Across the globe, momentum is building for fintech IPOs as equities markets continue to surge, shrugging off economic uncertainty and geopolitical tension. Two of Brazil’s largest fintechs, Agibank and PicPay, are both planning to list on the New York Stock Exchange (NYSE), which attracted seven of the 10 largest IPOs in 2025.
Among them were some of the biggest fintech firms in the world, Sweden’s Klarna and the U.S.’s Circle, the issuer of the USDC stablecoin. The deals were blockbusters, with Klarna raising $1.37 billion and Circle raising $1.01 billion.
The most successful Latin American fintech IPO thus far occurred in December 2021, when Warren Buffet-backed Brazilian digital banking giant Nubank listed on the NYSE. Since that market debut, Nubank’s share price has risen 45%.
Agibank filed for its IPO in mid-January. The Sao Paulo-based digital bank had planned to go public in Brazil in 2018, but chose instead to pursue a U.S. listing.
Agibank is listing on the NYSE for access to deeper liquidity, global investor recognition, and to complete a strategic shift towards international digital banking. The move aims to capitalize on renewed investor interest in growth stocks after a lull in Brazilian IPOs.
The NYSE offers a larger pool of capital and better access to global investors than Brazil’s B3 exchange. Listing on a premier U.S. exchange enhances a company’s prestige and signals adherence to high regulatory standards, which is important to attract international investors. The move also represents the final step in Agibank’s transformation from a local lender into a global digital bank, a path pursued since a failed 2018 IPO attempt.
Indeed, Brazilian IPO activity stopped altogether in 2022 due to a confluence of factors. These included market volatility, soaring interest rates, high inflation, and political uncertainty surrounding the upcoming presidential election. The risk-averse sentiment among investors discouraged companies from listing, leading to deal cancellations and postponements.
However, the year leading up to those listings had been one of the best ever for Brazilian IPO activity. IPO proceeds in 2021 totaled US$14.73 billion, a five-year high and almost double the US$8.47 billion raised in 2020.
“The four-year drought in Brazilian IPOs has built up the pipeline of companies ready to go public. It speaks volumes that they’re [Agibank] finally choosing to move forward now,” Matt Kennedy, a senior strategist at Renaissance Capital, told Reuters.
The Brazilian digital financial platform PicPay also plans to list on the NYSE. PicPay said on Jan. 20 that it plans to raise US$400 million by offering 22.9 million shares at a price range of $16 to $19. At the midpoint of the proposed range, the company would command a fully diluted market value of $2.3 billion.
PicPay, which is backed by Brazilian billionaire brothers Wesley and Joesley Batista’s J&F Investimentos, had previously pursued a U.S. listing in 2021. However, it put that plan on ice due to market headwinds.
Founded in 2012, PicPay has grown into Brazil’s second-largest digital bank by customer base after Nubank. PicPay serves about 66 million clients and offers a broad array of financial products from credit cards and loans to cryptocurrency trading and insurance.
In the first nine months of 2025, PicPay reported revenue of US$1.37 billion and net income of US$59 million. During this period, consumer deposits also reached US$5 billion.
Successful IPOs on the NYSE by Agibank and PicPay would signal a vote of investor confidence in not just those two firms, but the broader Brazilian fintech market. Despite intensifying competition in Brazil, there remains significant room for fintechs to expand given the large population of the country (213 million) and incumbent weaknesses. Brazil can also act as a springboard for expansion into other Latin American markets, as Nubank has shown with its growth in Mexico and Colombia.