OPay, a Nigeria-focused fintech company, has raised $304 million in its U.S. initial public offering, securing a $4 billion valuation as the company turns to public markets to finance its ambitions in digital payments and financial services across emerging economies.

The company sold 16 million American depositary shares at $19 apiece, the lower end of its targeted $19 to $21 range. The offering values OPay at approximately $4 billion, marking a major milestone for a fintech business that has grown rapidly in Nigeria’s digital banking market.

The listing comes as inflation, volatile equity markets and investor concerns over technology valuations have complicated fundraising conditions for new issuers. Despite those pressures, OPay has secured a substantial public-market debut, giving investors exposure to a digital financial services business built around smartphone payments and transfers.

SoftBank-backed fintech goes public

Founded in 2018 by Chinese billionaire Yahui Zhou, OPay provides mobile money services, digital wallets, debit cards, savings products and loans. Its platform targets consumers and businesses underserved by traditional banking infrastructure, offering payments, transfers and other financial services through a single application.

Nigeria remains its primary market, where the company operates under a Central Bank of Nigeria license, with customer deposits insured by the Nigeria Deposit Insurance Corp. Its OWealth savings product and digital payment services have helped establish the platform as a significant competitor in the country’s expanding fintech sector.

OPay has also expanded its operations beyond Nigeria, with a presence in markets including Pakistan, Egypt and Indonesia. The company is positioning itself to capture demand from consumers and merchants increasingly shifting toward mobile-based financial transactions across emerging markets.

SoftBank holds 6.6% stake

SoftBank Group, an early investor in OPay, holds a 6.6% equity stake ahead of the public offering, according to the company’s prospectus. The Japanese investment group backed the fintech’s growth before its valuation reached $2 billion following a $400 million funding round in 2021.

The $4 billion IPO valuation represents a doubling of that previous valuation, underscoring the growth in investor appetite for established digital financial services businesses operating in large emerging markets.

Citigroup, Deutsche Bank, Standard Bank and China International Capital Corp. are among the underwriters managing the offering. OPay will trade on the New York Stock Exchange under the ticker symbol OPAY.

Nigerian listing also planned

Standard Bank has backed OPay with $185 million, reinforcing the South African lender’s exposure to Nigeria’s fast-growing digital financial services sector. Citigroup and Deutsche Bank are also supporting the company’s U.S. listing as it broadens its access to international capital markets.

Beyond New York, OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange. A local listing would give Nigerian investors an opportunity to participate in the company’s growth while strengthening its connection to the market that underpins much of its business.