1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
PICS
Event Date
2026-01-29
Sector
Financials
Subsector
Consumer Finance
Offer Range
$19.00
Shares Offered
22.86M
Shares Outstanding Pre-IPO
106.73M
129.59M
$2.5B
17.6%
Implied Upside vs Midpoint
Description
Our Mission and Vision At PicPay, we believe financial services should be mobile, frictionless, and instantaneous. Our mission is to empower consumers and businesses across Brazil with innovative solutions to redefine the way people manage their traditional daily finances. We break down the barriers to traditional financial services and are driven by a vision of a future where financial services are accessible for all. We are committed to simplifying financial transactions, fostering economic inclusion and providing the tools and resources for people to achieve their financial goals. We believe technology is a force for positive change, and we leverage it to create a more inclusive and equitable financial ecosystem. Since our inception, we have been dedicated to making payments and banking seamless and secure for both consumers and businesses. We believe we are paving the way for the future of finance in Brazil, inspired by the meaningful improvements we have brought to the daily financial lives of millions of people, such as increased access to banking services, reduced costs, and greater financial autonomy, driven by our commitment to promoting financial empowerment for all. 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, making PicPay a complete financial platform, and, in the process, further expanding our addressable market in Brazil, comprising both financial and non-financial services. Eventually our ambitions grew beyond payments, leading us to seek to revolutionize how Brazilians manage and interact with their finances. We launched and scaled products and services for consumers to address several needs, including: • Consumer Banking segment: • Wallet & Banking: we offer a wide range of transactional products for our consumers, including Pix (the instant payment system developed by the Brazilian Central Bank), peer-to-peer (or “P2P”, between PicPay accounts), bill payments, payroll portability, global account and a payment assistant that helps consumers organize, centralize, and settle all their bills through an integrated hub. In addition, we provide a series of solutions that go beyond digital payments, such as an underage account, an account aggregator (which allows consumers to consolidate multiple bank accounts in one place) and PicPay’s piggy banks, designed to help consumers save money in a simple and personalized way. • Credit: our offering includes multipurpose cards (prepaid and credit) available in Gold, Platinum, and Black versions; personal loans; buy-now-pay-later (installment payments without the need for a physical or digital card); payroll loans for public servants, retirees, and pensioners; private payroll loans for formally employed workers; and early access to the FGTS annual birthday withdrawal program. • Insurance: in addition to credit solutions, we provide a fully digital insurance distribution platform, with products such as digital wallet insurance, PicPay Card bill protection, credit life insurance, smartphone protection, life insurance, home insurance, among others. • Investments: in the investment space, through PicPay Invest, we provide a wide range of products tailored to different investor profiles and financial goals, including daily-liquidity and fixed term CDBs with varying rates and maturities; real estate and agribusiness credit bills (LCI and LCA); private pension plans; P2B Lending (enabling consumers to invest in debt securities issued by companies within the J&F group); cryptocurrencies, among others. • Small and Medium-Sized Businesses segment: we offer a comprehensive portfolio of products beyond QR Code payments: • Acquiring: We offer a wide range of payment acceptance solutions, including a proprietary QR Code technology that can be displayed at the point of sale or digitally integrated into e-commerce checkouts. In addition, we provide payment links that enable merchants to receive payments via WhatsApp or social media, without the need for a website. We also offer our own POS terminals, smart POS devices, and Tap on Phone solutions, which are part of an integrated cross-selling strategy designed for small and medium-sized businesses. Our acquiring solutions also involve the offer of automatic and manual prepayment of receivables from credit card transactions. • Banking: our strategy is to extend our consumer ecosystem into the SMBs segment, enabling small and medium-sized businesses to use the same familiar PicPay experience, but with tools tailored for managing and growing their businesses. We rely on the fact that almost 10 million PicPay consumers are also entrepreneurs and we began to offer banking and financial services, such as a SMB accounts, Pix and bill payments, debit and credit cards, certificate of deposits, secured and unsecured loans; • Corporate