SoftBank-backed Nigerian fintech company OPay has raised $304 million through an initial public offering (IPO) in the United States, achieving a valuation of approximately $4 billion as it moves to strengthen its position in the digital financial services market.
The company sold 16 million American depositary shares at $19 each, according to a Reuters report on Friday. The price was at the lower end of its projected range of $19 to $21 per share.
OPay’s public listing comes at a challenging time for the financial markets, as persistent inflation and a selloff in artificial intelligence-related stocks continue to affect investor confidence.
The uncertain market conditions have also forced several companies to delay planned stock market listings, with volatility and concerns about valuations making it harder to attract investors and secure favourable pricing.
Established in 2018, OPay provides digital financial services in emerging markets, including Nigeria and Indonesia. Its services include payments, money transfers, savings and loans, all accessible through a single application.
The company targets gaps in banking infrastructure and limited access to conventional financial services in developing economies.
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 raised $400 million in 2021 at a valuation of $2 billion, meaning its latest valuation represents a significant increase ahead of its public offering.
Its IPO prospectus disclosed that OPay had approximately 50 million monthly active users as of July 31, 2026.
Entities linked to SoftBank held a 6.6 per cent stake in the company before the offering, according to the filing.
Citigroup, Deutsche Bank, Standard Bank and CICC are among the financial institutions underwriting the IPO.
OPay is expected to list its shares on the New York Stock Exchange under the ticker symbol OPAY.
