OPay Digital Services Ltd., the Nigerian-focused fintech backed by Japan’s SoftBank Group, is targeting approximately $500 million through a planned New York Stock Exchange (NYSE) initial public offering (IPO) and a concurrent private placement involving Standard Bank Group, as the company seeks to turn its rapid revenue growth and profitability into access to global capital markets.
The proposed fundraising combines proceeds from the sale of American depositary shares in the United States with an investment of up to $200 million from Standard Bank, Africa’s largest bank by assets, through its Stanbic Africa Holdings unit. The final amount will depend on regulatory capital considerations and the terms of the transaction.
OPay declined to comment on the proposed fundraising.
The company filed a Form F-1 registration statement with the United States Securities and Exchange Commission on October 9, 2026, seeking to list its shares under the ticker symbol “OPAY”. The transaction is expected to close before the end of 2026, according to people familiar with the plans, although the IPO price and number of shares to be offered have not been determined.
Standard Bank’s proposed investment will be capped at 4.99 percent of OPay’s post-transaction equity, limiting its ownership while giving the South African banking group exposure to one of Africa’s largest digital financial services platforms.
The fundraising comes as OPay’s financial performance strengthens its case for a public listing. Revenue more than doubled to $467.1 million in the six months ended June 30, 2026, from $197.5 million in the corresponding period of 2025. Net income increased to $90.9 million from $21.7 million over the same period.
For the full year 2025, revenue reached $536.3 million, up from $205.7 million in 2024, as the company swung to profitability.
The results place OPay among the more closely watched African technology businesses seeking to demonstrate that scale, sustained revenue growth and profitability can attract international public-market investors despite a prolonged slowdown in venture capital funding across the continent.
SoftBank entities held a 6.6 percent stake in OPay before the planned IPO, following their participation in the company’s 2021 Series C funding round, which valued the business at approximately $2 billion. Other existing investors include HSG, formerly Sequoia China, and Opera, which incubated the fintech business.
Earlier reports put OPay’s potential valuation at around $4 billion, although the final valuation will depend on the IPO pricing and investor demand.
Read also: Standard Bank moves for up to $200m OPay stake ahead of NYSE listing
Banking capital meets digital finance
Standard Bank’s proposed investment reflects the growing intersection between traditional banking and digital financial services in Africa, where fintech platforms have built large customer bases by offering payments, transfers and other services through mobile devices.
For established banks, investments in digital platforms can provide exposure to customer acquisition channels and technology-driven financial services without requiring them to build every capability internally. Potential areas of commercial opportunity include merchant payments, foreign exchange, lending and wealth management, although the terms of Standard Bank’s proposed investment do not establish that the two companies have agreed to pursue specific joint products.
The structure also gives Standard Bank a potential financial interest in OPay’s future growth while keeping its post-transaction ownership below five percent.
For OPay, the proposed placement provides a source of capital alongside the IPO and could strengthen its financial position as it expands its technology, distribution and product offerings. The company expects to use the proceeds for technology investment, business expansion, potential acquisitions and general corporate purposes.
However, the private placement should not be interpreted as evidence that the entire fundraising target has been secured. The final size of the offering, the amount raised from public investors and the pricing of the shares remain outstanding.
Lending reshapes OPay’s growth story
OPay’s expanding profitability also reflects a shift in its business mix, with lending overtaking payments as a key revenue driver in recent periods.
That development gives investors a more complex proposition than a conventional digital payments business. While payments can help platforms build transaction volumes and customer relationships, lending can generate additional revenue from existing users. It also exposes businesses to credit losses, borrower repayment capacity and the regulatory requirements associated with extending credit.
OPay’s ability to sustain earnings growth will therefore depend not only on attracting users and increasing transaction activity but also on managing lending risks as the business expands.
The company has more than 50 million monthly active users and operates in Nigeria, Egypt, Pakistan and Indonesia. Nigeria remains its principal market, making the country’s regulatory environment and consumer purchasing power important factors in its financial outlook.
The scale of its Nigerian operations offers access to a large population with demand for digital financial services, but it also creates concentration risk. Changes in regulation, consumer spending, competition and credit conditions in Nigeria could have a significant impact on the company’s performance.
A test for African technology valuations
OPay’s planned listing comes after African technology companies experienced a sharp reduction in private funding and deal activity following the investment boom of the pandemic period.
For several years, venture-backed businesses across the continent attracted substantial private capital on expectations of rapid user growth and future profitability. As global interest rates rose and investors became more selective, the emphasis shifted towards stronger financial performance, sustainable business models and clearer routes to liquidity.
OPay’s recent results could help it make that case to public-market investors. Its revenue growth and positive net income provide measurable indicators of commercial scale, while its user base gives investors exposure to the expansion of digital financial services in underbanked markets.
A successful NYSE debut could establish a public-market reference point for valuing a large African fintech business and provide investors with a new way to participate in the continent’s digital economy.
However, a successful listing is not guaranteed by strong financial results alone. OPay will have to convince investors that its earnings are sustainable, its lending activities are manageable and its growth prospects justify the valuation sought by its shareholders.
The broader IPO environment also remains sensitive to interest rates, market volatility and investor appetite for emerging-market companies.
Read also: OPay wins board, shareholder nod for Nigerian Exchange listing after $4bn US IPO plan
Nigerian investors await secondary listing
Beyond the US offering, OPay has indicated plans to pursue a secondary listing on the Nigerian Exchange (NGX) after its NYSE debut, potentially giving local investors access to the company’s shares.
Such a listing would create a possible route for Nigerian investors to participate in the company’s future performance through the domestic capital market, subject to regulatory approvals and the final structure of the listing.
It could also increase the visibility of Nigeria’s fintech sector among local institutional and retail investors, although the timing, mechanics and availability of the proposed secondary listing have not been finalised.
The planned US listing is therefore significant beyond the amount OPay hopes to raise. It will test whether a profitable, Nigeria-focused fintech with international operations can attract public-market capital at a valuation that reflects both its growth potential and the risks of operating in emerging markets.
Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.