Benefits and Salary Advances: we offer flexible corporate benefits cards that companies can use to distribute meals, food, transportation and other flexible benefits to employees through the PicPay app. These cards are integrated into PicPay’s ecosystem, allowing consumers to manage benefits alongside their personal balance. Additionally, PicPay provides salary advance solutions, enabling, in partnership with the human resources department of companies that contract our services, to offer employees early access to their salaries. • Audiences and Ecosystem Integration segment: includes solutions aiming to engage and monetize both the consumer and SMB audiences in our ecosystem: • PicPay Shop: we offer our consumers the ability to purchase a wide range of products and services through our PicPay Shop. Consumers are able to buy items such as mobile phones, TVs, and home appliances, all without the need of leaving the app to complete their checkout. In addition, through PicPay Shop, users can also access everyday services, such as mobile top-ups, public transportation cards, and gift cards. PicPay Shop also includes: • PicPay Travel: a travel hub within the PicPay app, developed in partnership with CVC Corp, which enables our consumers to browse and purchase travel-services, such as flight tickets, hotel accommodations, and travel packages directly in our app. Launched in October 2025, this service aims to make travel more accessible for a wide range of consumers by combining competitive offers, payment flexibility, and the existing convenience of the PicPay ecosystem. • PicPay Experience: available within PicPay Shop, it allows consumers to book restaurant reservations and purchase tickets for movies, concerts, sports events, amusement parks, and various other activities, all with just a few taps in the app. This hub brings together a wide range of dining and entertainment options, as well as tickets with discounts of up to 60%. It is an important tool for driving consumer engagement, offering special prices and cashback of up to 15% at restaurants, while also serving as a strategic way to embed PicPay’s diverse payment methods directly into the consumer checkout experience. • iGaming: as of October 2025, we started offering a fully digital solution that gives our consumers access to monthly raffles and instant prizes featured in each campaign, encouraging them to return to the app more frequently and strengthening ongoing engagement with our ecosystem. • PicPay Ads: advertising platform designed to enable brands to reach a highly engaged consumer base through contextualized placements within the app. This offering covers the full marketing funnel (from awareness to conversion) with formats such as display banners, video, CRM integrations (push and emails), and high-impact takeovers. This solution brings several benefits to merchants such as customer acquisition, re-engagement of old customers, and promoting increased customer spending. --- We are one of the largest digital wallet providers in Brazil in terms of number of consumers registered, based on data provided by the Brazilian Central Bank as of June 30, 2025, and one of the leading payment platforms in Latin America, with 42 million quarterly active consumers as of September 30, 2025, compared to 37 million quarterly active consumers as of September 30, 2024, an increase of 12.0% year over year, and a consolidated TPV of R$141 billion for the three-month period ended September 30, 2025, compared to R$109 billion for the three-month period ended September 30, 2024, an increase of 29.1% year over year. For the nine months ended September 30, 2025, our consolidated TPV reached R$392 billion, compared to R$298 billion for the nine months ended September 30, 2024, representing an increase of 31.8% year over year. Out of our 42 million quarterly active consumers as of September 30, 2025, 13.45% are consumers who only opened our app at least one time, compared to 15.00% as of September 30, 2024. To achieve these results, we invested heavily in marketing to build a nationally recognized brand and grow our customer base, as well as in technology to expand our portfolio of products and services, totaling R$2.6 billion in marketing expenses and technology expenses from January 1, 2020 to December 31, 2022, which contributed to significant operating losses during each of these years. Our average cost of acquiring a new customer, which includes performance media (such as Google and Facebook) and member-get-member (MGM) (referrals), was R$13.6 per new customer from January 1, 2020 to December 31, 2022. During the three-month period and the nine-month period ended September 30, 2025, our marketing expenses totaled R$94.7 million and R$347.2 million, respectively, an increase of 31.4% and 53.3%, respectively, compared to the corresponding periods of 2024. These increases were mainly due to higher advertising expenses related to sponsorships. Moreover, for the three-month period and the nine-month period ended September 30, 2025, our technology