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Opera's internal valuation model suggests an 85% probability of a $3.1 billion IPO for the leading African fintech platform within two years, marking a significant milestone for the continent's tech ecosystem.
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AU-Startups · Solar
OPay, a prominent African fintech platform, is projected by its early investor, Opera, to achieve a $3.1 billion Initial Public Offering (IPO) within the next two years, with an 85% probability assigned to this outcome. This internal valuation, disclosed in a securities filing by the Norwegian-listed browser group, underscores a bullish outlook on OPay's trajectory and highlights the increasing maturity of the African fintech landscape.
This potential listing would represent a substantial leap for OPay, which was last publicly valued at $2 billion following a $400 million Series C funding round in 2021 led by SoftBank Vision Fund 2. Opera, which incubated OPay, holds a 9.5% stake in the company, and its latest carrying value implies a current equity valuation of approximately $3.1 billion for OPay, reflecting a more than 50% increase since the 2021 Series C round.
OPay, founded in 2018, has rapidly established itself as a dominant force in Nigeria's digital payments sector, expanding its services to include mobile wallets, agent banking, lending, savings, and insurance products across Nigeria and Egypt. The company's growth has been significantly bolstered by its extensive agent network, which has been crucial in reaching Nigeria's largely unbanked population. By mid-2025, OPay reportedly had about 10 million daily active users and processed roughly $12 billion in monthly transaction volume. The company also achieved its first monthly profit in 2024.
The projected $3.1 billion IPO valuation would position OPay as one of Africa's most valuable technology companies, potentially surpassing previous significant listings from Nigeria. For context, other African fintechs like South Africa's Optasia and Morocco's Cash Plus went public in November 2025, raising $345 million at a $1.4 billion valuation and $82.5 million at a $550 million valuation, respectively.
An IPO of this magnitude from OPay would serve as a significant validation for the African tech ecosystem, particularly for the fintech sector. It would demonstrate the potential for substantial exits and attract further institutional capital to the continent, which experienced a funding slowdown in 2025. A successful listing, potentially in the United States, would expose OPay to deeper pools of capital and enhance its international profile, setting a precedent for other mature African fintech firms considering global exchanges.
OPay's strategic moves, including the recent appointment of a global management team with public company experience, signal a clear intent towards a public listing. This includes James Zhou as Executive Chairman, Lars Boilesen as Co-CEO, and James Perry as CFO, all appointed in December 2025. The company's ability to navigate competitive and evolving regulatory environments, such as Nigeria's tightened rules for agent banking in early 2026, will be critical in its journey to the public market.
For African founders, investors, and operators, OPay's potential IPO highlights the importance of building scalable businesses with strong fundamentals and clear market traction. It reinforces the idea that companies addressing critical financial inclusion gaps with robust digital solutions can achieve significant valuations and attract global investor interest. The anticipated listing could catalyze a new wave of investment and set higher standards for operational excellence and financial transparency across the African tech landscape.
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