SoftBank Group’s Payments App PayPay Files for US Debut

SoftBank Group's mobile payment app, PayPay, has confidentially filed for an initial public offering (IPO) in the United States. The move is aimed at establishing PayPay as Japan's first $10 billion unicorn, a privately held startup valued at over $1 billion. PayPay, a joint venture between SoftBank and Yahoo Japan, has become one of the most popular mobile payment platforms in Japan, boasting over 38 million registered users. The company's IPO plans come as it seeks to expand its reach beyond its domestic market and capitalize on the growing global demand for digital payment solutions. The filing with the US Securities and Exchange Commission (SEC) is still in the early stages, and the details of the proposed offering, including the size and timeline, have not been disclosed. However, the move represents a significant milestone for SoftBank, as it looks to leverage its technological expertise and financial resources to drive growth in the lucrative mobile payments industry.