PicPay
“Can PicPay become Brazil's financial super-app by stacking its own bank, acquiring, lending, investments, insurance, and cross-border onto a 67M-user consumer base?”
Founded2012
HQSão Paulo, Brazil
IndustryFintech / Neobank
The story
PicPay started as a P2P payments wallet in Brazil and has steadily evolved into a full-stack digital bank. By 2024 it had stood up its own multi-bank entity (PicPay Bank Banco Múltiplo S.A.) and began issuing credit cards directly, transitioning away from operating purely through partner bank Banco Original. In 2025 it expanded internationally with USD/EUR Global Accounts powered by AstroPay, signaling a strategy to be a one-stop financial super-app for 67M+ Brazilians spanning consumer banking, SMB acquiring, lending, insurance, investments, and cross-border.
Product timeline
2012
PicPay founded as a P2P payments app in Brazil.· pivot
2024
PicPay Bank Banco Múltiplo S.A. began operating as a card issuer (Jan 26, 2024) after building out its full banking license.· banking
2025
Launched Global Account in USD and EUR with international Visa card, powered by AstroPay Platform.· card
Regulated entities
4
regulatory licences held by PicPay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
8 layers disclosed in PicPay’s embedded-finance stack
Payments / PSP
PicPay (self-operated acquirer)PicPay Card (self-issued)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
Unified APIs
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: significant
13 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.