Brazilian mobile payments app PicPay filed on Wednesday an F-1 with the Securities and Exchange Commission (SEC) for an IPO valued at as much as $100 million. The business prepares to note on the Nasdaq under the ticker symbol PICS.
PicPay operates mostly as a financial services platform that consists of a charge card, a digital wallet comparable to that of Apple Pay, a Venmo-style P2P payments element, e-commerce and social networking features.
“We wish to transform the method people and business connect, make deals, and interact in an intelligent, connected, and basic experience,” said José Antonio Batista, CEO of PicPay, in a declaration.
While the company is based in São Paulo now and runs across Brazil, PicPay originally launched in Vitoria in 2012, a seaside city north of Rio. In 2015 the business was acquired by the group J&F Investimentos SA, a holding company owned by Brazilian billionaire bros Wesley and Joesley Batista, which also own the massive meatpacker JBS SA.
According to the business’s registration declaration, J&F was involved in the greatest corruption scandal in Brazil’s history, referred to as The Vehicle Wash, and in 2017 participated in a plea handle the Brazilian Federal Prosecutor. In December 2020 the company consented to pay a fine of $1.5 billion and contribute an extra $442.6 million to social jobs in Brazil. That being said, J&F continues to be a powerful corporation in the nation, placing itself as a strong backer for PicPay.
2020 was an explosive year for PicPay as the business saw its active userbase grow from 28.4 million to 36 million as of March 2021. According to the company’s 2020 financial report, which PicPay shared with TechCrunch, the business’s earnings likewise grew significantly from $15.5 million in 2019, to $71 million in 2020. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.
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