Opay Digital Services Ltd is working with Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. for an initial public offering, according to people with knowledge of the matter.
The SoftBank Group Corp backed company—a Nigeria payments focused digital banking service provider is planning to list in the US and is seeking a valuation of about $4 billion according to reports.
While there is no known target valuation yet or any specific date for the filing, analysts argue that the IPO could value the fintech unicorn significantly higher than the $2 billion valuation from the 2021 Series C funding round.
Above $4 billion valuation, it will put Opay on the ladder as the most valuable banking service provider in Nigeria ahead of the traditional banks like Zenith and GTBank in the country.
Earlier on, the company has been backed by deep pockets. Remember that in August 2021, Opay raised $400 million in a round led by SoftBank Vision Fund 2. The funding was SoftBank’s first major investment in an African-focused startup.
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