OPay Digital Services has enlisted the services of Citigroup, Deutsche Bank, and JPMorgan Chase for its planned U.S. listing, aiming to achieve a valuation of $4 billion.

This upcoming listing signifies a considerable advancement over OPay’s previous fundraising round in 2021, where it secured $400 million at a valuation of $2 billion. Should the targeted valuation be realized, this IPO would mark an increase of the company’s perceived worth by a factor of two within five years.

Growing Capital Markets Appetite in African Fintech

Operating out of Nigeria, Africa’s most populous nation, OPay caters to more than 40 million users. The company plays a significant role in addressing persistent infrastructure challenges like failed banking transactions, network failures, and fraud, while supporting the rapid growth of demand for mobile financial services.

Nigeria stands out as a key market for fintech companies that have achieved unicorn status, including Flutterwave, Moniepoint, and Interswitch. As per reports, OPay’s IPO preparations follow an increasing trend among African fintech enterprises exploring international capital markets, with Airtel Africa also considering a London listing of its mobile money division at around $2 billion.

According to McKinsey & Co., African fintech companies could collectively generate revenue of approximately $47 billion by 2028, underlining the significant investment appeal in the continent’s digital financial services sector. OPay is expected to continue focusing on meeting clients’ evolving needs and preferences while ensuring regulatory compliance.

Representatives from OPay, Citigroup, Deutsche Bank, and JPMorgan did not comment or provide further details regarding this initiative.