The Fintech pickup, set in Espírito Santo, was ordered to go public on the Nasdaq Stock Exchange in the United States on Wednesday (21). The date and amount the company intends to accompany the IPO (initial public offering) has not yet been defined.
The opening of the payment app capital will be coordinated by banks Bradesco BBI, BTG Pactual, Santander and Barclays, according to information from newspapers O Globo and Velor Aconico.
According to Valer, the transaction prospectus states that PicPay will hold A-class shares, which will be sold in the offer and give each one a right to vote; And a Class B paper, which would be entitled to ten votes each. It is a model that is common in technology companies going public in the United States, indicates the newspaper.
Installed in Espírito Santo, the application was sold to Banco Originals in 2019. However, after the new corporate restructuring and fintech, the bank no longer has a stake in PicPay, which is controlled by J & F, the holding company of the Batista family.
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The largest fintech in Brazil with around 40 million, PicPay is known to allow instant transfers between different accounts even before the central bank created Pix. There are over R $ 2 billion in transactions per month.
The company also provides services such as withdrawals, slip issuances and a profitability over CDI for those who have funds in their accounts.
Fintech has shown significant growth in recent years, but it was in 2020, amidst the coronovirus epidemic, that the client portfolio skyrocketed due to the rapid discovery of digital financial services. To give you an idea, Picpay had around 14 million subscribers in 2019.
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