LATAM’s largest digital wallet with over 62 million customers in Brazil, PicPay , has become an official bank. A financial institution already part of a J&F Participaçōes holding company that controls both organisations asked the Central Bank of Brasil to change its name to PicPay Bank.

The change was approved in May 2022, and PicPay Bank shifted from an institution directly managed by J&F to a company indirectly controlled by PicPay Holding. The bank’s new configuration doesn’t alter its plans, as the fintech still wants to IPO as well as become Latin America’s first super app. To get ahead of its competitors and achieve the super app status, PicPay aims to increase its customer base while monetising it and diversifying its services.

PicPay now offers debit and credit cards, personal credit, and a P2S lending club through which users are encouraged to lend money to each other. One of the fintech’s great achievements is that around 50% of its total customer base is considered made of active clients who used at least one of PicPay’s services in the last three months, which helps the company to further monetise and become an IPO.