OPay’s valuation hit $2.75bn despite funding slowdown

Opay has seen its valuation rise to $2.75 billion based on recent regulatory filings from its minority investor, Opera Limited.

While the valuation increase is notable, the filings also reveal a sharp slowdown in unrealised fair value gains, as reported by Techpoint Africa.

Opera Limited, an early investor in OPay, owns 9.4 percent of the company, with its stake valued at $258.3 million in 2024, up slightly from $253.3 million in 2023. The filings revealed that Opera’s unrealised fair value gains from its OPay investment were $89.8 million in 2023. However, this figure dropped to just $5 million in 2024, signalling a marked deceleration in the growth of OPay’s market value.

Read also: OPay wins CBN’s IFIC award for financial inclusion innovation

The slowdown in growth mirrors the broader challenges faced by the global fintech ecosystem in the wake of a contraction in venture funding. Despite these global headwinds, OPay has maintained its valuation of $2 billion in 2021.

At its last funding round in 2021, OPay raised $400 million from investors, including SoftBank and Sequoia, which boosted its valuation to $2 billion. Since then, the fintech has expanded its customer base substantially, reportedly now serving 50 million users across multiple African countries.