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.
The company aims to grow by expanding its range of products and services, continuing to invest in infrastructure that supports its long-term scalability and entering new markets where there is a clear, unmet need, per the filing.
“OPay is uniquely positioned to capture this opportunity,” the company said in the filing. “As a comprehensive FinTech platform integrating payments, savings, credit and lifestyle solutions, OPay reimagines financial access through mobile-native, data-driven solutions designed to serve users across all socioeconomic segments.”
PYMNTS reported in August 2021 that giant technology investor SoftBank made its first foray into Africa when its Vision Fund 2 led a funding round for OPay.
Bloomberg reported May 1 that OPay was seeking a $4 billion valuation in its IPO, which would double the $2 billion valuation it achieved in a 2021 funding round.
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