Africa-focused fintech PalmPay Ltd, valued at more than $1 billion in an ongoing funding round, is preparing for a potential Hong Kong initial public offering, Bloomberg reported according to people with knowledge of the matter.
The company is in discussions to raise about $200 million in the funding round, making it the latest fintech unicorn to emerge from Africa, said the people, who asked not to be identified as the information is still private.
The Nigeria-focused payments company has held preliminary talks with prospective investors in recent months as it seeks growth capital to scale the business further, the people said. While the capital raise is advanced, deliberations on an IPO are ongoing and details including the size, timing and valuation of the listing will still be decided, said the people.
PalmPay previously raised about $140 million, with its last round closing in 2021, according to Pitchbook.
The company has about 40 million users, mostly in Nigeria where its operations started, making it one of the largest consumer-finance and payments platforms operating on the continent and parts of Asia.
Africa is home to the fastest growing and youngest population in the world, who are turning to technology to breach gaps left by traditional infrastructure on the continent.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
