SAO PAULO, April 21 (Reuters) - 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 Joesley Batista, who also own
meatpacker behemoth JBS SA.
With 28.4 million active users, PicPay posted total revenues
of 390 million reais in 2020 and a loss of 804 million reais
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.
In March, however, J&F entered an agreement to transfer the
trademark PicPay to the company for no amount paid.
PicPay also has agreements with Banco Original, a bank
controlled by J&F, related to cards and revolving credit lines.
The company, which has Jose Antonio Batista as CEO, said it
plans to raise an undisclosed amount of money to fund its growth
strategy, which may include M&As.
BTG Pactual, Bradesco BBI, Barclays and Santander will
manage the IPO.
($1 = 5.5690 reais)
(Reporting by Aluisio Alves and Carolina Mandl, writing by
Carolina Mandl; Editing by Sam Holmes and Diane Craft)