expenses totaled R$129.4 million and R$367.7 million, respectively, remaining stable and consistent with the corresponding periods in 2024. Our total revenue and financial income increased by 94%, to R$2.7 billion in the three months ended September 30, 2025 from R$1.4 billion in the corresponding period in 2024, leading to a net profit of R$105.4 million in the three months ended September 30, 2025 compared to R$110.2 million in the corresponding period in 2024. For the nine months ended September 30, 2025, our total revenue and financial income increased by 92%, to R$7.3 billion from R$3.8 billion during the corresponding period in 2024, resulting in a net profit of R$313.8 million for the nine months ended September 30, 2025 compared to R$172.0 million in the corresponding period in 2024. Nevertheless, this trend of improving results can only be maintained if our platform continues to be attractive to our consumers and businesses. The attractiveness of our platform depends upon several factors, including the mix of products and services we make available to consumers and businesses through our platform, our brand and reputation, customer experience and satisfaction, customer trust and perception of our solutions, technological innovation and products and services offered by competitors. To grow effectively, we must continue to offer new products and services, strengthen our existing platform, develop and improve our internal controls, create and improve our reporting systems and timely address issues as they arise. These efforts may require substantial financial expenditures, commitment of resources, development of our processes and other investments and innovations and may not result in the long-term benefits that we expect. If we are unable to generate adequate revenue growth and manage our expenses, our results of operations and operating metrics may fluctuate and we may incur losses. For more information about the challenges that might impact our ability to continue to profitably grow our business. We believe we have built a well-known brand in Brazil. In the financial institutions market, our brand was known by 97% of banked Brazilian adults belonging to the high, upper-middle, and lower-middle income brackets, based on an August 2025 brand tracking study commissioned by us and conducted by IPSOS, a global market research company. We operate a two-sided ecosystem that connects our consumers and small and medium-sized businesses, and our mission is to develop a marketplace to democratize access to financial services for everyone. As of September 30, 2025, we had R$26.7 billion in deposits (comprised of the sum of “user balance — payment accounts” and “user balance — CDB” from third-party funds in our consolidated financial statements), compared to R$16.6 billion as of September 30, 2024. Cash-in totaled R$125 billion in the three months ended September 30, 2025, compared to R$97 billion in the corresponding period in 2024, representing an increase of 29%. For the nine-month period ended September 30, 2025, cash-in totaled R$344 billion, compared to R$264 billion for the corresponding period in 2024, an increase of 30%. As of September 30, 2025, approximately 812,000 active businesses accepted PicPay’s payments network, corresponding to a SMB TPV of R$9.8 billion in the three months ended September 30, 2025, compared to R$6.9 billion in the corresponding period in 2024, representing an increase of 43%. For the nine-month period ended September 30, 2025, our SMB TPV totaled R$28.8 billion compared to R$19.0 billion for the corresponding period in 2024, representing an increase of 52%. For the three-month period ended September 30, 2025, revenue and financial income generated from our small and medium-sized businesses segment totaled R$105.1 million, as compared to R$54.5 million in the corresponding period in 2024, an increase of 93.0%. For the nine months ended September 30, 2025, revenues generated from our small and medium-sized businesses segment totaled R$272.5 million, an increase of 122.2%, from R$122.7 million for the corresponding period in 2024. --- The registered office address of PicPay Netherlands is at Stroombaan 10, 1181 VX Amstelveen, the Netherlands. Prior to the closing of this offering, we intend to convert Picpay Holdings Netherlands B.V., a Dutch private company with limited liability, into a Dutch public limited liability company and to change the name of the company to PicS N.V. Our principal executive offices are located at Av. Manuel Bandeira, 291, Block A, 1st floor (22 and 23), 2nd floor and 3rd floor, São Paulo, SP, 05317-020, Brazil. Our telephone number: +55 (11) 97723-1925. We are registered with the trade register of the Dutch chamber of commerce (Kamer van Koophandel) under number 92410456. Our principal website is www.picpay.com.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Class A Common Shares (listed) | 43.14M | 33.3% | $819.6M |
Class B Common Shares | 86.45M | 66.7% | $1.6B |
| Total economic shares | 129.59M | 100% | $2.5B |