OPay Secures $304m From US IPO, Reaches $4bn Valuation

Nigerian digital payments company OPay has raised $304 million in its US initial public offering, putting its valuation at approximately $4 billion in a major step towards expanding its footprint in the digital finance industry.

The SoftBank-backed fintech firm offered 16 million American depositary shares at $19 apiece, Reuters reported on Friday. The pricing was at the bottom of the company’s expected range of $19 to $21 per share.

The listing is taking place against a challenging financial backdrop, with persistent inflation and a selloff in artificial intelligence-related stocks affecting investor sentiment.

Amid the uncertainty, some companies have postponed planned IPOs as market instability and concerns about corporate valuations make it more difficult to attract investors and achieve favourable listing prices.

Established in 2018, OPay operates across emerging markets, including Nigeria and Indonesia. It provides a range of digital financial services through one application, allowing users to make payments, transfer money, save and access loans.

The platform was developed to address weaknesses in banking infrastructure and the limited availability of conventional financial services in developing economies.

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

The fintech company secured $400 million in funding in 2021, when it was valued at $2 billion. Its latest offering therefore represents a significant rise in valuation.

Figures contained in its IPO prospectus show that OPay had around 50 million monthly active users as of July 31, 2026.

SoftBank-related entities owned a 6.6 per cent stake in the company before the IPO, according to the filing.

Citigroup, Deutsche Bank, Standard Bank and CICC are among the underwriters overseeing the transaction.

OPay is expected to trade on the New York Stock Exchange under the ticker symbol OPAY following the offering.

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