How PicPay increased conversion rates by 10% with Mixpanel

PicPay is the second largest digital bank in Brazil in terms of number of customers. With more than 12 years of history, the company – which was born in Vitória and pioneered instant transactions between people and the use of QR Codes, long before Pix – continues to lead innovations in the financial system, with initiatives in generative artificial intelligence and Open Finance. It currently offers products and services for individuals, such as credit, investments, insurance, credit cards, among others, and for entrepreneurs, with machines, lines of credit for businesses, etc. In 2024, PicPay accelerated its growth, with profits in the first half of the year almost twice as high as in the previous year. In addition, the company’s revenue continues to expand, driven by the expansion of the portfolio and the more complete offer of financial products.

PicPay relies on Mixpanel to drive significant improvements in its user registration funnel and product development processes. By leveraging Mixpanel’s real-time data analysis, PicPay’s Growth, Systems, and Product teams have identified critical drop-off points, addressed bugs, and implemented A/B tests, all leading to a more seamless user experience. As a result, the company has seen a 10% improvement in conversion rates and saved thousands of dollars with faster decision-making.

PicPay’s rapid growth requires its teams to optimize key user experiences—particularly during the registration process, a vital step in onboarding new users. However, with eight distinct stages in the registration funnel, identifying pain points and bugs in real time is a challenge. Additionally, the Product and Growth teams need a faster way to run A/B tests and track user behavior without relying on time-consuming manual data analysis.

PicPay uses Mixpanel to enhance the way they track their user registration funnel and product performance. By adding Mixpanel to their technology stack, PicPay’s teams gain the agility they need to act quickly when issues arise.

• 10% increase in registration funnel conversion
• Real-time issue identification and resolution
• Faster decision-making and time savings from hours to seconds

Monitoring the registration funnel in real time

PicPay’s user registration process, which includes eight critical stages, is essential to ensuring a seamless experience for new customers. The registration funnel ranges from initial steps like entering a CPF (Brazilian tax ID number) to completing biometric verification. With a funnel this complex, the ability to detect issues in real time is crucial.

João Paulo, Growth Specialist at PicPay, explained how Mixpanel provides a granular view of each stage of the registration process:

“We monitor the funnel hour by hour, checking for any volume drops or issues. Mixpanel lets us apply various rules to these funnels and track user behavior over a seven-day period. This has been instrumental in catching problems before they have a major impact.”

João Paulo shared how the team spotted an issue with the SMS verification stage: “We use funnel views with various rules in Mixpanel, allowing us to track conversions hour by hour. One day, we saw a problem at 9 am—the SMS stage had collapsed, and customers weren’t receiving their tokens. Thanks to Mixpanel, we identified  the issue right away, alerted the team, and resolved it.”

Nicole, Tech Lead Visualization Platform at PicPay, reinforced this by sharing how the Growth team identified and fixed 15 registration funnel issues in a single year, all thanks to Mixpanel’s alerts.

Without Mixpanel, such problems could go unnoticed for hours, potentially resulting in a significant loss of new customer sign-ups. Thanks to this real-time capability, the team was able to preserve the user experience and avoid long-term damage to the funnel’s performance.

Uncovering hidden drop-off points

In addition to monitoring, Mixpanel’s flowcharts and real-time dashboards helped PicPay teams understand the exact steps users were taking before dropping off. João Paulo described how Mixpanel’s insights revealed the true extent of this issue:

 “We saw that many users abandoned the process when their password failed the validation rules. We assumed it was a minor issue, but Mixpanel revealed this was a significant drop-off point. By improving the messaging on the screen, conversion rates improved by 10%.”

This insight, which could have easily gone unnoticed without Mixpanel’s detailed user journey tracking, allowed the team to make an immediate adjustment. By enhancing the password creation screen—displaying clear validation rules and turning the field green when all conditions were met—they were able to reduce friction for users.

Faster, data-driven decision-making

Speed and agility are paramount to PicPay’s Growth and Product teams. Mixpanel has allowed them to make faster, more informed decisions, significantly improving their response time to opportunities and issues alike.

João Paulo noted, “Before Mixpanel, it would take an analyst about an hour and a half to pull data for campaign performance. With Mixpanel, all I have to do is type in the name of the campaign, and the dashboard is generated instantly.”

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

Empowering teams with A/B testing and event tracking

PicPay’s Product teams frequently rely on experimentation to optimize user experiences. Mixpanel allows them to easily analyze tests for different versions of product screens and how these changes affect conversion rates. Guilherme, Product Manager at PicPay, emphasized the importance of this feature in their decision-making process:

“We set up specific screen trackings for A/B tests to compare user behavior on different screens. For example, one screen might have a different button position or text. Mixpanel helps us measure if these changes lead to a significant improvement in conversion.”

This ability to quickly iterate and test various product features enables PicPay to continuously optimize the user experience and make data-driven choices about product design.

Guilherme highlighted Mixpanel’s ability to streamline A/B testing and bug identification:

 “If a customer reports a sign-up error, I can use Mixpanel to track their entire journey—seeing which screens they went through, what operating system they’re using, and where they encountered the error. It saves us a huge amount of time compared to writing manual queries”

Personalizing user journey insights for bug resolution

Beyond monitoring general trends and funnel performance, Mixpanel also enables PicPay’s teams to dive deep into individual user journeys, helping them troubleshoot specific issues. This has been a game-changer for the Product team when dealing with customer complaints or technical bugs.

“If a customer reports an error during sign-up, I can track their journey using Mixpanel,” said Guilherme. “I can see which screens they interacted with, where they encountered the error, and even details like their operating system and app version. With this level of insight, we can pinpoint the problem and resolve it quickly.”

This granular view of user behavior has not only enhanced the customer support experience but also contributed to faster bug fixes and product improvements.

Enhancing team efficiency with a visual and intuitive tool

One of the key advantages PicPay enjoys is Mixpanel’s ease of use. The platform’s visual interface and intuitive setup allow team members to quickly extract valuable insights without the need for complex queries or technical expertise.

Guilherme shared how new team members, particularly Product Managers (PMs), find Mixpanel to be an accessible tool:

“Even PMs who are new to the team and haven’t used Mixpanel before can quickly learn how to use it. Compared to other data tools where you have to write queries and manually set up dashboards, Mixpanel is much more intuitive.”

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

Mixpanel has become a critical tool for PicPay, empowering teams to make data-driven decisions quickly and efficiently. From improving the registration funnel’s conversion rates by 10% to saving valuable time on analysis, Mixpanel has helped PicPay enhance its product offerings and user experiences at scale.

As PicPay continues to grow, the company plans to rely on Mixpanel to manage an increasing portfolio of products and to ensure their key performance metrics are always at their fingertips. “PicPay is growing, and PMs will have more responsibilities,” Guilherme concluded. “Having a tool like Mixpanel helps us manage these multiple activities easily and visually.”