PalmPay eyes Hong Kong IPO, joining OPay in Africa’s fintech listing race

PalmPay, the Africa-focused fintech, is reportedly preparing for an initial public offering in Hong Kong, according to a Bloomberg report. This is amidst its plan to raise about $200 million, in a round that will value it at over $1 billion. 

PalmPay’s Hong Kong plan puts it on a path similar to that of OPay, which is also pursuing a public listing. 

OPay hired Citigroup, Deutsche Bank and JPMorgan Chase to lead a planned IPO in the United States, targeting a valuation of about $4 billion later this year. That plan followed a securities filing by Opera, OPay’s early backer, that pegged OPay’s valuation at $3.1 billion in April.

Both companies serve millions of users across Nigeria and compete directly in payments, agent banking and point-of-sale services. Their IPO plans will test investor appetite for African fintech as Flutterwave pauses its IPO plans.

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 round in 2021 from investors including AfricInvest, Chuangshi Capital and Trust Capital. The startup offers payments, transfers, bill payments and merchant services through its PalmPartner app.

OPay, for its part, started as a super app offering ride-hailing, food delivery and e-commerce before pivoting fully into payments. It now serves more than 50 million users in Nigeria and processes over $12 billion in transactions monthly. 

A new Central Bank of Nigeria directive requiring point-of-sale agents to work with only one financial institution is also expected to strengthen OPay’s position, given its large existing user base.

Neither PalmPay nor OPay has made an official announcement confirming plans to list. Consequently, verified details of both offerings, including timing and final size, remain unknown.

Last updated: August 4, 2026