Agibank Seeks Up to $1 Billion in NYSE IPO

Brazilian Digital Bank urns to Wall Street after clearing a key regulatory hurdle in Brazil.

Jan 14, 2026 6:13 PM

By Brazil Stock Guide – Agibank has filed for an initial public offering in the United States, targeting a listing on the New York Stock Exchange and a capital raise of up to $1 billion, according to Bloomberg. The move follows the resolution of a key regulatory setback in Brazil related to government-backed payroll loans, a core revenue product for the lender.

The IPO plan had been under review since 2024 but was delayed after Brazilian authorities imposed restrictions on the bank’s payroll-deducted lending tied to INSS, Brazil’s public pension system that pays retirement and social security benefits to tens of millions of workers and retirees. The recent reinstatement of the product removed a central obstacle, allowing the fintech to restart preparations for a U.S. listing, the people said.

Agibank is controlled by its founder, Marciano Testa, who remains the company’s main shareholder and strategic decision-maker, according to people familiar with its ownership structure.

Agibank ended the third quarter of 2025 with strong profitability and rapid balance-sheet expansion. Net income reached R$875.5 million in the first nine months, up 35.4% year on year, as the loan book grew 54.3% to R$33.8 billion. The bank posted an average ROE of 40.9% over the past 12 months.

The lender had 6.4 million active customers, a 77.2% annual increase, and held 8.8% of Brazil’s INSS payroll-loan market, up 3 percentage points from a year earlier. Capital ratios remained comfortable, with a Basel ratio of 14.8% and CET1 of 13.5%, both above regulatory requirements.

In its most recent private funding round in December 2024, Agibank was valued at around R$9.3 billion, or roughly $1.7 billion at the time. The bank operates a hybrid model combining a digital platform with about 1,100 physical service hubs nationwide.

Goldman Sachs is leading the transaction, alongside Morgan Stanley, Citigroup, BTG Pactual, Itaú BBA, Bradesco BBI, Santander and XP.

Agibank’s filing comes as other Brazilian fintechs also test investor appetite in the U.S. capital markets. PicPay, backed by J&F, has also filed confidentially for an IPO in the United States, pointing to early signs of a reopening window for Brazilian financial companies seeking offshore listings.