The valuation of OPay, a leading fintech company in Nigeria backed by Sequoia Capital and SoftBank, surged to nearly $3 billion by early 2025; that's about 30% since the company raised $400 million in Series C funding in 2021, according to a corporate filing by Opera—an early OPay investor—in 2024. This round was led by SoftBank Vision Fund 2, along with participation from Sequoia Capital China, Redpoint China, Source Code Capital, and others.
Although OPay’s valuation has increased subsequently over time. The Opera’s filings in December 2024 reported a 9.4% stake value in OPay at approximately $2.75 billion, and by early 2025, the Opera Group suggested a valuation nearing $3 billion. The valuation growth underscores how Nigeria’s digital payments boom and growth in mobile payments and digital financial services across Africa are fueling the rise of a new crop of financial technology companies.
The Opera Group acquired Paycom Nigeria Limited—a Nigerian mobile money operator established by Telnet Group in 2009—in 2018 and rebranded it to become OPAY in the same year after securing a fresh CBN-issued mobile money operator (MMO) license. Paycom was originally operated under a CBN-issued mobile payment license. But after Opera acquired a controlling stake in late 2017 and rebranded the business in 2018, the newly named OPay Digital Services Limited got the license under the Mobile Money Operator category.
The license authorized OPay to conduct mobile‑money operations such as electronic payments and wallet services in Nigeria. As a result of the acquisition, the Opera Group had a stake in the company. However, Opera’s stake gradually reduced, eventually declining to 6.4% by 2021. But the stake later surged in 2023 to 9.4% after it sold its Asian fintech subsidiary—Nanobank—to OPay in return for equity in the company.
After OPay acquired Nanobank from Opera Group, the Opera Group told investors its 9.4% stake in the fintech was valued at $253 million, according to an April 24 filing with the US Securities and Exchange Commission (SEC). It implies OPay has a valuation of $2.7 billion, compared to its previous funding round, which valued the startup at $2 billion. Opera had previously estimated the value of its stake at $269 million as of December 2023 but later revised that figure in updated filings. According to the company, the adjustment reflected a lower valuation based on a smaller financing deal that occurred in late 2023.
In addition to that, OPay's valuation trajectory is also fueled by investor confidence in its ability to scale rapidly in Africa's underbanked markets. It also reflects the untapped potential of Africa’s digital economy, where mobile-first financial services are wiping out traditional banking models off the ground. Also, backing from global giant investors like SoftBank and Sequoia Capital signals strong institutional belief in OPay’s long-term profitability and operational model, especially in high-growth, low-penetration regions.
Notably, OPay’s valuation still climbed despite Africa’s funding slowdown in 2024. This suggests strong internal fundamentals and resilience in a challenging macro environment. The company’s valuation momentum continues even as regulators in Nigeria and other African countries tighten oversight of digital financial services—a sign that investors view OPay’s model as adaptable and compliant-ready.
