Chinese-backed fintech OPay, which primarily serves Nigerian customers, is pursuing a US initial public offering that could value the company at around $4 billion. The company has reportedly hired three banks, including JPMorgan Chase, to work on the proposed listing. Founded as a broad “super app” offering services such as ride-hailing, food delivery, and loans, OPay has since narrowed its focus to digital banking and payments in Nigeria. That strategy shift has helped the company compete directly with traditional banks and grow into one of Nigeria’s most recognized fintech brands. The brand’s private valuation has climbed from $2 billion after a $400 million SoftBank-led funding round in 2021 to roughly $3 billion today. A successful listing would mark the first US IPO by a fintech company primarily serving Nigerian customers.
Semafor
