PalmPay, one of Africa’s leading digital financial services companies, is considering a listing on the Hong Kong Stock Exchange after attaining a valuation of more than one billion dollars, according to a Bloomberg report.
The report, citing sources familiar with the matter, said the fintech company was also seeking to raise between 150 million dollars and 200 million dollars in fresh funding ahead of a potential Initial Public Offering (IPO).
According to the sources, the additional capital is expected to support PalmPay’s next phase of expansion across Africa and selected Asian markets.
If completed, the IPO would rank among the most significant public market debuts by an African fintech company and could encourage other technology firms on the continent to explore listings beyond the traditional financial centres of London and New York.
Founded in 2019, PalmPay has emerged as one of Africa’s fastest-growing consumer fintech platforms, providing digital payments, money transfers, savings, lending and merchant payment solutions.
The company has established its strongest market presence in Nigeria while expanding operations into Ghana, Tanzania and Bangladesh as part of its international growth strategy.
PalmPay says it currently serves more than 35 million registered users and supports over one million businesses and merchants, processing millions of transactions daily.
Its rapid growth has positioned it among Africa’s leading fintech firms, alongside companies such as Flutterwave, Moniepoint, OPay, Wave and Onafriq.
Unlike many technology startups that have prioritised rapid customer acquisition over profitability, PalmPay reportedly achieved profitability in 2025, a development analysts say could enhance investor confidence as the company prepares for another fundraising round and an eventual stock market listing.
The report noted that Hong Kong could offer strategic advantages for PalmPay due to its strong commercial ties with Asian investors and the company’s growing presence in emerging Asian markets.
PalmPay’s early investors include Transsion Holdings, the maker of the Tecno, Infinix and itel smartphone brands, as well as investors linked to NetEase and MediaTek.
Industry analysts believe these long-standing relationships could make Hong Kong a natural destination for PalmPay’s public listing while broadening access to investors already familiar with its business model.
The company’s IPO plans come as venture capital investment in African startups has slowed considerably since the record funding years of 2021 and 2022, prompting many technology firms to focus on profitability, stronger balance sheets and sustainable long-term growth.
Against that backdrop, PalmPay’s proposed fundraising and listing are expected to serve as an important test of international investor appetite for profitable African fintech companies.
The company’s valuation also underscores the resilience of Africa’s digital payments sector, driven by rising smartphone adoption, expanding internet access and increasing demand for cashless transactions across the continent.
Although PalmPay has yet to make a final decision on either the fundraising or the IPO timetable, the reported preparations indicate that the company is positioning itself for its next phase of growth.
Industry observers say a successful Hong Kong listing could provide fresh momentum for Africa’s technology sector and create an alternative pathway for high-growth startups seeking access to global capital markets.
