AGI, a Brazil-based consumer bank focused on social security benefits-secured loans, filed on Wednesday with the SEC to raise what we estimate could be $200 million in an initial public offering.
Also known as Agibank, AGI operates as a technology-driven provider of specialized financial services in Brazil, focusing on underserved segments such as social security beneficiaries and public and private sector workers. It serves 6.4 million active clients across 1,101 asset-light Smart Hubs, which are paperless and cashless, in 723 cities as of September 30, 2025. AGI offers loans and advances to individual customers, fixed income securities, and loans to credit institutions. In 2025, Brazil's social security agency handed the company two temporary suspensions, citing contractual non-compliance, irregularities, and certain business practices.
The Campinas, Brazil-based company was founded in 1999 and booked $1.0 billion in revenue for the 12 months ended September 30, 2025. It plans to list on the NYSE under the symbol AGBK. AGI filed confidentially on September 5, 2025. Goldman Sachs, Morgan Stanley, Citi, Bradesco BBI, BTG Pactual, Itau BBA, Santander, Societe Generale, and XP Investimentos are the joint bookrunners on the deal. No pricing terms were disclosed.
