👨🏿🚀TechCabal Daily – OPay gains an admirer
In today's edition: Standard Bank wants OPay pre-IPO stake || Absa eyes pan-African expansion || SA to telecom firms: make public-benefit websites free || New VAT rules proposed in South Africa
Standard Bank, South Africa's largest lender, is in talks to acquire a stake in Chinese-backed fintech company OPay, ahead of the startup's planned initial public offering (IPO) in the United States. The Nigerian fintech, known for its army of green handheld point-of-sale (PoS) devices, is seeking a $4 billion valuation. Standard Bank, which has a market cap of R534 billion ($33 billion), would become an early investor in OPay by acquiring a pre-IPO stake.
This move could make the stake more valuable if OPay's valuation rises to $4 billion on the US stock market, and it would also provide Standard Bank with a strategic relationship with one of Nigeria's biggest digital payment platforms.
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