What PicPay does

PicPay is one of Brazil's largest digital banks, operating a two-sided financial ecosystem serving more than 67 million consumers and approximately 812,000 active businesses. Founded in 2012–2013 in Vitória (Espírito Santo) by J&F Investimentos (the Batista family conglomerate), PicPay is headquartered in São Paulo and has been listed on Nasdaq as PicS N.V. (ticker PICS) since January 29, 2026, with J&F retaining over 90% of voting power post-IPO. The platform combines a free digital account yielding 102% of CDI, the PicPay Card family (Gold, Platinum, Black, Epic) on Mastercard rails, Cofrinhos savings vaults (up to 121% of CDI), and a broad investment suite operated by PicPay Invest DTVM. On the business side it offers Conta PJ, Maquininha, Tap-on-Phone, Checkout and Link de Pagamento, and PicPay Benefícios (corporate multi-benefits card plus payroll), with flagship B2B customers including J&F group companies (Friboi, Seara, Swift), Unigel and Flora.

The technology stack centers on a proprietary mobile wallet with Pix instant-payment integration (including Pix via WhatsApp and Google Pay tap-to-pay), Open Finance aggregation (Conta das Contas), Mastercard card processing, and a proprietary AI platform called HubAI that supports more than 4,000 internal users and 100% of chat customer-service interactions. Credit underwriting is differentiated by data drawn from 52 million cards on file and roughly 11% of all Pix transactions in Brazil, and by a novel Cofrinho do Cartão architecture that turns each R$1 of deposit into R$1 of credit limit yielding 102% CDI with zero default risk. Developer-facing APIs (developers-business.picpay.com) expose wallet and checkout integrations for merchants.

PicPay's revenue model is freemium for consumers and monetizes via (i) interest, fees and NII on a R$28 billion credit portfolio (54% of total revenue, of which 54% is collateralized through Consignado, FGTS anticipation and card-vault-backed limits), (ii) acquiring/MDR on Maquininha, Tap on Phone and Link de Pagamento, (iii) PicPay Mais subscription bundling Amazon Prime, (iv) PicPay Ads in-app advertising (+95% YoY in Q1 2026), and (v) PicPay Benefícios interchange and management fees from corporate HR customers. Pricing for merchants is tiered by monthly volume (1.09–0.74% debit / 3.14–2.68% credit / 12.38–8.98% in 12x). Distribution is hybrid: self-serve mobile onboarding for PF/PJ, direct enterprise field sales for benefits and payroll, the TIM telecom partnership for consumer reach, and PicPay Shop marketplace for engagement. The company employs 4,500+ staff and posted FY2025 net revenue of R$10.3 billion (+85% YoY) and adjusted net profit of R$502 million (+82% YoY).

Name

PicPay

Legal name

PicS N.V. (PicPay Holdings Netherlands BV)

Website

https://picpay.com

Company type

Public

Founded year

2013

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

PicPay is one of Brazil's largest digital banks, serving 67M+ consumers and ~812K businesses with a free wallet, Pix, credit, investments, insurance and merchant acquiring on a single mobile app, now listed on Nasdaq as PICS.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Credit Card Issuing (522210)

SIC

Finance Services (6199)

akta.pro primary industry

Cards & Issuing Management (Debit/Prepaid/Credit, Program Management) (FSAGAAAE)

akta.pro secondary industries

Card Issuing Platforms (Issuer Processing) (FSAGABAD), EMV Chip, Magstripe & PIN Debit Acceptance (FSAMADAG), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Digital banking services
• Mobile payments wallet
• Merchant acquiring services
• Consumer credit products
• Payroll lending solutions

