Nigeria-focused fintech company OPay Digital Services Ltd., is reportedly laying the groundwork for an Initial Public Offering (IPO) in the United States, targeting a valuation of about $4 billion.
According to Bloomberg, OPay has enlisted Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. to lead the offering, which could materialise later this year.
Founded in 2018 by Chinese billionaire Yahui Zhou through his company Opera, OPay initially launched as a multi-service super app spanning ride-hailing and logistics before pivoting in 2020 to focus exclusively on digital payments. Backed by SoftBank’s Vision Fund 2, Sequoia Capital China, and Meituan, OPay reached unicorn status in 2021 following a $400 million funding round.
The company has since positioned itself as a key alternative to traditional banks in Nigeria, which have faced persistent challenges including network outages and failed transactions. Since its establishment.
Currently a dominant mobile payment platform in Nigeria, OPay has captured a significant share of Nigeria’s unbanked and underbanked population, offering peer-to-peer transfers and bill payments.
With a vision “to make financial services more inclusive through technology,” Opay says it aims “to serve one billion users and create one million jobs.”
