Episode summary
Picpay CEO Eduardo Chedid on the Rise of Brazil's Fintech Players | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 8 min · Hosts: Carol Massar, Tim Stenovec · Guests: Eduardo Chedid
Summary
PicPay CEO Eduardo Chedid said the Brazilian fintech went public in the US to tap a deeper investor base and fund a new wave of growth, pointing to its scale and profitability as support for the move. He said PicPay now has 66 million clients, $1.4 billion in revenue, 92% revenue growth, 82% net income growth and a 17.4% ROE.
Chedid described PicPay as more than a digital wallet: it began with instant payments in Brazil and has expanded into a full digital bank with credit cards, loans, salary advances, consumer services and small-business banking. He said 11% of Brazil’s instant payments begin or end in a PicPay account, and argued that Brazil’s high digital adoption makes the market unusually receptive to a financial super app.
Asked about competition, Chedid said PicPay’s edge is innovation and product velocity, citing at least one new product a month over the past five years. He said the main growth and margin opportunity is deeper penetration of credit products, while the company is now extending its product push into SME banking. International expansion appears secondary: he said PicPay will focus on Brazil for the next two to three years, with Latin America as the natural longer-term path.
Key takeaways
- Chedid said PicPay went public in the US to access a larger investor base and fund the next phase of growth.
- He said PicPay has 66 million clients, $1.4 billion in revenue, 92% revenue growth, 82% net income growth and 17.4% ROE.
- The CEO said credit products, especially buy now pay later, credit cards and personal loans, are the main drivers of future revenue and margin expansion.
- Chedid said PicPay’s competitive advantage is product velocity, claiming the company has launched at least one product per month for five years.
- He said PicPay is broadening its focus to small and medium businesses, but will stay concentrated on Brazil for the next two to three years.
Notable quotes
“we believe it we're just getting started and so that's that's the reason”
“We've already reached 66 million clients. Uh our our revenues 1.4 billion dollars growing 92% net income also uh growing 82% 17.4 of ROE”
“11% of all instant payments done in Brazil either begin or end a pig pay account”
“if you look at the past five years we launched at least one product per month”
“the primary driver driver driver for growth and both on the uh revenue per customer as well as in margin expansion will be further penetrating that user base with credit products”
How the episode opens
Bloomberg Audio Studios podcasts, radio, news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio. Eduardo Shadid joins us, CEO of the Fintech Pick. Eduardo, welcome to the program. Shares ended the day yesterday higher by 5%. They're down today by a little more than 5%. at the IPO, the first trading debut for a Brazilian company in more than 4 years in the US. Why go public now and why in the US?
All right, so thanks for having me here. Uh really exciting times for us. Well, uh Pikay is is a large and profitable digital bank that operates out of Brazil.
Uh question uh why uh now and why the US? Uh basically all of our comps are listed here in the US. Uh fintex not only Brazilian but uh from around the globe.
Uh so it's it makes it easier as well as uh to access a larger base of of investors and capital as you know. Uh well we're uh actually funding a next wave of growth. U so that's basically it.
We've already reached 66 million clients. Uh our our revenues 1.4 billion dollars growing 92% net income also uh growing 82% 17.4 of ROE. Uh and we we believe it we're just getting started and so that's that's the reason.
You mentioned your your peers are traded here in the US. Who are those peers? Who are those competitors? Uh new new bank trades here. Uh Inter trades here. U many other well Chime obviously trades here. So many of those uh are here and it makes all the sense for us to do. So
Tell us a little bit more about who your customers are in the business. I'm just thinking people who are listening who may not be familiar tell us a little bit about you know what actually will provide the growth going forward but just give us some background again about who is going to be using the platform.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- brazil fintech
- picpay us market debut
- digital banking growth
- fintech ipo market
- investment banks deal activity
Companies and tickers mentioned
- NU
- C
- BAC
- RY
- PicPay
- JBS
- Nu Holdings
- Citigroup
- Bank of America
- Royal Bank of Canada
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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