ 50 million, on revenues of R$ 7.26 billion. In the prior period, profit stood at R$ 150.8 million with R$ 3.78 billion in revenue, marking substantial growth.
Established in 2012 in Vitória, Espírito Santo, the firm started as a digital wallet and became a full bank following the Central Bank's Pix instant payment launch in November 2020. The Batista family, JBS controllers via J&F Participações, invested in 2015 and will retain control post-IPO. Bloomberg reported in October 2025 the plan to raise up to US$ 500 million.
Bicycle fund, run by former SoftBank executives including Bolivian billionaire Marcelo Claure, pledged to buy up to US$ 75 million in shares at the offering price. Citigroup, Bank of America, and Royal Bank of Canada are leading the deal, with shares to trade on Nasdaq under ticker PICS. The company will formally become Pics NV after listing.
The filing comes amid subdued IPO activity in Latin America. Brazil's market has been dormant since Nubank's December 2021 US debut.
