OPay Set to Double Valuation in Potential US Listing

OPay Digital Services, a leading payments platform focused on the Nigerian market, is preparing for an initial public offering (IPO) in the United States, according to Bloomberg. The company seeks a valuation of $4 billion—a significant jump from its $2 billion valuation in 2021—and could launch the IPO by year-end.

A Rising Fintech Star

OPay has rapidly expanded since its founding by Chinese entrepreneur James Yahui Zhou, who previously established Kunlun Tech (owner of Opera web browser). The platform now serves 40 million users and has become a key player in Nigeria’s digital payments landscape.

SoftBank Vision Fund invested $400 million in OPay during a funding round in August 2021—marking the investor’s first foray into African markets. Sequoia Capital also participated in this significant investment.

Strengthening Leadership for Global Expansion

In December, OPay restructured its global management team with key appointments including Zhou as executive chairman and former Citigroup managing director James Perry as CFO. The company emphasized that this upgrade integrates seasoned expertise across strategy, operations, and finance to accelerate global expansion.

Perry’s appointment follows 22 years at Citigroup where he directed numerous mergers, acquisitions, and capital market transactions for technology companies. OPay highlighted his international finance experience as essential for its strategic growth.

The company recently opened a new office in Nigeria to further strengthen its national network and expand access to financial services.