Nigerian fintech company OPay Digital Services Ltd. plans to raise $500 million in an IPO in New York. This is reported by foreign media.
The total amount includes $200 million from a parallel private placement of shares with the participation of Standard Bank Group Ltd. The listing of OPay, controlled by SoftBank Group Corp., also provides for the sale of new shares with the support of HSG, the Chinese division of Sequoia Capital.
OPay is becoming one of Africa's most valuable fintech companies and a dominant player in Nigeria's fast-growing digital payments sector with over 50 million monthly active users. OPay will provide American investors with the opportunity to access one of the continent's largest payment platforms and digital financial services across Africa.
Citigroup Inc., Deutsche Bank AG, Standard Bank and China International Capital Corp. They are acting as organizers of the listing, which is expected before the end of the year and will complement the growing list of African fintech companies on the stock exchange.
Earlier, OPay signed two agreements with the largest African bank, Standard Bank Group Ltd., for cooperation in the provision of services, including the acquisition of retail outlets, the distribution of financial products and the exchange of foreign currency. Standard Bank's participation in the deal demonstrates the convergence of traditional lenders and fintech companies as banks seek access to businesses that have become the most important financial infrastructure in Africa.
OPay Digital Services Ltd. is a Nigerian fintech company in the field of mobile money and digital financial services. Revenue totals $806 million, with the bulk coming from Nigeria, Egypt, Pakistan and Indonesia. The headquarters is located in Lagos, Nigeria.
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