PayPay Targets $1.1 Billion U.S. IPO, Strengthens Crypto Ties Through Binance Japan

PayPay, the SoftBank Corp-backed digital payments company and a major player in Japan’s fintech sector, is seeking to raise up to $1.1 billion through a U.S. initial public offering, according to Reuters. The Tokyo-based mobile payments provider, which owns a 40% stake in Binance Japan, plans to offer 55 million American depositary shares (ADS) priced between $17 and $20 per share. At the upper end of the proposed range, PayPay’s IPO could value the company at more than $10 billion.

The shares are expected to trade on the Nasdaq under the ticker symbol “PAYP,” positioning PayPay among the largest Japanese fintech listings in the U.S. in recent years. The public debut was initially scheduled to launch before markets opened on Monday but was delayed after geopolitical tensions, including a weekend attack on Iran, unsettled global financial markets.

As Japan’s largest cashless payments platform, PayPay has built a user base of more than 70 million registered accounts. Its mobile app enables consumers to make QR code payments in stores, transfer money, and manage digital balances. The company continues to benefit from Japan’s gradual shift away from cash toward digital wallets and mobile payment solutions.

The IPO comes at a time when fintech companies are testing investor appetite amid market volatility and rising geopolitical risk. A successful listing would not only strengthen PayPay’s balance sheet but also expand SoftBank’s portfolio of publicly traded digital finance assets.

In October, PayPay deepened its involvement in cryptocurrency through a capital and business alliance with Binance Japan. The partnership allows Binance Japan users to connect with PayPay’s payment infrastructure, enabling smoother funding and withdrawals between crypto accounts and digital wallets. This move highlights PayPay’s growing role at the intersection of traditional fintech and the expanding crypto economy.