SoftBank-backed OPay Secures $185 Million Ahead of US IPO
Nigeria-focused fintech OPay has secured approximately $185 million from Standard Bank Group. The funding round precedes the company's planned initial public offering on a U.S. stock exchange.
Fintech company OPay, which counts SoftBank Group among its backers, has secured about $185 million from Standard Bank Group, Africa's largest bank by assets. The funds were raised through a private placement, according to a prospectus filed on October 9.
The final amount and Standard Bank's equity stake, capped at 4.99%, will be subject to currency fluctuations. The agreement also includes Standard Bank Africa head Lungisa Fuzile joining OPay's board.
OPay and Standard Bank plan to collaborate on merchant acquisition, wealth product distribution, and foreign exchange services. This collaboration is formalized through a non-binding memorandum of understanding.
The Nigeria-focused fintech firm intends to list on the New York Stock Exchange, with a subsequent listing planned for the Nigerian Exchange. OPay's revenue for the year ending June was $806 million, primarily generated in Nigeria, a market where authorities have encouraged dual listings for companies.
SoftBank previously invested in OPay in 2021, valuing the company at $2 billion. OPay, alongside PalmPay, is considered a leader in Nigeria's daily digital payments sector.