This OPay company profile covers the company's valuation, revenue, funding rounds, investors and history. OPay works in fintech, with a focus on mobile money, payments and digital banking. It was founded in 2018 and is headquartered in Lagos, Nigeria. Its latest valuation on record is US$2 billion (August 2021). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Implied valuation | About US$2.7 billion, implied by Opera valuing its 9.4% stake at US$253 million | April 2024 | TechCabal |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Aug 2021 | Equity round | US$400M | US$2B | SoftBank Vision Fund 2 (lead); Sequoia Capital China, Redpoint China, SoftBank Ventures Asia | TechCrunch |
OPay timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2018 — OPay is founded in Lagos by Founded by Opera, the browser company, and its chairman Zhou Yahui.
- Aug 2021 — Equity round: US$400M, valuing the company at US$2B. Investors: SoftBank Vision Fund 2 (lead); Sequoia Capital China, Redpoint China, SoftBank Ventures Asia.
- April 2024 — Implied valuation: About US$2.7 billion, implied by Opera valuing its 9.4% stake at US$253 million.
Investors
Overview
OPay is one of Nigeria's largest digital payments and mobile money companies. Millions of Nigerians use its app and its network of agents, small shops and kiosks that handle cash deposits and withdrawals, to send money, pay bills, buy airtime, save and borrow. Merchants use OPay's point-of-sale terminals and QR codes to accept payments. OPay became especially popular during Nigeria's cash shortage in early 2023, when people turned to digital transfers, and it is now one of the most used financial apps in the country.
OPay was founded in 2018 by Opera, the Norwegian-founded web browser company, which is controlled by Chinese investors led by its chairman Zhou Yahui. Opera's browser was widely used in Africa, giving OPay an initial channel to customers. OPay was later spun out as a separate company, with Opera retaining a minority stake. OPay initially launched several "super app" businesses in Nigeria, including ride-hailing, food delivery and logistics, but closed most of them in 2020 to focus on payments and financial services.
Products
- Mobile wallet and accounts: transfers, bill payments, airtime and savings through the app.
- Agent network: a large network of agents offering cash-in and cash-out services in neighbourhoods across the country.
- Merchant payments: point-of-sale terminals, QR payments and business accounts.
- Cards: debit cards linked to OPay accounts.
- Credit and savings: small loans and interest-bearing savings products.
Funding and valuation
OPay raised US$120 million in 2019 from Chinese investors including Meituan, GSR Ventures and Sequoia China. In August 2021 SoftBank Vision Fund 2 led a US$400 million round valuing OPay at US$2 billion, SoftBank's first major investment in an African startup, with existing investors including Sequoia Capital China, Redpoint China and SoftBank Ventures Asia. Total funding reached about US$570 million. In April 2024, Opera told investors in a US filing that its 9.4% stake was worth US$253 million, implying a valuation of about US$2.7 billion, according to TechCabal. Because that figure comes from a shareholder's accounting rather than a new funding round, we show the 2021 figure in the fact tiles and list the implied value separately.
Business model
OPay earns fees on certain transfers, withdrawals and merchant transactions, interest on loans, and other service charges. Many basic transfers are free or very cheap to attract users, so profitability depends on scale, merchant fees and credit. OPay doesn't publish revenue, so we show it as not disclosed.
Regulation
OPay is licensed by the Central Bank of Nigeria as a mobile money operator. In April 2024, the central bank directed OPay and several other fintechs, including Moniepoint, PalmPay and Kuda, to temporarily stop onboarding new customers while it reviewed know-your-customer and anti-money-laundering compliance; the restriction was later lifted. Nigerian regulators have tightened rules on identity verification, agent banking and capital requirements, which affect all fintechs in the market.
Competition
OPay competes with Moniepoint, which leads in merchant payments; PalmPay, another Chinese-backed mobile money company; Kuda and other digital banks; traditional banks' apps; and telecom operators' mobile money services such as MTN's MoMo and Airtel's SmartCash. Its advantages are its large user base, agent network and strong brand among everyday users.
