How Picpay increased conversion rates by 10% with Mixpanel

PicPay is the second-largest digital bank in Brazil in terms of customers. With over 12 years of history, the company—founded in Vitória and a pioneer in instant transactions and QR Code usage long before Pix—continues to lead financial system innovations, including initiatives in generative AI and Open Finance.

Currently, PicPay offers products and services for individuals, such as credit, investments, insurance, and credit cards, as well as solutions for entrepreneurs, including payment terminals and business credit lines. In 2024, PicPay accelerated its growth, with first-half profits nearly twice those of the previous year. Additionally, the company's revenue continues to expand, driven by portfolio growth and a more comprehensive range of financial products.

PicPay’s rapid growth demands that its teams optimize essential user experiences, especially the registration process, a critical step in acquiring new users. However, with eight distinct steps in the registration funnel, identifying bottlenecks and bugs in real-time was a challenge. Additionally, the Product and Growth teams needed a faster way to run A/B tests and monitor user behavior without relying on time-consuming manual analyses.

PicPay uses Mixpanel to improve user registration funnel tracking and product performance. By integrating Mixpanel into its technology stack, PicPay’s teams gained the agility needed to act quickly when issues arise.

PicPay relies on Mixpanel to drive significant improvements in its user registration funnel and product development processes. By leveraging Mixpanel’s real-time analytics, PicPay’s Growth Marketing, Systems, and Product teams identified critical drop-off points, fixed bugs, and conducted A/B tests, leading to a more efficient user experience.

As a result, the company saw a 10% improvement in conversion rates and saved thousands of dollars by making faster decisions.

✔ 10% increase in registration funnel conversion rates
✔ Real-time issue detection and resolution
✔ Faster decision-making, reducing response times from hours to seconds

The user registration process at PicPay includes eight critical steps to ensure a seamless experience for new customers, from entering a tax ID (CPF) to biometric verification.

Nicole, Tech Lead of the Visualization Platform at PicPay, highlighted that the Growth team identified and fixed 15 issues in the registration funnel in a single year, all thanks to Mixpanel alerts.

Without Mixpanel, such problems could have gone unnoticed for hours, leading to a significant loss of new customer registrations. Real-time capabilities enabled the team to preserve user experience and avoid long-term funnel performance losses.

Beyond monitoring, Mixpanel’s flows and dashboards helped PicPay teams understand exactly where users were abandoning the process.

This insight—which could have been overlooked without Mixpanel’s detailed tracking—enabled the team to make an immediate adjustment. By improving the password creation screen with clear validation rules and changing the field color to green when all conditions were met, they reduced friction for users.

Speed and agility are essential for PicPay’s Growth and Product teams. Mixpanel allowed them to make faster, data-driven decisions, significantly improving response times to opportunities and issues.

This instant access to data enables teams to act quickly, especially in time-sensitive situations. For example, when a funnel failure occurred, Mixpanel’s real-time monitoring alerted the team, allowing them to fix the problem and prevent a potential 13% loss in the funnel. Without Mixpanel, this issue could have gone unnoticed, leading to significant user loss.

Beyond tracking general trends and funnel performance, Mixpanel allows PicPay teams to analyze individual user journeys, helping to resolve specific issues. This has been a game-changer for the Product team when handling customer complaints or technical bugs.

This granular insight has improved customer support and enabled faster bug fixes and product improvements.

PicPay’s Product teams frequently run experiments to optimize user experience. Mixpanel makes it easy to analyze A/B tests and measure how different screen versions impact conversion rates.

One of Mixpanel’s biggest benefits for PicPay is its ease of use. The platform’s visual interface and intuitive setup allow team members to quickly extract valuable insights without needing complex queries or technical expertise.

Mixpanel’s time-saving benefits are clear. Guilherme noted that tasks that take one hour in other data tools—such as querying databases and comparing results—can be done in just 10 minutes with Mixpanel. This allows teams to focus more on problem-solving and product development rather than manual data extraction and reporting.

Mixpanel has become an essential tool for PicPay, enabling teams to make data-driven decisions quickly and efficiently. From boosting conversion rates by 10% to saving valuable time in analysis, Mixpanel has helped PicPay enhance its products and user experiences at scale.

As PicPay continues to grow, the company plans to leverage Mixpanel further to manage its expanding product portfolio and ensure performance metrics are always accessible.

“PicPay is growing, and PMs will have more responsibilities,” Guilherme concluded. “Having a tool like Mixpanel helps us manage multiple activities easily and visually.”