PalmPay, one of Africa’s fastest-growing digital payments companies, is considering a listing in Hong Kong after reaching a valuation of more than $1 billion, positioning the company to become one of the continent’s few fintech unicorns to test public markets following the slowdown in global startup funding.
The company is also seeking to raise between $150 million and $200 million in fresh capital before pursuing an initial public offering (IPO), according to people familiar with the matter cited by Bloomberg.
The fundraising would further strengthen PalmPay’s expansion plans as it scales operations across Africa and selected Asian markets.
If successful, the listing would mark a significant milestone not only for PalmPay but also for Africa’s broader technology ecosystem, where many high-growth startups have relied on private capital while delaying IPO ambitions amid tougher global market conditions.
Founded in 2019, PalmPay has grown into one of Africa’s largest consumer fintech platforms, offering digital payments, transfers, savings, lending and merchant services.
