PalmPay Explores Hong Kong Listing Amid Funding Talks

PalmPay is considering a public listing in Hong Kong, according to a Bloomberg report, as the fintech explores its options for raising fresh capital. The report says the company is in talks to raise about $200 million in a funding round that could value the business at more than $1 billion. It is also considering a future listing on the Hong Kong Stock Exchange (HKEX), although the discussions are ongoing and no final decision has been made. PalmPay has not commented publicly on the reported plans. The company launched in Nigeria in 2019 and has grown into one of the country’s largest digital payments platforms. It has since expanded into South Africa, Côte d’Ivoire, Uganda and Tanzania as it continues to grow its footprint across the continent.

Why Hong Kong?

If PalmPay chooses Hong Kong, it would take a different approach from many African technology companies that have traditionally looked to New York or London when planning an initial public offering. The move would also reflect the company’s ownership. PalmPay counts Transsion Holdings, the company behind the Tecno, Infinix and itel smartphone brands, among its investors, alongside semiconductor manufacturer MediaTek. Both companies have strong ties to the Chinese market, making Hong Kong a natural option if PalmPay decides to go public.

IPO Plans Still Under Discussion

The report comes a few months after Nigerian fintech OPay said it was preparing for a public listing in the United States. While OPay is looking towards Wall Street, PalmPay appears to be considering Hong Kong. If both companies move ahead with their plans, they would show that Africa’s largest fintechs are no longer following a single path to the public markets. For now, PalmPay’s plans remain under discussion, and there is no indication of when the company could make a final decision on either the funding round or a potential IPO.