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Pix & Boleto Transaction Fees (PJ): Pix is free for consumers; merchants using PicPay Empresas pay transaction-based take rates. Boleto issuance is free for businesses but charged R$1.99 per paid boleto, generating fee-based revenue on payment volume.
2. Maquininha / POS Acquiring Rates: Tiered interchange-style rates on debit, credit and installment card transactions processed via PicPay Smart, PicPay Tap (Tap on Phone) and the Smart POS terminal. Rates decrease as merchant monthly revenue grows.
3. Credit Portfolio Income (Interest, NII, Fees): Interest, fees and net interest income (NII) on the R$28 billion credit portfolio — including credit cards, personal loans, payroll/Consignado loans, FGTS anticipation, vehicle-backed credit and corporate working-capital loans. Credit represents 54% of total revenue. Collateral-backed products account for 54% of the portfolio.
4. Wallet, Float, Acquiring & Insurance (Non-Credit Revenue): Non-credit revenues including wallet services, acquiring float, and insurance products totaled R$1.6 billion in Q1 2026 (+47% YoY) and represent products without or with low credit risk (69% of the diversification indicator).
5. PicPay Mais Subscription: Premium subscription product bundling Amazon Prime, Cofrinho Turbinado (121% of CDI), cashback on PicPay Card Gold (0.5%), 10 free withdrawals per month and CDB at 107% of CDI.
6. PicPay Ads (Advertising Revenue): Advertising unit inside the PicPay ecosystem; Ads revenue grew 95% YoY in Q1 2026 as brands leverage PicPay's audience and contextual commerce placements.
7. PicPay Benefícios / Cartão Multibenefícios (B2B): Corporate benefits card (food, meal, mobility, culture, telework, salary advance) and payroll services sold B2B to employers; includes interchange/MDR plus management fees on the R$ amount loaded.

Pricing tiers

Go-to-market motion5 records

Distribution channels6 records

Marketing channels7 records

Core offering

PicPay operates a two-sided digital financial ecosystem in Brazil. On the consumer side it offers a free digital wallet (Conta Digital PicPay), the PicPay Card credit/debit family (Gold, Platinum, Black, Epic), Cofrinhos savings vaults, an investment platform (CDB, LCI/LCA, previdência, fundos, cripto), a credit suite (empréstimo pessoal, consignado, antecipação FGTS, garantia de veículo, salário) and an insurance hub. On the business side it offers PicPay Empresas — a free business account with Pix, boleto, link de pagamento, maquininha, tap-on-phone, PicPay Smart, capital de giro, PicPay Card Empresas with self-built credit limit, DAS-MEI, and a corporate benefits/payroll stack. Both sides are unified by Pix rails, Open Finance aggregation, Mastercard card network, and a proprietary HubAI platform.

Product overview

PicPay operates a two-sided digital financial ecosystem in Brazil combining a consumer-facing super app (Conta Digital PicPay) with the PicPay Card suite (Gold, Platinum, Black, Epic), Cofrinhos savings vaults earning up to 121% of CDI, an investments platform (CDB, LCI/LCA, Previdência, Fundos, Criptomoedas) operated by PicPay Invest DTVM, an insurance hub (Seguros PicPay), and a credit suite (Empréstimo Pessoal, Crédito Consignado, Antecipação FGTS, Crédito com Garantia de Veículo via Creditas, Antecipação Salarial). On the business side, PicPay offers Conta PJ with Maquininha PicPay, PicPay Tap (tap-on-phone), PicPay Smart, Checkout PicPay, Link de Pagamento, Carteira PicPay, Emissão de Boletos, Parcelamento de Contas, Capital de Giro, PicPay Card Empresas, Antecipação de Recebíveis, DAS-MEI integration, Benefícios Flexíveis, PicPay Antecipa, and Folha de Pagamento. Premium tiers PicPay Mais and Epic add Amazon Prime access, 121% CDI cofrinho, multi-currency accounts (USD/EUR via AstroPay), and elevated cashback. Recent additions include the BX Blue acquired payroll-credit business, the Kovr insurance acquisition, and the upcoming iGaming/sports-betting authorization through Nosso Time iGaming. The platform is unified by Open Finance integrations (Conta das Contas), Pix via WhatsApp and Google Pay, Mastercard rails, generative AI (HubAI for 4,000+ employees), and developer APIs (developers-business.picpay.com) for e-commerce integrations.

