PicS (PicPay), which operates a mobile payments app in Brazil, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Operating under the name PicPay, the company states that it is the largest Brazilian super app by registered users as of December 31, 2020. PicPay is a digital ecosystem that allows users to transact, communicate, and access financial services. PicPay's key offerings include social networking, digital wallets, financial services, and e-commerce. The company also plans to offer ads to merchants and banks in the future. Active users increased from 6.4 million in 2019 to 28.4 million in 2020.
The Sao Paulo, Brazil-based company was founded in 2012 and booked $71 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol PICS. PicS (PicPay) filed confidentially on February 10, 2021. BTG Pactual, Bradesco BBI, Santander and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
