By Tredu.com • 10/15/2025
Tredu
Japanese internet and fintech group Rakuten is reportedly considering a U.S. IPO or stake sale for its credit card arm, a move aimed at boosting valuation and aligning with broader fintech listings. The consideration comes amid mounting pressure from rival SoftBank, which is pushing to list its PayPay payments business in the U.S. If realized, Rakuten’s plan would mark a major shift in its capital market orientation and give its financial services arm greater access to global investors.
Rakuten’s deliberations around the U.S. IPO are still in early stages. According to sources, the company is weighing alternative routes, such as a direct U.S. listing or selling a stake to a strategic investor.
One catalyst is SoftBank’s ambition to list PayPay in the U.S., which may force Rakuten to respond to avoid being left behind in global fintech markets.
Rakuten’s credit card business, Rakuten Card, is a central part of its broader ecosystem, connecting e-commerce, banking, loyalty programs, and consumer finance. The unit issued over 30 million cards and saw its non-GAAP operating profit grow by about 20 percent last year.
Mizuho Financial previously acquired a 15 percent stake in the unit, valuing it above USD 7 billion (~1 trillion yen).
U.S. capital markets offer broader investor reach and potentially richer valuations for tech/Fintech businesses than domestic listings in Japan.
With SoftBank pushing PayPay in the U.S., Rakuten may need the listing to remain competitive and retain investor interest in its financial services arm.
By separating and listing its credit card business, Rakuten could unlock value that is otherwise bundled in its broader e-commerce and telecom operations.
A U.S. IPO carries prestige and could facilitate cross-border partnerships, M&A, or credit access for future expansion.
Rakuten may be gearing up for a bold financial move by planning to weigh a U.S. IPO or stake sale of its credit card unit, Rakuten Card. Influenced by SoftBank’s PayPay U.S. listing push, the strategy could unlock hidden value, global exposure, and competitive positioning. But it carries high execution risk and timing sensitivity. The core theme: as Japanese fintechs turn global, separating structural value domestically may no longer suffice.
Unlock the secrets of professional trading with our comprehensive guide. Discover proven strategies, risk management techniques, and market insights that will help you navigate the financial markets confidently and successfully.