Brazilian Digital Bank Agibank Raises $240 Million in US IPO
Brazilian digital bank Agibank has raised $240 million in its US initial public offering, listing on the New York Stock Exchange under the ticker symbol AGBK.
The company originally planned to raise up to $785 million by offering 43.6 million shares at a price range of $15 to $18, targeting a valuation of up to $3.3 billion. However, the IPO was scaled back significantly — cut to 20 million shares priced between $12 and $13 — following a 20% decline in shares of competitor PicPay since that Brazilian fintech's US IPO in late January.
Goldman Sachs, Morgan Stanley, and Citigroup served as global coordinators for the offering.
About Agibank
Founded in 1999, Agibank operates a hybrid banking model combining digital services with a network of over 1,100 physical "Smart Hub" locations across Brazil. The company specialises in payroll-deducted and benefit-linked loans targeting retirees, pensioners, and salaried workers — segments it believes are underserved by traditional and digital-only banks.
As of September 2025, Agibank served approximately 6.4 million active clients, reported a return on average equity (ROAE) of 40.9%, and held a credit portfolio of R$33.8 billion.
Agibank founder and Executive Chairman Marciano Testa said: "Agibank has a unique hybrid business model in Brazil, providing high value to our customer base through transactional and credit primacy."
Market Context
The listing comes amid renewed momentum in the US IPO market following Federal Reserve rate cuts, and coincides with a wave of Brazilian fintech companies seeking US listings. PicPay raised $434 million by selling 22.8 million shares at $19 each in late January, though its shares subsequently fell 20%.
Regulatory Challenge
The IPO follows a recent setback when Brazil's National Social Security Institute (INSS) suspended Agibank's ability to register new payroll-deduction loans for retirees and pensioners in December 2025, citing irregularities. Payroll-deducted lending to social security beneficiaries is a core business segment for the bank.
