Brazilian Fintech PicPay Is Working With Citigroup on US IPO

Amy Or and Cristiane Lucchesi, Bloomberg News

Cables run into the back of a server unit. Photographer: Krisztian Bocsi , Bloomberg

(Bloomberg) -- PicPay, the Brazilian mobile banking app owned by the billionaire Batista family’s holding company, is working with Citigroup Inc in order to try to do an initial public equity offering in the US, said people familiar to the matter.

The company is aiming to do the transaction as soon as market conditions allow, the people said, asking not to be identified because the information wasn’t public.

Representatives for PicPay and Citigroup declined to comment.

The company filed for a US IPO in April 2021, aiming for a valuation of $8 billion, Bloomberg News reported. The company withdrew its registration the following June.

Created in 2012 as a digital wallet, PicPay was bought in 2015 by J&F Investimentos SA, the holding company behind meatpacking behemoth JBS SA.

The payment fintech reported net income of 37 million reais ($6.8 million) in 2023, compared with a loss of 693 million reais in 2022. It said it broke even for the first time in March 2023.

PicPay said it had more than 35 million active customers as of December.