OPay readies $4B New York IPO
The fintech firm has seen its lending business overtake payments as its revenue more than doubled in the first half of the year.
OPay, a Nigerian fintech firm led by Chinese billionaire Zhou Yahui, is preparing for a $4 billion Initial Public Offering (IPO) in New York, according to recent filings. The company's revenue more than doubled in the first half of 2026, driven primarily by lending income, which surpassed payments as its top revenue source. OPay's expected listing on the New York Stock Exchange (NYSE) is anticipated later next month.
The fintech company applied to trade under the ticker OPAY, with plans for a secondary listing on the Nigeria Stock Exchange to follow after the NYSE debut. This secondary listing aims to provide local investors with an opportunity to participate in OPay's growth, which is primarily fueled by its operations in Nigeria.
OPay's rapid growth can be attributed to its strategic partnerships, including a significant investment of up to $200 million from Standard Bank Group, Africa's largest lender by assets. Stanbic Africa Holdings, a subsidiary of Standard Bank, will hold a stake of up to 4.99% in OPay post-IPO. The two companies have also signed a memorandum of understanding to explore various partnerships, including payments, merchant acquisition, lending, remittances, and the distribution of banking and financial products.
With its IPO, OPay aims to expand its influence across Africa, leveraging Standard Bank's infrastructure, regulatory expertise, and regional presence. The fintech firm's New York listing would mark the first of its kind for a fintech company with a predominantly Nigerian customer base.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
