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Brazil s Batista Brothers Are Out of Jail And Worth $6 Billion
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TechnologyBatista brothers fintech PicPay files for IPO on Nasdaq
Reuters
2 minutes read
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 Jose Antonio Batista, who also own meatpacker behemoth JBS SA (JBSS3.SA).
With 28.4 million active users, PicPay posted total revenues of 390 million reais in 2020 and a loss of 804 million reais ($144.37 million).
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.
PicPay, the Brazilian mobile payments platform, files for an IPO on Nasdaq
Brazilian mobile payments app PicPay filed an F-1 with the Securities and Exchange Commission (SEC) for an IPO valued at up to $100 million on Wednesday. The company plans to list on the Nasdaq under the ticker symbol PICS.
PicPay operates largely as a financial services platform that includes a credit card; a digital wallet similar to that of Apple Pay; a Venmo-style P2P payments element; e-commerce, and social networking features.
“We want to transform the way people and companies interact, make transactions, and communicate in an intelligent, connected, and simple experience,” said José Antonio Batista, CEO of PicPay, in a statement.