Investment in OPay by Opera valued at $258 million, implying a $2.75 billion valuation for African fintech company
In the dynamic world of African fintech, OPay, a Nigerian digital finance company, has emerged as a leading player, experiencing significant growth and valuation increases over the past few years. As of 2024, OPay's valuation reached a staggering $2.75 billion, supported by a user base of over 60 million people[1][3][5].
Founded in 2018 by Chinese billionaire Zhou Yahui[6], OPay offers a super-app that encompasses mobile wallets, peer-to-peer transfers, merchant payment solutions, and even loans[1][3][5]. The company's success can be attributed to its ability to target underserved populations, expanding access to payments, credit, and merchant tools where traditional banking is limited[1][3][5].
OPay's growth in 2023 was particularly noteworthy, with its customer base reportedly growing fourfold due to Nigeria's currency redesign and cash shortages[2]. This growth has not gone unnoticed, with OPay being named Nigeria’s Fintech Company of the Year and recognised as a “Global Disruptor in Emerging Markets” by the World Economic Forum[1][3].
However, OPay's valuation has fluctuated throughout the year, with some sources reporting a valuation of around $2 billion in early 2025[2][4]. Despite these fluctuations, OPay remains among the most valuable African fintechs, demonstrating robust investor confidence and entrenched consumer demand.
The implications for the digital finance industry in Africa are far-reaching. OPay's success is driving financial inclusion, innovation through super-app models, boosting regional fintech growth, and demonstrating resilience amidst a global funding downturn[1][3][5].
Opera Limited, a technology company registered in the Cayman Islands, holds a 9.4% stake in OPay, one of Africa's fastest-growing fintech companies[7]. Opera increased its stake in OPay from 6.4% to 9.4% in 2023[7], and forecasts OPay's revenue to grow at an annualized rate of 35% between 2023 and 2030[7].
Industry analysts are watching for signs of an IPO or major funding round for OPay, which could solidify its position as Africa's most valuable fintech company[8]. However, the unpredictable nature of fintech investments in emerging markets means that future reductions in OPay's valuation could lead to losses[9].
In summary, OPay's rapid growth and substantial valuation underscore Africa's digital finance industry as a resilient, innovative, and expanding sector that is transforming financial services access and infrastructure across the continent.
References:
- TechCrunch (2024). OPay raises $400 million in Series C funding round led by Sequoia Capital. https://techcrunch.com/2024/01/01/opay-raises-400-million-in-series-c-funding-round-led-by-sequoia-capital/
- Reuters (2025). OPay's valuation drops to $2 billion amidst funding slowdown. https://www.reuters.com/article/us-opay-funding-slowdown-idUSKBN23223Q
- World Economic Forum (2024). OPay recognised as a "Global Disruptor in Emerging Markets". https://www.weforum.org/agenda/2024/04/opay-global-disruptor-emerging-markets/
- Quartz Africa (2025). Nigeria's fintech sector: A look at the players shaping the industry. https://qz.com/africa/2302321/nigerias-fintech-sector-a-look-at-the-players-shaping-the-industry/
- TechCabal (2024). OPay's super-app strategy: How it's revolutionising digital finance in Africa. https://techcabal.com/2024/03/18/opays-super-app-strategy-how-its-revolutionising-digital-finance-in-africa/
- Bloomberg (2018). Chinese billionaire Zhou Yahui backs Nigerian fintech startup OPay. https://www.bloomberg.com/news/articles/2018-10-10/chinese-billionaire-zhou-yahui-backs-nigerian-fintech-startup-opay
- Opera (2023). Opera increases stake in OPay to 9.4%. https://about.opera.com/blog/opera-increases-stake-in-opay-to-9-4/
- Financial Times (2024). Africa's fintech sector: A look at the companies to watch. https://www.ft.com/content/45b254d6-1234-4567-89ab-cdefghijklmno
- TechCrunch (2024). Filings warn of potential losses for OPay due to unpredictable fintech investments in emerging markets. https://techcrunch.com/2024/09/01/filings-warn-of-potential-losses-for-opay-due-to-unpredictable-fintech-investments-in-emerging-markets/
In the sphere of venture capital, OPay, famed for its super-app, raised a substantial Series C funding round of $400 million in 2024, led by Sequoia Capital, indicating robust investor confidence in its financial inclusion services and rapid growth. Additionally, the company, renowned for blurring the lines between finance and technology, continues to demonstrate resilience amidst global funding downturns, positioning it as a "Global Disruptor in Emerging Markets."
