OPay has raised $304 million in its US initial public offering (IPO), pricing 16 million American depositary shares (ADSs) at $19 each and securing an implied equity valuation of approximately $4 billion.
The Nigerian fintech company priced its shares at the bottom of the $19 to $21 range indicated in its registration documents. Its shares are expected to trade on the New York Stock Exchange under the ticker symbol OPAY.
The offering values OPay at roughly twice the $2 billion valuation reported during its $400 million fundraising round in 2021. The comparison reflects the company’s expansion since that investment, although its share count and ownership structure have changed.
Underwriters Citi, Deutsche Bank, Standard Bank and CICC are involved in the offering. They also have a 30-day option to purchase an additional 2.4 million ADSs, which would generate another $45.6 million at the IPO price if exercised in full.
The $304 million represents gross proceeds from the initial share sale, before offering expenses. The company expects to use the funds for technology development, distribution, new products and services, market expansion, and potential acquisitions or strategic investments.
Revenue nearly doubled in the first half of 2026
OPay’s financial results show substantial growth ahead of the listing. Revenue increased from $205.7 million in 2024 to $536.3 million in 2025. For the six months ended June 30, 2026, the company reported revenue of $467.1 million, compared with $197.5 million in the same period a year earlier.
Net income for the first half of 2026 reached $90.9 million, up from $21.7 million in the corresponding period of 2025. Adjusted EBITDA also increased from $40.2 million to $135.3 million over the same period.
The company’s latest figures show that lending has become a larger revenue source than payment transaction fees. Loan financing generated $236.1 million in the first half of 2026, while loan facilitation contributed another $41.6 million. Together, the two activities accounted for approximately 59.5% of total revenue. Transaction-based fees generated $130.6 million.
The expansion of lending has also increased OPay’s exposure to credit risk. Its expected credit loss provision rose from approximately $38.1 million in the first half of 2025 to $118.4 million in the first half of 2026. The company reported a non-performing loan ratio of 4.3% at June 30, 2026, down from 5.2% at the end of 2025.
Nigeria accounts for most of the company’s revenue
Although OPay operates in Nigeria, Egypt, Pakistan and Indonesia, its financial performance remains heavily concentrated in the Nigerian market. Nigeria generated approximately 89.5% of the company’s revenue in the first half of 2026.
OPay reported 50.1 million monthly active users and 26.8 million daily active users as of July 31, 2026. Its platform processed 90.1 billion transactions, with a gross transaction value of $558 billion, during the 12 months ended June 30, 2026.
Gross transaction value represents the total value of transactions processed through the platform, rather than revenue earned by the company.
OPay began its Nigerian payments operations in 2018 and has since expanded beyond digital wallets and money transfers into merchant payments, POS services, bill payments and lending.
The company’s registration statement identifies OPay Limited as a Cayman Islands-incorporated entity with its principal executive offices in Singapore. Its operations are conducted through subsidiaries and other arrangements in the markets where it operates.
OPay’s registration statement was declared effective by the US Securities and Exchange Commission on October 29, 2026. The IPO is expected to close on November 2, subject to customary closing conditions.
