PicPay acquires Kovr and 53% of Estrutural

PicS N.V. is accelerating its insurance strategy through the acquisition of Kovr Participações S.A. and a 53% controlling stake in brokerage firm Estrutural Corretora. The transactions enable its PicPay unit to transition from a distribution model to a vertically integrated provider, incorporating direct underwriting, product design, and brokerage capabilities.

Kovr has served as a long-term strategic partner for PicPay, bringing digital insurance infrastructure and operational coverage across multiple categories. By integrating Kovr and Estrutural, PicPay aims to capture higher margins, reduce its reliance on third-party providers, and control customer service across the full value chain.

The transactions follow operational momentum in the second quarter, where PicPay expanded its active client base to 45.4 million users. That represents a 9% annual increase and a 2% rise compared to the prior quarter, supported by growth in secured credit, mature credit card cohorts, and payroll loans.

According to data from Yahoo Finance, institutional investor Goldman Sachs holds 3.15 million shares of PicS N.V., representing a 7.31% stake. FIL and Samlyn Capital are also listed among the company's major institutional shareholders.