Overview

• Goldman Sachs, JPMorgan Chase, Mizuho Financial Group and Morgan Stanley have been tapped to organize the potential US IPO for PayPay.
• People familiar with the matter say the listing could take place in Q4 2025 and raise over $2 billion.
• SoftBank and the nominated banks have declined to comment on the reported IPO preparations.
• A US float of PayPay would be SoftBank’s first major listing since the Arm Holdings IPO in 2023.
• PayPay has expanded beyond mobile payment rebates into banking and credit-card services, driving Japan’s shift toward cashless transactions.