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OPay and PalmPay. Two Chinese-backed fintech apps with a presence in Nigeria. Both of them play in the mobile money space. One of them green, the other purple. Both of them want to go public; OPay is targeting the United States in a $4 billion listing, announced in May, and now, PalmPay is heading to Hong Kong, Bloomberg reported.
The more interesting part is that Chinese investors may now have an exit pipeline for Africa-focused tech companies—and rather unsurprisingly, it’s not on African stock exchanges.
According to Bloomberg, PalmPay, a profitable fintech, is discussing a funding round that could raise about $200 million and value the company at over $1 billion. The company is also preparing for a potential Hong Kong listing, though the plans are still under discussion.
Originally published by TechCabal.