Nigerian fintech company OPay, backed by SoftBank, is reportedly targeting about $500 million from a proposed New York initial public offering (IPO) and a concurrent private placement as it seeks to raise capital from international investors.
Bloomberg reported on October 12 that the fundraising includes a proposed $200 million investment from Standard Bank Group, one of Africa’s largest lenders. The transaction also involves Citigroup, Deutsche Bank and China International Capital Corporation as underwriters, according to OPay’s filing with the US Securities and Exchange Commission (SEC).
The proposed listing comes as OPay reports a sharp increase in earnings. Its SEC registration statement shows that revenue rose 136.5% to $467.1 million in the six months ended June 30, 2026, from $197.5 million in the corresponding period of 2025.
Net income climbed to $90.9 million from $21.7 million, an increase of approximately 319%. The company attributed the revenue growth to higher income from loan financing and transaction-based services.
OPay generated $536.3 million in revenue in 2025, compared with $205.7 million in 2024. It also swung to a net profit of $72.5 million in 2025 from a loss of $50.8 million a year earlier.
The latest results reflect the expansion of its payments and lending businesses. The company reported $339.1 billion in gross transaction value for the first half of 2026, up from $139.3 billion in the corresponding period of 2025. Gross transaction value represents the total value processed on its platform, not revenue earned.
OPay’s earnings provide a useful comparison with Nigeria’s major banking groups. FirstHoldCo reported ₦526.13 billion in profit after tax for the first half of 2026, while Zenith Bank recorded ₦430.8 billion and GTCO posted ₦414.19 billion.
At an illustrative exchange rate of ₦1,500 to the dollar, OPay’s $90.9 million net income translates to about ₦136.4 billion. Its reported first-half profit was therefore below the earnings of these three banking groups.
The comparison needs context. OPay is a digital financial services company whose earnings are driven by payments and lending, while the banks operate broader businesses that include deposits, loans, investment securities and other financial services.
Can a payments-led fintech hold its own against Nigeria’s biggest banks?
— Condia (@thecondia) October 12, 2026
With $467.06M (~₦651.5B) in H1 2026 revenue, OPay’s scale commands attention ahead of its IPO.
Is it a tech platform or a financial institution, and how should markets price that transition?
𝗡: 𝗕 •… pic.twitter.com/bPl4u6vMCi
What the IPO means
OPay’s proposed listing would give international investors an opportunity to buy into a fintech with substantial reach in Nigeria. The company reported 50.1 million monthly active users as of July 2026 and operates beyond Nigeria in Indonesia, Egypt and Pakistan.
However, Nigeria accounted for 89.5% of OPay’s revenue in the first half of 2026, leaving the business heavily exposed to the country’s regulatory and economic conditions.
The filing proposes a listing on the New York Stock Exchange under the ticker symbol OPAY. The final offer size, share price and valuation had not been disclosed in the registration statement.
OPay has also received board and shareholder approval to pursue a secondary listing on the Nigerian Exchange after its proposed US listing. Such a move could eventually give Nigerian investors a route to own shares in the fintech, subject to regulatory requirements and market conditions.
For OPay, the proposed IPO is an opportunity to raise capital and establish a public market valuation. For investors, the central question will be whether its rapid revenue and profit growth can continue as lending becomes a larger part of its business.