Differentiator

Problem solved

Functional benefit

Brands

• PicPay Card: Credit card product line including Gold, Platinum, Black, and Epic variants with cashback and rewards.
• PicPay Empresas
• PicPay Mais
• Epic PicPay
• PicPay Tap
• PicPay Smart
• PicPay Parcela
• PicPay Shop
• PicPay Benefícios

Products and services

• Conta Digital PicPay Free digital wallet and account for individual Brazilian consumers, paying 102% of CDI daily, supporting Pix, boletos, Open Finance aggregation, savings vaults and an integrated payment assistant.
• PicPay Card Mastercard no-annual-fee credit/debit card family issued in Gold (up to R$4k), Platinum (up to R$10k, 0.5% cashback), Black (1.2% cashback, VIP lounge) and Epic (up to 4% international cashback, 3x international installments, 121% CDI cofrinho) tiers, with Limite Extra funded by the Cofrinho do Cartão.
• PicPay Mais Premium subscription tier bundling Amazon Prime access, 121% CDI Turbinado Cofrinho, 107% CDI 3-month CDB, 0.5% cashback on PicPay Card and 10 free monthly Banco24Horas withdrawals.
• Epic PicPay Premium high-income account product featuring multi-currency accounts (USD/EUR via AstroPay), elevated cashback, 3x international installments and Turbinado Cofrinho at 121% CDI.
• Conta PJ PicPay (PicPay Empresas) Free business digital account for PJ customers with Pix, boleto installments, integrated accountant features, Cofrinhos PJ at 102% CDI and 100% digital onboarding.
• Maquininha PicPay Physical card payment terminal accepting debit, credit and installment card payments with tiered MDR pricing decreasing as merchant monthly revenue grows.
• PicPay Tap Tap-on-Phone software solution that turns a smartphone into a payment terminal with no setup fees and no monthly fee.
• PicPay Smart Integrated POS hardware combining order management, inventory control and payment acceptance in a single device targeted at food service and similar verticals.
• PicPay Benefícios Flexíveis (Cartão Multibenefícios) B2B corporate benefits card (Cartão Multibenefícios PicPay) allowing employee customization across meal, food, mobility, culture, health and education categories, with PAT registration, salary advance access and centralized HR management.
• Folha de Pagamento PicPay Integrated B2B payroll service offered alongside PicPay Benefícios, supporting employee account opening and unified salary and benefits disbursement through an HR Portal.
• Investimentos PicPay Investment platform operated by PicPay Invest DTVM (authorized by Banco Central do Brasil) offering CDB Liquidez Diária, CDB PicPay, LCI/LCA, Previdência Privada, Fundos de Investimento, direct corporate lending and 10+ crypto assets with 24/7 trading.
• Seguros PicPay In-app insurance suite covering life, health assistance, protected income, digital wallet, protected invoice, mobile phone, residential and small repairs insurance.
• Consórcio PicPay Long-term consortium product for acquiring real estate (up to R$1 million) or vehicles with installments from R$287 and no interest, including options for reduced or fixed initial installments.
• Checkout PicPay Hosted online checkout integrating credit card, PicPay wallet and Pix in a single integration, with recurring billing support, secure payment data vault and One Click repeat checkout.
• Link de Pagamento PicPay Remote payment link accepting Pix, PicPay and credit-card installment payments (up to 12x) without a website or CNPJ; includes antifraud protection and customizable links with order numbers and descriptions.
• BX Blue Acquired fintech brand offering payroll-deductible credit products for public servants, INSS retirees and pensioners, integrated into PicPay's broader credit suite.
• PicPay Global Accounts (USD/EUR) USD and EUR accounts powered by AstroPay enabling Brazilian users to hold, convert and spend in foreign currencies inside the PicPay app with competitive FX rates.

Quantifiable outcome

• FY2025 revenue R$10.3B (+85% YoY) and net profit R$502M (+82% YoY)
• +7 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability11 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered flagship and core.

