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Rakuten considers U.S. IPO of credit card business amid rising global listing trend

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Rakuten is exploring an initial public offering (IPO) in the United States for its credit card business, according to two sources familiar with the matter, as the Japanese e-commerce and financial services giant seeks to capitalize on global investor appetite for financial technology stocks.

The considerations, still in their early stages, include a potential stake sale to a strategic buyer, one source said. The move was reportedly prompted in part by SoftBank’s plans to list PayPay in the U.S., which could value the payments firm at over 3 trillion yen ($20 billion).

A U.S. listing of Rakuten Card would mark the company’s biggest overseas capital market move to date. Rakuten’s shares rose 4.7% in Tokyo following the Reuters report, outperforming the Topix index, which gained 1.6%.

Last year, Mizuho Financial Group acquired a 15% stake in Rakuten Card for 165 billion yen ($1.1 billion), valuing the business at over 1 trillion yen ($7 billion). The two firms have since launched joint credit card products.

Credit cards remain central to Rakuten’s ecosystem, linking its e-commerce, banking, travel, and loyalty programs. The division has issued over 30 million cards and reported a 20% rise in operating profit to 62 billion yen last year, though profit slipped 4.5% in the April–June 2025 quarter due to higher operating costs.

Rakuten Card aims to lift profits to 100 billion yen in the medium term and expand into corporate credit services, CEO Koichi Nakamura said earlier this year.

The company’s potential U.S. IPO comes amid a resurgent IPO market, with firms raising $24 billion in the third quarter, the busiest since late 2021, according to Dealogic.

PayPay’s U.S. IPO could top $20 billion valuation, sources say

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PayPay, Japan’s leading digital payments platform backed by SoftBank, could be valued at more than 3 trillion yen ($20 billion) in its upcoming U.S. initial public offering (IPO) planned for December, according to people familiar with the matter.

The potential listing would make PayPay one of the largest Japanese tech IPOs in years. SoftBank, which owns PayPay through several entities including SoftBank Corp, its Vision Fund, and LY Corp, has been meeting institutional investors since mid-September to discuss pricing and valuation.

According to sources, investors view 2 trillion yen as a conservative baseline but expect higher figures due to PayPay’s dominance in Japan’s QR code payment market and its expanding suite of financial services, including banking, credit cards, and cryptocurrency.

PayPay recently launched its international payments service, beginning with South Korea, as it seeks to strengthen its growth story beyond Japan. However, some investors remain cautious about the company’s overseas potential, citing its limited infrastructure outside Asia.

Japan’s cashless payments ratio exceeded 40% last year — still below South Korea and China’s 80%+ levels — leaving room for domestic growth. Meanwhile, SoftBank’s financial segment, which includes PayPay, reported a doubling of operating profit to 18.1 billion yen in the April–June quarter.

PayPay is also moving into crypto services after acquiring a 40% stake in Binance Japan, reinforcing its position as a comprehensive fintech player.