Brazilian fintech PicPay has filed confidentially for an initial public offering in the United States, signalling renewed confidence in fintech listings as market conditions improve. The company is seeking to list on the Nasdaq, according to regulatory filings cited by US media.
The move comes after a strong rebound in financial performance. PicPay reported a significant increase in profits over the first nine months of 2025, driven by higher financial income and growing use of its credit and banking products. Revenues also rose sharply, reflecting both user growth and deeper engagement across its expanding product suite.
Founded in 2012, PicPay has evolved from a peer to peer payments app into a broad consumer finance platform offering digital wallets, credit cards, lending, investments, and bill payments. The company is backed by Brazilian conglomerate Grupo J&F and counts tens of millions of registered users in one of Latin America’s most competitive fintech markets.
The IPO filing marks a return to plans first explored in 2021, when PicPay and several peers delayed or cancelled listings amid volatile markets and rising interest rates. Since then, investor sentiment has shifted, with profitability and capital discipline now taking precedence over pure growth narratives.
For global investors, PicPay’s offering will be closely watched as a test of appetite for emerging market fintechs following a prolonged slowdown in IPO activity. For Brazil’s fintech sector, it may signal that public markets are reopening, but only for firms able to demonstrate sustainable earnings rather than rapid expansion alone.
PicPay has not yet disclosed the size or timing of the offering, and those details are expected to be finalised closer to launch.