Fintech Unicorn PalmPay Considers Hong Kong IPO

According to Bloomberg, fintech unicorn PalmPay, which focuses on the African market, is preparing for an initial public offering (IPO) in Hong Kong, aiming to raise approximately $200 million. Post-investment valuation is expected to exceed $1 billion, officially placing it in the unicorn category. This move sets up a competitive IPO race with Nigerian industry giant OPay (which is advancing its U.S. IPO). PalmPay was founded in 2019 and is headquartered in Nigeria. It is a leading local digital payment service provider in Africa, primarily relying on the PalmPartner app to offer users comprehensive financial services such as payment transfers, bill payments, and merchant acquiring.