OPay

Fintech · Payments · Africa

IPO

OPay files for $4B NYSE IPO as revenue jumps 137%

Lending now fuels most of its revenue, a risk-heavy pivot that public market investors will scrutinize closely.

• OPay filed a Form F-1 with the SEC on October 9, 2026 to list American depositary shares on the NYSE under ticker OPAY, in a deal reportedly targeting a $4 billion valuation.
• Founded in 2017 by Chinese billionaire Yahui Zhou and based in Singapore, OPay runs a mobile payments and lending app used mainly in Nigeria, plus Indonesia, Egypt and Pakistan.
• First-half 2026 revenue hit $467.1 million, up from $197.5 million a year earlier, while net income rose to $90.9 million from $21.7 million.
• Standard Bank's Stanbic Africa Holdings will invest up to $200 million in a concurrent private placement, capped at a 4.99% stake, with Standard Bank's Lungisa Fuzile joining OPay's board.
• Credit and lending now generate roughly half of revenue; Nigerian loan originations tripled to $927.6 million while provisions for credit losses jumped to $118.4 million from $38.1 million.
• OPay last raised $400 million at a $2 billion valuation in 2021, with SoftBank entities still holding a 6.6% stake, and plans a secondary Nigerian Exchange listing after its NYSE debut.
• The filing tests investor appetite for emerging-market fintech IPOs at a moment when rising bond yields have pushed several other companies to delay their own listings.