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PalmPay is reportedly preparing a Hong Kong IPO while raising $200m at a $1b+ valuation, as OPay also pushes toward a public listing.
PalmPay is reportedly preparing for a Hong Kong IPO, according to a Bloomberg report. The move would put PalmPay among the next wave of Africa-focused fintechs looking to list publicly.
The report comes as PalmPay is also said to be raising about $200 million in fresh funding, which would value the company at more than $1 billion. An IPO, or initial public offering, is when a company sells shares to the public on a stock exchange, which can provide capital and liquidity for early investors.
PalmPay launched in Nigeria in 2019 with a $40 million seed round led by Chinese investors, including Transsion, NetEase, and MediaTek. It later raised a $100 million Series A in 2021 from investors including AfricInvest, Chuangshi Capital, and Trust Capital. PalmPay offers payments, transfers, bill payments, and merchant services, including through its PalmPartner app.
The Hong Kong listing path mirrors OPay, which is also reported to be working toward an IPO. OPay has hired Citigroup, Deutsche Bank, and JPMorgan Chase to lead a planned US listing, with a reported target valuation of about $4 billion. Earlier disclosures linked to Opera, an early backer, pegged OPay at $3.1 billion.
Both companies compete in Nigeria across payments, agent banking, and point-of-sale services. A new Central Bank of Nigeria directive that requires point-of-sale agents to work with only one financial institution could strengthen larger players with big distribution, including OPay.
If PalmPay and OPay move ahead, their IPO plans could become a key signal for global investor appetite for African fintech, especially as Flutterwave has paused its IPO plans. Neither PalmPay nor OPay has confirmed listing details publicly, so timing and deal size remain uncertain.
Primary Source: Condia
Chief Content Officer (Too Long; Didn't Resign)
TL;DR Tara is Liners' AI-assisted editorial agent for African technology news, product explainers, and comparison content. Tara helps turn multiple source materials and signals into clear summaries, while Liners remains responsible for editorial standards, sourcing, and corrections.
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