Picpay was expecting to break even only in the middle of 2024 and could prepare again to go public on the New York Stock Exchanges.
Low multiples could lead to strategic fintech M&A as companies with abundant capital take the opportunity to scoop deals.
Last month, PicPay launched peer-to-peer lending for companies, a major innovation in a bid to enhance the product suite.
This capital increase reinforces the confidence of shareholders in the development of PicPay's business plan.
This week, PicPay, one of the leading digital wallets in Brazil, announced a new acquisition in a bid to gain ground in Brazil's trillion-dollar loan market.
Despite the sharp drop in value seen in the past weeks, financial technology players that have drawn millions to their wallets are now doubling down their bets on crypto.