The company achieved a profit of BRL 20 million in the last quarter, reversing a loss of BRL 516 million and tripled revenue for the third consecutive year, reaching BRL 2.9 billion in 2022
PicPay reached net income of BRL 20.4 million in the fourth quarter of 2022 and reversed a loss of BRL 516 million in the same period of the previous year. The break-even was scheduled for 2024 and was anticipated thanks to the company’s operational improvement, which managed to triple its revenues for the third consecutive year. Last year, the company reached the mark of BRL 2.9 billion, a jump of 156% compared to 2021. In the quarterly comparison, revenue grew 75% to R$761 million.
“In 2022, PicPay expanded its product portfolio, scaled services, and maintained its focus on efficiency, cost reduction, and strengthening base engagement,” says André Cazotto, the executive responsible for Investor Relations, Strategy, and M&A at the company. Cazotto is betting on the same logic to maintain profitable growth in 2023.
As a result of revenue expansion combined with increased efficiency, the company also recorded its first positive EBITDA of R$33.2 million in the quarter. In the year, the loss fell 64% compared to 2021, from BRL 1.9 billion to BRL 693 million.
The company’s TPV followed the fast pace of the other lines of the balance sheet and increased 66%, reaching R$ 57.5 billion in the last quarter. Total TPV for the year 2022 was BRL 199 billion, against BRL 92 billion in 2021, an increase of 115%.
Last year, PicPay delivered to customers a plentiful shelf, with launches every month and emphasis on Pix, which now allows installments and was also integrated into the QR Code, which contributed to an increase in the volume transacted in the ecosystem; salary portability, management of bills (Accounts up to date), Pix and Mobile insurance, Piggy banks (tool to save money), which help in the search for the ‘principality’ of customers. Another product that advanced in 2022 was the PicPay Card, which moved BRL 21 billion, an annual expansion of 179%.
In addition, in 2022 the company diversified its offer of credit products, including collateralized lines, such as FGTS loans, and investments, such as P2P and P2B Lending (for people and companies) and crypto, which reached one million customers in just five months after launch. The PicPay Store, another of PicPay’s business units, diversified its product categories, integrated major partners and entered new segments, such as travel, by offering airline tickets.
The activation of the base resulted in a 46% increase in the average quarterly spend of these users, from R$ 1,300 to R$ 1,894. New customers are also more engaged, consuming an average of four products and three times faster than old ones. There are 30 million customers who have used PicPay in the last thirty days. Those with an account balance totaled 22 million, with R$10 billion in deposits, an increase of 56% year-on-year.
André Cazotto says that the expansion of the portfolio with a focus on efficiency should continue, and the company will look even more at collateralized products. Proof of this is the recent acquisition of BX Blue, a payroll loan marketplace. Therefore, investments in technology, products, and acquisition are also expected to continue in 2023.
The company also believes that 2023 will greatly benefit from the evolution of Open Finance deliveries. PicPay joined phase 2, obtained the payment initiator license and reached one million consents.
Another front that should evolve this year is the PJ (legal entity), with a menu of more robust products and close to what is offered to the individual public. Last year, this front was responsible for scaling the acceptance of PicPay, with entry into large retailers and integration of the PicPay QR Code in all major POS machines in the country.
“Our focus is to continue growing profitably and scale our products and services in search of a closer relationship with our base. We want to be the main financial option for people and their businesses when it comes to money,” concludes the executive.
