OPay raised $304 million in its New York Stock Exchange IPO, selling 16 million American depositary shares at $19, the low end of its $19 to $21 range, for a market value above $4 billion. The Nigerian fintech launched in 2018 and now offers payments, savings, credit, and merchant tools to what it says are more than 50 million monthly users in Nigeria, Egypt, Pakistan, and Indonesia. OPay says its annualized revenue hit $1 billion by the second quarter and grew revenue 137% in the first half with a 19% net margin. It plans to spend the proceeds on technology and expansion across Africa, including Nigeria, where it says 40 million adults still don’t use formal financial services.
