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.
