Brazil digital wallet PicPay in talks for possible IPO – Folha

Brazil-based online payment application PicPay Serviços Ltda. is in talks with investment banks for the possibility of going public, Folha De S.Paulo reported, citing financial market agents.

Following a series of financing rounds, financial institutions have reportedly sought in recent months a potential listing for PicPay in the local stock exchange, according to the publication's sources. The operation is expected to happen in April as PicPay has yet to choose the banks that will manage the transaction, Folha said.

PicPay was founded in 2012 and belongs to the J&F group, the parent company of Banco Original SA.

The rise of digital transactions amid the coronavirus pandemic has boosted PicPay's business, with its client base rising almost 160% year over year to 36 million users in 2020.