TechnologyBatista brothers fintech PicPay files for IPO on Nasdaq
Reuters
2 minutes read
Brazilian financial startup PicPay has filed with the U.S. Securities and Exchange Commission for an initial public offering on Nasdaq, according to a Wednesday filing.
Founded in 2012, payments wallet PicPay is controlled by group J&F Investimentos SA, a holding company owned by Brazilian billionaire brothers Wesley and Jose Antonio Batista, who also own meatpacker behemoth JBS SA (JBSS3.SA).
With 28.4 million active users, PicPay posted total revenues of 390 million reais in 2020 and a loss of 804 million reais ($144.37 million).
The loss was mainly due to high selling expenses, which included roughly 622 million reais in payments related to the brand promotion and development, PicPay said, adding payments were settled as a capital increase.