OPay Rises to $2.75B Amid Global Fintech Slump

In a financial landscape where global fintech giants are struggling to stay afloat, Africa-focused OPay is scripting a different narrative—one of resilience, growth, and cautious optimism. Regulatory filings from minority investor Opera Limited have revealed that OPay’s valuation has climbed to $2.75 billion in 2024, up from its 2021 peak of $2 billion.

This upward move might seem modest, but in the context of a global fintech cooldown, it’s a remarkable feat. Consider this: Klarna, once a high-flying fintech darling, saw its valuation plummet 85% from $45.6 billion to just $6.7 billion in 2023. The market, shaken by high interest rates and venture funding contraction, has been brutal to many.

And yet, OPay stands steady.

Opera’s stake in the company rose slightly in value—from $253.3 million in 2023 to $258.3 million in 2024. However, the filings also reveal a sobering insight: unrealised fair value gains shrank drastically from $89.8 million in 2023 to a mere $5 million this year. It’s a clear sign that while investor confidence hasn’t wavered, the explosive growth of previous years is cooling.

But that isn’t the whole story.

Rewind to 2021. OPay made headlines after securing $400 million from heavyweights like SoftBank and Sequoia, valuing the company at $2 billion. Back then, Africa’s fintech scene was buzzing, and OPay was a breakout star. Fast forward to today, and the startup has more than 50 million users spanning several African countries, having evolved into a multifaceted digital powerhouse offering not just payments, but also loans and insurance services.

In the face of global skepticism, OPay has managed to protect and even slightly enhance its valuation. The company’s ability to weather the storm and continue expanding its reach speaks volumes about its strategy and staying power in the digital economy.

As funding becomes harder to secure and fintechs around the world brace for leaner years, OPay’s steady hand offers a flash of hope—proof that in Africa, where digital transformation is still in its early innings, fintechs can still thrive.

OPay may not be sprinting anymore, but it’s still very much in the race—and running smart.

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