May 2026
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Largest Neobanking Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
PayPay and Rakuten Bank.
 | PayPay Corp is a Japan-based financial technology provider operating a digital finance platform that integrates payments, banking, credit, and investment services for individuals and businesses. Its platform connects users and merchants, facilitating a cashless ecosystem and providing an all-in-one solution for daily financial activities. The company operates in two reportable segments: i) Payment segment and ii) Financial service segment. The majority of the company's revenue is derived from the Financial service segment, which includes internet banking services, securities intermediary services and PayPay Point investment-related services, and loan management services. Geographically, it operates predominantly in Japan. | $19 | -- | $13B | $14B | 7.8x | 37.7x | ||
| Rakuten Bank Ltd is engaged in the banking business through an electronic medium. | $38 | -20% | $7B | $24B | 31.5x | — | ||
| Median | $29 | -20% | $10B | $19B | 19.6x | 37.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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