OPay’s valuation nears $3bn on growing digital payments in Nigeria
TLDR
- Opera Limited reports significant increase in valuation of Nigerian portfolio company, OPay, despite market challenges.
- OPay, a mobile-based platform offering financial services like payments, transfers, loans, and savings, remains resilient amidst liquidity constraints and investor scrutiny.
- Opera discloses a 9.44% stake in OPay valued at $269 million in Q4 2023, now adjusted to $253.3 million in latest financials, indicating a gain of over $100 million and potential valuation increase to $2.7 billion to $2.9 billion.
The recent financial reports from Chinese firm Opera Limited indicate a significant increase in the valuation of its Nigerian portfolio company, OPay, despite market challenges.
OPay, a leading mobile-based platform offering a range of financial services, including payments, transfers, loans, and savings, has shown resilience amid tightening liquidity and heightened investor scrutiny.
Opera disclosed a 9.44% stake in OPay valued at $269 million in Q4 2023, which adjusted to $253.3 million in its latest Q1 2024 financials. This marks a substantial gain of over $100 million, suggesting that OPay's valuation has climbed to between $2.7 billion to $2.9 billion based on Opera's figures.
Key Takeaways
OPay's impressive valuation surge stands out amidst the challenges facing African startups in fundraising and market penetration. The once optimistic outlook for the continent's tech ecosystem has shifted to a more cautious investor approach, prompting startups to reassess their growth strategies. Despite these headwinds, OPay has maintained its momentum, demonstrating resilience and adaptability. Since 2018, it has experienced rapid growth, expanding its user base 4x and achieving over 60% revenue growth in 2023. Central to this success is a suite of mobile money and payment services that cater to the needs of Nigeria's unbanked and underbanked population, positioning the company as a key player in Africa's digital economy.
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