OPay Raises $304 Million in US IPO, Secures $4 Billion Valuation as Nigerian Fintech Eyes Global Expansion

Nigerian fintech giant OPay has raised $304 million through its initial public offering (IPO) in the United States, securing an estimated $4 billion valuation in a major milestone for the digital financial services company as it positions itself for further expansion across emerging markets.

The SoftBank-backed company sold 16 million American depositary shares at $19 per share, according to a Reuters report published on Friday. The offering price settled at the lower end of OPay’s targeted range of $19 to $21 per share, reflecting the cautious mood among investors amid challenging conditions in global financial markets.

OPay’s public offering represents a significant development for Nigeria’s rapidly evolving fintech industry, highlighting the growing international presence of technology-driven financial companies operating in emerging economies.

The listing comes at a time when persistent inflation, market volatility and a selloff in artificial intelligence-related stocks have weighed on investor confidence. These conditions have forced several companies to reconsider or postpone their planned public offerings as businesses struggle to secure favourable valuations and attract sufficient investor demand.

Despite the challenging environment, OPay has proceeded with its IPO, seeking to strengthen its financial position and expand its footprint in the increasingly competitive digital payments industry.

Founded in 2018, OPay provides digital financial services across emerging markets, including Nigeria and Indonesia. Its platform combines payments, money transfers, savings and loans in a single application, offering users convenient alternatives to traditional banking services.

The company has built its business around addressing gaps in banking infrastructure and improving access to financial services, particularly in developing economies where millions of people and small businesses rely on digital platforms for everyday transactions.

OPay was founded by Chinese billionaire Yahui Zhou, who also established Beijing Kunlun Tech, a Chinese gaming company that previously owned the dating application Grindr.

The fintech company’s latest valuation represents a substantial increase from its previous fundraising milestone in 2021, when it raised $400 million at a valuation of approximately $2 billion. Its estimated $4 billion valuation ahead of the public listing indicates a doubling of its valuation over the period.

According to its IPO prospectus, OPay had approximately 50 million monthly active users as of July 31, 2026, underscoring the scale of its customer base and the growing adoption of its digital financial services.

The prospectus also disclosed that entities affiliated with SoftBank held a 6.6 per cent stake in the company before the public offering, highlighting the involvement of international investors in its growth.

The IPO is being managed by a group of major financial institutions, including Citigroup, Deutsche Bank, Standard Bank and CICC, which are serving as underwriters for the offering.

Following the offering, OPay is expected to list on the New York Stock Exchange under the ticker symbol OPAY, marking another important step in its journey from a privately funded fintech startup to a publicly traded financial technology company.

The development could further raise the profile of Nigeria’s digital finance sector on the international stage, as investors increasingly assess the opportunities presented by technology-enabled financial services in Africa and other emerging markets.

For OPay, the public offering provides an opportunity to attract a broader pool of investors, strengthen its market position and pursue its long-term ambitions in digital payments and financial inclusion.