The valuation of Nigerian fintech startup, Opay, has increased by 30% since its Series C funding round in 2021, according to recent corporate filings by Opera.
As reported by BitKE in 2021, the $400 million series C round was led by SoftBank’s Vision Fund 2, valuing OPay at $2 billion.
SoftBank Makes First Move in Africa with $400 Million Investment in Mobile Payments Platform, OPay, Now Valued at $2 Billion: https://t.co/qWWk5hRqV3 @SoftBank @opera @OPay_NG
— BitKE (@BitcoinKE) August 24, 2021
Opera, the software company headquartered in Oslo, Norway, which is also behind the Opera browser, acquired the Nigerian fintech in 2018, then called Paycom, and rebranded it to Opay.
Opay offers a wide range of payment services, including money transfer, bill payment, airtime & data purchase, card service, and merchant payments, among others. Its agent banking approach provides technology to a network of thousands of agents that facilitate the sending and receiving of money as well as payment of bills.
According to a local Nigerian publication, Opera’s stake in Opay has gradually declined over the years, falling to as low as 6.4% in 2021.
Opera’s ownership stake would rise to 9.4% in early 2023 after it sold its Asian fintech subsidiary, Nanobank, to OPay in exchange for equity. After completing the transaction, Opera’s 9.4% stake was valued at $253 million, as indicated in an April 2024 filing with the U.S. Securities and Exchange Commission (SEC).
This valuation suggests that OPay is now valued at $2.7 billion, up from its previous valuation of $2 billion during its last funding round.
This comes as the company enjoyed a good 2023 when, due to shortage of hard currency notes, Nigerians turned to fintech applications for payments. The situation, brought about by the Central Bank’s controversial move to redesign currency notes, proved a major benefit to companies like Opay.
Nigeria Unveils Newly Re-Designed Bank Notes – The First Time in 19 Years Redesigning the Naira
The measure is expected to mop up excess cash from circulation – over 85% of the money in circulation is outside the vaults of commercial bankshttps://t.co/uh85iwYwVr
— BitKE (@BitcoinKE) November 25, 2022
The company ‘quadrupled its user base through 2023 and grew revenue by over 60% on a constant currency’ basis, Opera told shareholders.
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