PicPay: Mgmt. statement clarifies negative news flow

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PicPay: Mgmt. statement clarifies negative news flow

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PicPay

Mgmt. statement clarifies negative news

flow

Reiterate Rating: BUY | PO: 27.00 USD | Price: 10.50 USD

Public Defense of the Federal District investigating PicPay 22 June 2026

Local press reported that the Public Defense of the Federal District (MPDF) is Equity

investigating PicPay over alleged irregular deductions from workers’ paychecks. PicPay

Mario Pierry

published a public statement for the local press clarifying that the deductions were not Research Analyst

irregular and were related to a product called earned wage access (EWA). Mgmt. does BofAS mario.pierry@bofa.com

not expect any further implications from the investigations.

Antonio Ruette >>

Research Analyst

Merrill Lynch (Brazil)EWA product deemed compliant by management antonio.ruette@bofa.com

Management stated that the EWA offering provided early access to already earned

Augusto Uehara >>

wages and was not classified as a credit product. While other fintechs also offered EWA, Research Analyst

PicPay was an industry leader, serving both private- and public-sector employees. The Merrill Lynch (Brazil) augusto.uehara@bofa.com

company also disclosed that the product had already been discontinued due to low

Ernesto Gabilondo >>

profitability. Research Analyst

Merrill Lynch (Mexico)

Product’s revenue contribution was immaterial to PicPay ernesto.gabilondo@bofa.com

The product was free of charge if operationalized through PicPay’s Benefit card (and

monetized through interchange fees on card volumes). If the EWA was deposited directly

into the client’s account, a fee was charged. It generated R$9mn in revenues through Stock Data

volumes of R$80mn (vs PicPay consolidated revenues of R$10.3bn in ‘25). Price 10.50 USD