OPay at a glance
OPay is a Lagos mobile money and payments company founded in 2018 by Opera. It offers wallets, transfers, bill payments, merchant payments and an agent network. It raised US$400 million at a US$2 billion valuation in August 2021, led by SoftBank Vision Fund 2, and a 2024 Opera filing implied a valuation of about US$2.7 billion.
Timeline
- 2018: founded by Opera in Nigeria.
- 2019: raises US$120 million and launches multiple super app services.
- 2020: closes ride-hailing and other services to focus on payments.
- August 2021: raises US$400 million at a US$2 billion valuation, led by SoftBank Vision Fund 2.
- 2023: usage surges during Nigeria's cash shortage.
- 2024: Opera's filing implies about US$2.7 billion; the central bank temporarily pauses new onboarding at several fintechs.
Why Nigeria is Africa's fintech battleground
Nigeria has Africa's largest population and one of its largest economies, but many adults have historically lacked bank accounts. Mobile phones, agent networks and instant payment infrastructure, such as the NIBSS Instant Payment system, have allowed fintechs to reach people banks didn't serve. Currency devaluation and inflation have made the economic environment tough, but digital payment volumes have grown rapidly. The result is an intensely competitive market where a handful of players, including OPay and Moniepoint, have reached very large scale.
Questions for users and merchants
- What fees apply to transfers, withdrawals and merchant payments?
- How are disputes and failed transactions resolved?
- How is your account protected against fraud?
The power of agent networks
Although digital payments are growing fast in Nigeria, cash remains important, particularly outside big cities. Agents bridge the gap: a customer can hand cash to a nearby agent and have it credited to their OPay account, or withdraw cash from their account in the same way. Agents earn commissions, and many run the service alongside other small businesses. Building and managing a large, trustworthy agent network is costly and operationally demanding, but it gives fintechs like OPay a presence in neighbourhoods where bank branches are scarce.
Risks
- Regulation: rules on identity checks, agent banking and capital can change quickly.
- Currency: naira devaluation reduces the value of Nigerian revenue in US dollars.
- Fraud: fast-growing payment networks attract scammers, and losses can hurt trust.
- Competition: rivals offer free transfers and aggressive incentives.
Ownership
OPay's shareholders include SoftBank Vision Fund 2, Opera, Chinese investors such as Meituan, Sequoia China and GSR Ventures, and its management. Opera's 9.4% stake, disclosed in its filings, gives outsiders a rare window into how the company is valued.
Latest developments (October 2026)
OPay filed for a US IPO in October 2026, seeking to list on the New York Stock Exchange under the ticker OPAY, and said it plans a secondary listing on Nigeria's stock exchange, according to Daba Finance; reports put its target valuation near US$4 billion. Its filing showed first-half 2026 revenue of about US$467 million, mostly from Nigeria. Early investor Opera's accounts implied a value of about US$3.2 billion for OPay in mid-2026, according to WeeTracker.
What to watch
Watch for new funding, expansion into other African markets such as Egypt, regulatory changes in Nigeria, credit product growth and competition with Moniepoint and PalmPay.
Takeaways
Nigerian consumers and merchants can access cheap digital payments and cash services. Founders can learn from OPay's decision to narrow its focus. Investors should distinguish implied valuations from priced rounds.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does OPay do?
OPay is a fintech / mobile money, payments and digital banking company headquartered in Lagos, Nigeria. It was founded in 2018.
What is OPay's valuation?
OPay was valued at US$2 billion as of August 2021, according to TechCrunch. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does OPay make?
OPay is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was OPay's latest funding round?
The most recent financing we have verified is a equity round in Aug 2021: US$400M, at a valuation of US$2B. Source: TechCrunch.
Who are OPay's investors?
Investors named in public announcements include SoftBank Vision Fund 2, Opera, Sequoia Capital China (HongShan), Redpoint China, SoftBank Ventures Asia, Meituan and GSR Ventures.
Who founded OPay?
OPay was founded in 2018 by Founded by Opera, the browser company, and its chairman Zhou Yahui.
Is OPay a public company?
No. OPay is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is OPay headquartered?
OPay is headquartered in Lagos, Nigeria.