“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?”
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.
PicPay discloses PicPay Bank - Banco Múltiplo S.A. (in-house) as its banking provider, with Banco Original S.A. as its sponsor bank, according to the Embedded Finance Index 2026.
PicPay does not disclose a bank charter of its own; its banking services are provided through Banco Original S.A..
PicPay processes payments through PicPay (self-operated acquirer) and PicPay Card (self-issued).
PicPay's cards are issued through PicPay Bank - Banco Múltiplo S.A. (in-house).
PicPay's lending and capital products are provided by PicPay Bank / Crednovo SEP S.A. (in-house) + Banco Original (receivables financing partner).
PicPay connects to bank accounts through Open Finance Brasil (BCB-regulated direct participant).
PicPay uses AstroPay Platform for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 8 layers in PicPay's stack: Payments / PSP (PicPay (self-operated acquirer) and PicPay Card (self-issued)); Banking / BaaS (PicPay Bank - Banco Múltiplo S.A. (in-house)); Card issuing (PicPay Bank - Banco Múltiplo S.A. (in-house)); Lending (PicPay Bank / Crednovo SEP S.A. (in-house) + Banco Original (receivables financing partner), Empréstimo pessoal, Capital de Giro (PJ working capital), Antecipação de recebíveis (receivables advance, partnered with Banco Original) and 3 others); Open banking (Open Finance Brasil (BCB-regulated direct participant)); Unified APIs (AstroPay Platform); Sponsor bank (Banco Original S.A.); FX & payouts (AstroPay Platform).
PicPay is founded in 2012 and headquartered in São Paulo, Brazil.
Get a read on where your own stack stands against PicPay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.