Brazilian fintech Agibank files for US IPO

By Arasu Kannagi Basil

Jan ⁠14 (Reuters) - Agibank has ⁠filed ‍for an initial public offering in the U.S., a regulatory filing showed on Wednesday, making it the second Brazilian fintech ‍to move closer to a New York listing in two weeks.

The ​Sao Paulo-based digital bank had planned to go public in Brazil in 2018, but ​opted instead to pursue a U.S. listing.

Agibank's move comes a week after another Brazilian digital bank, PicPay, also filed paperwork to go public in New York.

"Brazilian IPO activity ​stopped altogether in 2022, but prior to that the country brought several notable deals to the U.S. market on an annual basis," said ​Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.

"The four-year drought ‌in Brazilian IPOs has built up the pipeline of companies ready to go public. It speaks volumes that they're finally ​choosing to move forward now."

The offering also ⁠comes after a strong 2025 for fintech IPOs against the backdrop of renewed investor appetite for growth stocks.

Agibank reported ‌a net income of 831.7 million reais ($154.6 million) on revenue of 7.74 billion reais for the nine months ended September 30, compared with net income of ‌597.2 million reais on revenue of 5.15 billion reais a year earlier.

The company traces its ‌roots to 1999, when Marciano Testa — then a college student — founded Agiplan, focused on underserved segments.

In 2024, Brazilian private equity fund Lumina Capital Management invested 400 million reais ‍in Agibank at a 9.3 billion reais valuation.

Goldman Sachs, Morgan Stanley, and Citigroup are the global coordinators for ⁠the listing. Agibank will list on the New York Stock Exchange under the symbol "AGBK."

Agibank said it may use a part ‍of the IPO proceeds to buy businesses, products or services.

($1 = 5.3784 reais)

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber and Sahal Muhammed)

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