Brazilian fintech PicPay has raised $434 million through its initial public offering (IPO) in New York that valued the company at $2.5 billion.
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The fintech, which boasts 66 million customers and a banking licence in Brazil, provides an array of services including loans, insurance, and cards.
PicPay’s Netherland-based holding group stated shares were sold for $19 each.
The company initially filed for an IPO in 2021, but withdrew due to market instability. PicPay made a second attempt for an IPO earlier this month.Â
PicPay was founded in 2012 and acquired by the billionaire leaders of global meatpacking empire JBS, Wesley and Joesley Batista. The brothers secured a US listing for JBS in 2025.
The company rivals NuBank, another Brazilian fintech that has dominated in digital financial services, and recently got conditional approval to launch a US national bank.Â