PalmPay Set to Pursue Public Offering in Hong Kong

Nigeria-based fintech startup PalmPay is reportedly exploring a public listing on the Hong Kong Stock Exchange (HKEX), signaling a potential shift in how African tech companies seek exit strategies.

A New Route for African Tech IPOs

PalmPay, backed by Chinese smartphone manufacturer Transsion Holdings and semiconductor giant MediaTek, joins rival OPay in pursuing overseas listings. While many African fintechs previously targeted New York or London, PalmPay’s move reflects Hong Kong’s growing appeal as a global fundraising hub.

The HKEX finished 2023 as the world’s largest IPO market, raising $37.4 billion across 119 listings—surpassing NASDAQ by a significant margin. This trend is particularly attractive for technology companies like PalmPay, which raised $34.5 billion in tech fundraising last year.

Strategic Advantages for PalmPay

PalmPay benefits from several key advantages: its distribution network through Transsion’s popular Tecno, Infinix, and itel smartphone brands; a proven track record of profitability; and expansion into multiple African markets including South Africa, Côte d’Ivoire, Uganda, and Tanzania.

The company is currently discussing a funding round that could value it at over $1 billion, with the Hong Kong listing as part of its long-term strategy.