Business

Brazilian PicPay prepares for an IPO: O Estado de São Paulo

PicPay has not yet formally closed the hiring of the union that will structure its offer but has already started making deals

Brazilian digital wallet PicPay app on smartphone
Brazilian digital wallet PicPay. Photo: Shutterstock
  • PicPay closed 2020 with more than 30 million users;
  • About 30 companies are preparing IPOs in the first quarter in Brazil.

Brazil’s fintech PicPay, the leading digital wallet in the country, is preparing an IPO in 2021, according to Broadcast’s column on O Estado de São Paulo.

READ ALSO: Brazil’s banks prepare for pre-Carnival IPOs parade

PicPay has not yet formally closed the hiring of the union that will structure its offer but has already started making deals, said the media outlet. The app closed 2020 with more than 30 million users.

READ ALSO: Brazil’s PicPay surpasses 1 million issued cards milestone in five months

According to Reuters, the stock market scenario in Brazil may be crowded in 2021, since the combination of the COVID-19 vaccine and the country’s basic interest rate at a record low has attracted investors to equity. About 30 companies are preparing IPOs in the first quarter, a number that already surpasses the stock market debuts in 2020.

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