SoftBank Group-backed OPay secured about US$185 million from Standard Bank Group, Africa’s largest bank by assets, in a private placement ahead of a planned US IPO, according to a prospectus filed on October 9.

The final amount and Standard Bank’s stake, capped at 4.99%, will depend on currency movements. The agreements also provide for Standard Bank Africa head Lungisa Fuzile to join OPay’s board.

The two companies plan to work on merchant acquisition, wealth product distribution, and foreign exchange under a non-binding memorandum.

OPay, a Nigeria-focused fintech company, plans to list on the New York Stock Exchange before a later listing on the Nigerian Exchange.

Most of its US$806 million in revenue for the year through June came from Nigeria, whose authorities have encouraged dual listings for Chinese companies.

SoftBank’s earlier investment valued OPay at US$2 billion in 2021. OPay and PalmPay are among the leaders in Nigeria’s daily digital payments.

🔗 Source: Bloomberg