Rakuten Considers U.S. IPO for Credit Card Unit Amid Global Listing Boom

Japanese e-commerce and fintech giant Rakuten Group is exploring an initial public offering (IPO) in the United States for its credit card arm, Rakuten Card, according to sources familiar with the matter. The move, still in early consideration, could mark one of the largest U.S. listings by a Japanese financial company. Alternatives such as a partial stake sale to a strategic investor are also reportedly on the table.

The potential listing follows SoftBank’s plan to list its digital payments platform PayPay in the U.S., which reportedly spurred Rakuten’s interest in tapping American capital markets. The company has not yet commented on the matter. Following the Reuters report, Rakuten’s shares rose 4.7%, outperforming the Topix index, which gained 1.6%.

In 2023, Mizuho Financial Group acquired a 15% stake in Rakuten Card for 165 billion yen ($1.1 billion), valuing the business at over 1 trillion yen ($7 billion). The two companies have since collaborated on joint credit card products. Rakuten Card, one of Japan’s largest issuers with over 30 million cards, recorded a 20% rise in operating profit to 62 billion yen last year, though profits dipped 4.5% year-on-year in the second quarter due to higher operational costs.

Rakuten Card CEO Koichi Nakamura aims to boost profits to 100 billion yen in the medium term, with a growing focus on corporate clients. The unit remains a cornerstone of Rakuten’s ecosystem, connecting its e-commerce, banking, travel, and loyalty programs through integrated payments.

Amid a resurgent U.S. IPO market, which saw companies raise $24 billion in Q3 2025, Rakuten’s move underscores a global trend of firms seeking higher valuations and broader investor bases through U.S. listings.