• TIM BrasilflagshipStrategic or Co-development Partner · 1 January 2026Two-way distribution partnership: TIM offers PicPay accounts and credit products to its telecom subscriber base while PicPay distributes TIM mobile plans inside its app. Disclosed in PicPay's Q1 2026 earnings release; expected to reduce customer acquisition cost and increase engagement across both platforms.
• J&F S.A. (parent)flagshipStrategic or Co-development Partner · 1 December 2025J&F is PicPay's controlling shareholder (Batista family, >90% voting power). In December 2025 PicPay entered an agreement to acquire electric power distributor credit rights from J&F totaling R$1.5 billion in receivables at a 19% discount rate.
• AstroPaycoreTechnology or Integration · 1 November 2025AstroPay powers PicPay's new USD and EUR accounts feature, enabling Brazilian users to hold, convert and spend in foreign currency inside the PicPay app. Announced November 2025.
• BX BluecoreStrategic or Co-development Partner · 7 February 2023Acquired by PicPay in February 2023. BX Blue specializes in payroll-deductible credit for public servants, INSS retirees and pensioners; expands PicPay's credit services targeting a senior audience and the R$500 billion low-risk payroll credit market.
• CreditascoreStrategic or Co-development PartnerVehicle-backed credit ("Crédito com Garantia de Veículo") is offered to PicPay customers in partnership with Creditas; rates of up to R$5k-R$150k and 60-month terms with reduced rates.
• MastercardcoreOEM/ Whitelabel/ Licensing PartnerMastercard is the card network for the PicPay Card family (Gold, Platinum, Black, Epic, Consignado); PicPay Cardholders access Mastercard Surpreenda benefits, airport lounges, international acceptance and the 'Compre 1 Leve 2' restaurant program.
• Kovr (insurance)coreStrategic or Co-development PartnerPending acquisition of insurer Kovr, disclosed in the Q1 2026 results and listed as a use-of-IPO-proceeds item. Under investigation by Brazil's antitrust authority Cade for alleged gun-jumping and antitrust violations.

Scale indicators13 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Mercado Pago: Fintech arm of Mercado Libre operating across multiple LatAm markets. Comparable in consumer wallet, credit, acquiring and merchant lending, with a wider geographic footprint and parent e-commerce network.

Direct peers

• StoneCo: Brazilian merchant acquirer and SMB banking platform, with the Ton brand competing in consumer digital accounts. Overlaps with PicPay Empresas in acquiring, banking-as-a-service and SMB credit.
• C6 Bank: Brazilian digital bank owned by J&F's competitor group; offers consumer accounts, credit cards, investments and a marketplace. Competes head-to-head with PicPay in no-fee accounts, credit cards and Consignado.
• Inter & Co (Banco Inter): Brazilian super-app digital bank offering free accounts, Pix, credit, investments, insurance and a marketplace. Comparable two-sided consumer/merchant model and Brazilian regulatory perimeter, with a smaller customer base than PicPay.
• Nubank (Nu Holdings): Largest Brazilian digital bank with ~90M+ customers across Brazil, Mexico and Colombia. Direct competitor in consumer wallets, no-fee accounts, credit cards, personal loans and Pix-first design, with a deeper public-market valuation and brand.
• Banco Original: Brazilian digital-first bank serving consumers and SMEs with free accounts, Pix, acquiring and working-capital credit. Smaller scale than PicPay but a direct competitor in the same target segments.
• PagSeguro (PagBank): Brazilian payments and digital-banking platform combining acquiring, Pix, free accounts and consumer credit. Direct overlap with PicPay's PJ stack and growing consumer wallet presence.

Emerging players

• Creditas: Brazilian collateralized-credit specialist partnered with PicPay on vehicle-backed loans. A direct product-line partner and an emerging competitor in home- and auto-equity credit in Brazil.
• AstroPay: Cross-border payments and FX provider that powers PicPay's new USD/EUR accounts. Partner and adjacent competitor in the international-account and remittance vertical.
• XP Inc. Brazilian investment platform increasingly expanding into digital banking, cards and credit products for affluent segments. Adjacent competition in PicPay's Epic high-income and investment product lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks7 records

Key highlights8 records

Customer concentration

• Xx.com/picpay
• Facebookfacebook.com/picpaybrasil
• LinkedInlinkedin.com/company/picpay

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PicPay