Latin America’s Fintech Giant: The Rise of PicPay with 60M Users

Sep 30, 2025

Eduardo Chedid, the CEO of PicPay, leads Brazil's largest super app with over 60 million users. He explores the evolution of Brazil's fintech landscape, highlighting how regulations fostered competition. Eduardo shares PicPay's journey from a digital wallet to a full-service bank, driven by AI and an open finance model. He discusses the role of data in financial services, the future of tokenized money, and how PicPay aims to reclaim profit pools amidst fierce competition. Eduardo offers insights on expanding in Latin America through partnerships.

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INSIGHT

Regulation Drove Brazil's Fintech Explosion

Brazil moved from extreme bank concentration to broad deconcentration supported by proactive central bank policies.
Average Brazilians now hold five banking relationships, revealing vast opportunity despite incumbents holding 70% of profits.

INSIGHT

Wallet To Bank Via Embracing PIX

PicPay evolved from a digital wallet into a full-service bank by embracing PIX rather than opposing it.
Rapid product rollout (about one product per month since 2021) translated wallet expertise into banking scale.

ADVICE

Own Core Products To Change Revenue Mix

Move core financial products in-house rather than only distributing third-party offerings.
Build your own credit and card products to shift and expand revenue streams sustainably.

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Episode 150 of Couchonomics with Arjun is here — and it’s a milestone.

For the very first time, we go to Latin America. My guest: Eduardo Chedid, CEO of PicPay — Brazil’s biggest super app and one of the fastest-scaling fintechs in the world.

With 60M+ customers, $1B+ in revenues, profits up 7× YoY, and 4,500 employees, PicPay is rewriting the rules of digital banking in one of the most competitive markets on earth.

We cover:
- Brazil’s fintech revolution and the role of regulation
- How PicPay scaled from wallet → super app → full-service bank
- Why AI and open finance are core to growth
- The future of tokenized money and cross-border payments

This isn’t just a Brazil story — it’s a blueprint for the future of finance.

Couchonomics with Arjun Season 04 is brought to you by our partners:
Adyen https://www.adyen.com/
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Mastercard https://mastercard.com/
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Digit9 https://www.digitnine.com/
SC Ventures https://scventures.io/
Hala https://hala.com/

Chapters:
00:00 Episode Highlights
01:11 Welcoming Eduardo Chedd
03:29 Brazilian FinTech Landscape
11:22 PicPay's Growth and Strategy
23:52 AI Integration and Innovations
28:25 Organizational Structure and Product Velocity
29:23 Ownership and Cross-Functional Integration
31:13 Driving Governance and Agile Practices
32:36 The Role of Data in Financial Services
36:55 The Evolution and Importance of Digital Wallets
38:46 Tokenized Money and Future Trends
41:59 Competition and Market Focus
45:21 Global Insights and Future Plans
50:44 Conclusion and Final Thoughts

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