PicPay reported rapidly improving customer economics in the second quarter of 2026 as average revenue per active customer increased much faster than the cost to serve each client.
Average revenue per active customer, or ARPAC, rose 52% year over year to R$92. Cost to serve increased only 13% to R$21.3 per active client, meaning quarterly ARPAC reached more than four times the cost to serve.
The widening unit-economics spread came alongside substantial company-level growth. Net revenue increased 67% to R$4.1 billion, while adjusted net income increased 135% to R$283 million. Gross profit increased 48% to R$1.2 billion, and net interest income increased 65% to R$2 billion.
PicPay also surpassed 70 million accounts during the quarter. The company said revenue is shifting toward lower-risk products, with no-risk and lower-risk products accounting for 71% of total revenue, up six percentage points year-over-year.
Non-credit revenue, including wallet, acquiring, float and insurance products, increased 57% to R$1.9 billion. Revenue from secured and partially secured credit products increased 158% to R$1 billion, while consolidated total payment volume increased 27% to R$167.6 billion.
PicPay is also expanding its use of AI distribution channels. The company launched what it described as Brazil’s first integrated banking plugin across the ChatGPT and Claude ecosystems, allowing users to access its financial services through emerging AI interfaces.
For the third quarter, PicPay expects its credit portfolio to reach approximately R$34.7 billion, while adjusted net income is projected at approximately R$265 million.
KEY QUOTES:
“We continue to add and deepen customer relationships, growing both total accounts and active clients, while increasing our efficiency as ARPAC exceeds four-times our cost to serve.”
Eduardo Chedid, Chief Executive Officer of PicPay
