PayPay, a Japan-based mobile payment app and digital wallet, filed on Thursday with the SEC to raise what we estimate could be up to $2.0 billion in an initial public offering.
PayPay is a Japanese financial technology company that operates a digital finance platform connecting users and merchants. Its business is divided into two segments: payments and financial services. The payment segment includes its code-based mobile payment app, PayPay, and PayPay Card, a credit card service. The financial services segment includes app-based banking services through PayPay Bank Corporation and investment and brokerage services through PayPay Securities Corporation. Together, these services allow users to make payments, access credit, manage bank accounts, and invest through an integrated mobile platform.
The Tokyo, Japan-based company was founded in 2018 and plans to list on the Nasdaq under the symbol PAYP. PayPay filed confidentially on August 14, 2025. It had been on our Private Company Watchlist since August 2025. Goldman Sachs, J.P. Morgan, Mizuho Securities, Morgan Stanley, Citi, Jefferies, BofA Securities, Societe Generale, Nomura Securities, Cantor Fitzgerald, Credit Agricole CIB, Daiwa Securities, Deutsche Bank, Natixis, and SMBC Nikko are the joint bookrunners on the deal. No pricing terms were disclosed.
