PicPay, a Brazilian fintech company, recently announced that it has secured $646 million in capital increase. This is the largest capital increase ever achieved by a Brazilian fintech company.
The capital increase was led by the SoftBank Latin America Fund and included participation from existing investors such as DST Global, GGV Capital, and Redpoint eventures. This investment will be used to help PicPay expand its services in Brazil and abroad.
PicPay is a mobile payment platform that allows users to transfer money, pay bills, and purchase goods and services with their smartphones. It currently has over 20 million users and processes over $2 billion in payments per month.
This capital increase will help PicPay expand its services and reach more users. The company plans to use the funds to invest in technology and product development, expand its team, and increase its presence in Brazil and other countries.
PicPay’s CEO, Thiago Dalvi, said that the company is “very proud to have achieved this milestone.” He added that “this investment will help us accelerate our growth and continue to innovate in order to provide the best user experience for our customers.”
This capital increase is a major milestone for PicPay and a sign of the growing importance of fintech companies in Brazil. It is also a testament to the success of PicPay’s business model and its ability to attract investors.
The investment will help PicPay continue to grow and expand its services in Brazil and abroad. It is an exciting time for the company and a great opportunity for its users to benefit from its innovative products and services.
Source: Plato Data Intelligence: PlatoAiStream