By Brazil Stock Guide – PicPay disclosed sharply higher profit and revenue as it moved forward with a renewed bid to list shares in the United States, highlighting the recovery of Brazil’s largest consumer fintech platforms after years of volatile capital markets. The São Paulo–based digital bank said its financial performance strengthened markedly through the first nine months of 2025, supported by user growth and higher monetization.
PicPay reported net income of 313.8 million reais ($64 million) for the nine months ended Sept. 30, compared with 172 million reais a year earlier. Revenue rose to 7.26 billion reais from 3.78 billion reais over the same period, underscoring the company’s rapid expansion ahead of its planned Nasdaq debut.
Active customers increased to 42.1 million by the end of September, up from 37.5 million a year earlier. Average quarterly revenue per active user climbed to 65.40 reais from 38.10 reais, while the cost to serve each customer edged up more modestly to 17.80 reais from 16.80 reais, filings showed.
Total payment volume reached 392.46 billion reais in the nine-month period, almost 32% higher than a year earlier, reflecting heavier transaction activity across the platform. PicPay is controlled by J&F Investimentos, the holding company that also owns meat processor JBS SA (JBSS3, JBSAY).
The company is making a second attempt to go public in the US after shelving IPO plans in 2021 amid unfavorable market conditions. The US IPO market regained momentum in 2025 following nearly three years of subdued activity, though volatility tied to import tariffs imposed by Donald Trump, the current president of the United States, a prolonged government shutdown and a late-year selloff in artificial intelligence–related stocks dampened expectations for a stronger rebound.
Analysts expect issuance to pick up further in 2026, with more cryptocurrency and fintech firms signaling listing plans, including UK neobank Revolut, crypto exchange Kraken and Japan’s PayPay.
PicPay plans to list on Nasdaq under the ticker symbol PICS, using proceeds for general corporate purposes such as working capital, operating expenses, regulatory capital requirements and investments. Citigroup Inc. (C), Bank of America Corp. (BAC) and Royal Bank of Canada’s capital markets arm (RY) are acting as global coordinators on the offering.
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