Brazilian digital lender PicPay has filed to list shares on Nasdaq, aiming to raise up to $500mn, people familiar with the plan told Estadão.

If completed, it would be the first US listing by a Brazilian company since Nubank’s offering in December 2021.

The transaction is expected to price this month, subject to market conditions. Investor meetings are due to start around January 20, with pricing targeted for the final week of the month.

The shares are set to trade under the ticker “PICS”. The deal includes the sale of new Class A shares and has a $75mn anchor order from the Bycicle fund, owned by Marcelo Claure.

J&F Participações, controlled by brothers Joesley and Wesley Batista, will retain control.

In filings with the US Securities and Exchange Commission, PicPay reported a return on equity of 17% and profit growth of more than 80% in the first nine months of 2025, reaching BRL314mn ($58.28mn).

The lender said it reached break-even a year earlier. It reported about 66mn customers, a loan book of BRL19bn and revenue of BRL7.2bn.

Proceeds will be used to fund operations. “It’s already the second largest digital bank in Brazil,” a source said.

Citi, Bank of America and RBC are coordinating the offering. PicPay previously sought a US listing in 2021, but delayed amid valuation gaps.