Brazilian PicPay's capital rises to BRL 841 million

Brazil's Central Bank approved a capital increase of BRL 259 million in the fintech, led by J&F holding

PicPay IPO
Photo: Shutterstock

Leading the digital wallets market in Brazil, PicPay has now more available capital as the country’s Central Bank approved on Friday a capital increase of BRL 259 million in the fintech.

Led by the holding company Grupo J&F which in charge of Banco Original and PicPay, the contribution will support the company’s investment plans, which expects to maintain accelerated growth in 2021, the company informed Valor Econômico newspaper.

READ ALSO: Open banking will create products and services that we now can’t even imagine, says Guiabolso’s CEO

With over 38 million users, the Brazilian fintech reached the milestone of 2 million credit cards issued in January.

Get the best insights about Latin America market in your inbox