Fintech
Brazilian fintech PicPay is working with Citigroup for a US IPO
(Bloomberg) — PicPay, the Brazilian mobile banking app owned by the billionaire Batista family holding company, is working with Citigroup Inc to try to make an initial public offering of shares in the U.S., sources familiar with the matter said .
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The company aims to make the deal as soon as market conditions allow, the people said, asking not to be identified because the information was not public.
Representatives for PicPay and Citigroup declined to comment.
The company filed for an IPO in the United States in April 2021, targeting 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 purchased in 2015 by J&F Investimentos SA, the holding company behind meatpacking giant JBS SA.
The payments fintech posted a net profit of 37 million reais ($6.8 million) in 2023, compared to 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.
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