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Rakuten considers U.S. IPO to spin off its credit card arm
Rakuten explores U.
Rakuten is weighing options to list its credit card business in the U.S., possibly via IPO or stake sale to strategic investors. The unit spans over 30 million card accounts and recorded ~20% growth in non-GAAP operating profit in 2024. The listing would mark a premium monetization of its fintech ecosystem, following globalization strategies. The IPO is in early stage and contingent on valuation, market timing, and regulatory approvals across Japan and U.S.