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OPay Files for US IPO with 50 Million Active Users and Expansion Plan

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OPay Files for US IPO with 50 Million Active Users and Expansion Plan

OPay, a digital financial platform built for emerging markets, has 50.1 million monthly active users and sees an addressable opportunity across billions of users and millions of merchants, the company said in a registration statement filed with the Securities and Exchange Commission for a proposed initial public offering.

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OPay’s platform offers consumer services ranging from digital payments through savings; merchants services that include tools for customer acquisition, acceptance and analytics; and credit services for both consumers and merchants, using transaction data and artificial intelligence-powered credit decisioning, according to the filing.

The company’s revenue for the 12 months ended June 30 totaled $806 million, and its year-over-year revenue growth in the first half was 137%, per the filing.

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“Millions of consumers and merchants use OPay for everyday transactions,” the company said in the filing. “Each has a different story. ‘Using OPay removed minor, constant hassles from my daily routine. I can make payments quickly and track expenses easily. I no longer need to go to the bank to send money to my family or pay bills. Paying for things used to take extra effort, now it’s a seamless daily routine.’”

OPay sees its addressable opportunity across emerging markets, where its finance app and its financial inclusion efforts can appeal to those markets in which there are young, digital-first populations, rising mobile internet penetration and proactive regulatory reform, according to the filing.


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