When I say OPay current valuation, you should understand that, of-course, I'm talking about the fintech valuation in 2024. Many people have been asking on this site that what's OPay valuation especially the "how much opay was funded in 2021."
In this article, I will explain everything you need to know about OPay valuation, funding since it's established and its current market capitalization.
OPay was founded as Paycom Nigeria Limited by Zhou Yahui in 2013. In 2018, Paycom becomes a product of Opera Software AS, an organization that owns the popular opera mini browser. During the acquisition of Paycom, the opera group rebrand the fintech name to OPay, meaning "Opera Pay."
In other words, the fintech company was incepted in 2018 as a product of Opera Software AS, a company known for Opera Mini web browser, and rebranded it to OPay after several years it's called Paycom in Nigeria.
Since the fintech inception as OPay, it's participated in several funding rounds including Series C Funding, led by SoftBank Vision Fund 2, which was funded in August 2021. There's also mention of a much larger Series C round in 2021 for $400 million, but it's not explicitly stated as a separate round.
How much OPay was Funded?
Since inception, OPay has been funded with several million of dollars. Notably, OPay has been funded three (3) times since 2018. The mobile payments and financial services company got a Series A Funding, also known as seed funding, in July 2019.
The Funding round, which worth $50 million, was led by several Chinese investors, including Sequoia China, IDG Capital, and Source Code Capital. More so, in November 2019, OPay raised $120 million in a Series B funding round from a group of investors, including Meituan-Dianping, Source Code Capital, Sequoia China, IDG Capital, and others.
Lastly, in August 2021, OPay raised $400 million in a Series C funding round led by SoftBank Vision Fund 2, with participation from Sequoia Capital China, Redpoint China, Source Code Capital, Softbank Ventures Asia, and 3W Capital.
In total, OPay has been funded with an estimated $570 million since 2019 to 2021 in three funding rounds. However, OPay grew super fast because they got a lot of money from investors. Since its Series C funding round in 2021, the company has seen its valuation soar by more than 30%. Opera Group disclosed this information in it recent filings to the US Securities and Exchange Commission (SEC).
OPay recently filed with the US Securities and Exchange Commission (SEC) as part of a regulatory compliance measure. This filing included important updates and disclosures necessary for maintaining transparency with investors and the public.
One significant reason for the filing is related to their financial activities and organizational changes, which are essential for regulatory reporting and ensuring compliance with U.S. financial laws.
Meanwhile, Opera's stake in OPay gradually decreased, reaching 6.4% in 2021. But, in early 2023, Opera's stake increased to 9.4% after it sold its Asian fintech subsidiary, Nanobank, to OPay in exchange for equity. And according to filings to the SEC, Opera valued its 9.4% stake in OPay at $253 million, suggesting an overall valuation of $2.7 billion for OPay. This represents an increase from the previous funding round, which had valued the startup at $2 billion.
What is OPay Current Valuation in 2024?
As of 2024, OPay's valuation is nearing $3 billion. This increase follows significant growth in the company's user base and revenue, driven by a surge in digital payments in Nigeria.
According to filling to the US Securities and Exchange Commission (SEC) in April 24, 2024, Opera has valued its 9.4% stake in OPay at $253 million, suggesting an overall valuation of $2.7 billion.
This marks an increase from the previous funding round, which had valued the startup at $2 billion. As reported by Opera, OPay has seen a significant growth, leading to revenue increasing by over 60%.
Despite this success, OPay faces challenges similar to other fintech companies, such as fraud and customer safety issues. As a result, regulatory bodies like the Central Bank of Nigeria (CBN) have tightened rules to enhance account safety.