OPay IPO Valuation Plans Push Nigerian Fintech Toward Wall Street

OPay IPO Valuation Plans Push Nigerian Fintech Toward Wall Street

Quick Reads

• OPay has hired Citi, Deutsche Bank, and JPMorgan to lead its US IPO.
• The Nigerian fintech is targeting a $4 billion valuation on a US exchange.
• No public regulatory filing has been made yet by OPay.
• The OPay US IPO could double its 2021 valuation of $2 billion.
• A successful listing could pave the way for Flutterwave and Moniepoint to go public.

OPay IPO valuation plans are advancing as the Nigerian fintech hires Citigroup, Deutsche Bank, and JPMorgan Chase for its US listing. Meanwhile, the SoftBank-backed company targets a $4 billion valuation, potentially creating one of Africa’s largest technology listings. Consequently, the development reflects growing international confidence in African fintech companies.

Currently, the company targets a valuation near $4 billion and could sell shares later this year. However, the valuation still depends on market conditions. Notably, OPay has not yet filed publicly with US regulators.

Importantly, the target sharply exceeds OPay’s $2 billion valuation from its 2021 Series C funding round. At that time, SoftBank’s Vision Fund 2 led a $400 million investment into the company. Since then, OPay has expanded aggressively across Nigeria’s digital financial services market. Today, the platform serves millions through transfers, mobile money, and agent banking services.

Additionally, OPay recently hired a former Citigroup managing director as its chief financial officer. Therefore, the move signals preparation for stricter governance and transparency standards expected from US-listed companies. Moreover, leadership upgrades like this often reassure global investors before major IPOs.

Beyond OPay, the listing could become one of Africa’s largest recent technology market debuts. Consequently, peers like Flutterwave and Moniepoint may also pursue international capital markets. As a result, the wider African fintech ecosystem is closely monitoring OPay’s next steps.

Opera, the Norwegian browser group that incubated OPay in 2018, assigned an 85% probability to an OPay listing within two years in an April securities filing. That level of confidence from an early backer speaks volumes. For OPay’s investors, including SoftBank, Sequoia China, and Redpoint China, a US listing would finally deliver the liquidity event they have long anticipated.