PICS · CIK 0001841644
What PicS N.V. (PicPay) told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for PICS. More may follow as additional filings are processed.
In its own words
What could break it.
Geographic concentration
- Brazil-concentrated, lower-income consumer basemedium
Operations and consumer base are concentrated in Brazil: 86% of consumers are lower-middle to low-income and ~71% are in Brazil's Southeastern and Northeastern regions, tying results to Brazilian macro and credit conditions.
“In addition, 86% of our consumers are lower-middle to low-income, and approximately 71% are located in the Southeastern and Northeastern regions of Brazil.”
Regulatory & policy
- US-Brazil tariffs & Magnitsky sanctions (geopolitical tension)medium
Escalating US-Brazil tensions: a 50% U.S. tariff on certain Brazilian imports (effective Aug 6, 2025) and Global Magnitsky sanctions on a Brazilian Supreme Court justice create macro/geopolitical risk for its Brazil-centric business.
“the U.S. government recently announced a 50% tariff on certain Brazilian imports, including industrial goods, commodities and agricultural products, which took effect, subject to certain exceptions, on August 6, 2025. Moreover, on July 30, 2025, the U.S. government sanctioned Brazilian Supreme Court justice Alexandre de Moraes pursuant to the Global Magnitsky Human Rights Accountability Act and Executive Order 13818.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“We rely on third parties maintaining open marketplaces, including the Apple App Store and Google Play, which make our mobile device app available for download.”
Cited →“We rely on third parties maintaining open marketplaces, including the Apple App Store and Google Play, which make our mobile device app available for download.”
Cited →Banco Original
“On November 16, 2023, PicPay Brazil entered into a Cost Sharing Agreement ( Contrato de Compartilhamento de Despesas ) with Banco Original to regulate the terms and conditions related to the cost sharing of back-office areas, as well as the reimbursement by Banco Original of certain costs incurred in the contracting certain suppliers, such as costs incurred by the technology area.”
Cited →
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