What is OPay Current Valuation? Find Out Here

OPay, a prominent mobile payment and financial services platform, has rapidly grown in the fintech industry, especially in emerging markets like Nigeria. Founded in 2018 by Opera Software, OPay has expanded its services beyond mobile payments to include food delivery, ride-hailing, and other essential services. This comprehensive article delves into OPay current valuation, its growth trajectory, and the factors contributing to its significant market presence.

What is OPay Current Valuation

Introduction to OPay

OPay, originally a product of Opera Software, has carved out a substantial niche in the fintech sector. It began as a mobile payment service but has since diversified its offerings to cater to a broader range of consumer needs. OPay’s services now encompass:

  • Mobile Payments: Enabling users to send and receive money, pay bills, and purchase airtime.
  • Ride-Hailing: Offering transportation services through OTrike and OBus.
  • Food Delivery: Providing food delivery services through OFood.
  • Banking Services: Including micro-loans and savings products.

This diversification has positioned OPay as a comprehensive platform addressing various aspects of daily life in markets like Nigeria, where financial inclusion and digital payments are burgeoning.

Growth and Expansion

Early Growth and Initial Funding Rounds

OPay’s growth has been meteoric since its inception. The platform quickly gained traction due to its user-friendly interface, extensive service offerings, and strong backing from Opera Software. In its early stages, OPay raised substantial capital to fuel its expansion. Key funding rounds included:

  • Series A (2019): OPay raised $50 million from several investors, including IDG Capital, Sequoia China, and Source Code Capital. This funding was instrumental in expanding its mobile payment services and scaling up its ride-hailing and food delivery verticals.
  • Series B (2019): Later that year, OPay raised an additional $120 million from a consortium of Chinese investors, further solidifying its financial foundation and enabling rapid expansion across Nigeria and other African markets.
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Series C Funding and Subsequent Developments

In August 2021, OPay closed its Series C funding round, securing $400 million from a group of high-profile investors led by SoftBank Vision Fund 2. This round significantly boosted OPay’s valuation, propelling it into the league of fintech unicorns. The Series C funding was aimed at expanding OPay’s services across Africa and strengthening its market position.

Current Valuation

As of the latest funding round, OPay’s valuation is estimated to be around $2 billion. This valuation reflects the company’s rapid growth, extensive user base, and the successful diversification of its services. The substantial capital infusion from prominent investors underscores their confidence in OPay’s business model and growth potential.

Factors Contributing to OPay’s Valuation

Several factors contribute to OPay’s impressive valuation:

1. Market Potential in Africa

Africa represents a vast, untapped market for digital financial services. With a large unbanked population and increasing smartphone penetration, the demand for mobile payments and financial inclusion is on the rise. OPay’s ability to address these needs effectively has positioned it as a key player in the African fintech landscape.

2. Diverse Service Offerings

OPay’s diverse range of services ensures multiple revenue streams and a broad customer base. By integrating payments, transportation, food delivery, and financial services, OPay has created a comprehensive ecosystem that keeps users engaged and increases transaction volume.

3. Strategic Partnerships and Acquisitions

OPay has strategically partnered with various businesses and financial institutions to enhance its service offerings and reach. These partnerships have facilitated the integration of OPay’s payment solutions into various platforms, thereby increasing its user base and transaction volume.

4. Robust Technology and User Experience

Investments in technology and a focus on user experience have been crucial to OPay’s success. The platform’s seamless and secure transactions have garnered user trust, leading to increased adoption and retention.

5. Strong Backing and Funding

The backing from prominent investors like SoftBank, Sequoia Capital, and IDG Capital has provided OPay with the financial muscle to scale operations, innovate, and expand into new markets. This strong financial backing has been a significant factor in boosting OPay’s valuation.

Challenges and Future Prospects


Despite its success, OPay faces several challenges:

  • Regulatory Hurdles: Navigating the complex regulatory landscape in different African countries can be challenging. Compliance with varying financial regulations requires significant effort and resources.
  • Competition: The fintech space in Africa is becoming increasingly competitive, with several local and international players vying for market share.
  • Operational Risks: Managing a diverse range of services across multiple regions poses operational challenges, including maintaining service quality and managing logistics.
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Future Prospects

OPay’s future prospects remain bright, driven by several factors:

  • Continued Market Expansion: OPay plans to expand its services to other African countries, leveraging its success in Nigeria as a blueprint.
  • Innovation in Financial Services: Continued innovation in financial products, such as micro-loans and savings schemes, will attract more users and increase engagement.
  • Strategic Investments: OPay is likely to continue attracting significant investments, which will fuel its growth and expansion efforts.


OPay’s current valuation of approximately $2 billion reflects its rapid growth, strategic diversification, and strong market position in the African fintech landscape. The company’s ability to address the needs of a large unbanked population, combined with its diverse service offerings and robust technological infrastructure, has positioned it as a leading player in the industry.

As OPay continues to expand and innovate, it is well-poised to maintain its upward trajectory, despite the challenges it may face. With a clear focus on enhancing financial inclusion and leveraging strategic partnerships, OPay’s future in the fintech space looks promising. For investors, stakeholders, and users, OPay represents a significant force driving the digital transformation of financial services in Africa.

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