OPay was founded in 2018, and since its inception, it's raised several funding that's aimed at driving financial inclusions in Nigeria. When you calculate all these fundings, you will be able to determine how much OPAY worth or its valuation in the industry.
Although, we are going to talk about "What is OPAY Valuation in 2024," but before that, let's discuss some related terms to the valuation.
OPay is a household name in Nigeria. The payment app has grown it customer base to over 40 million users, have over 500,000 agents across the nation, and manage over 300,000 merchants in Nigeria.
I can buoyantly say "OPay is a digital bank giant in Nigeria." However, estimating the current value of the payment platform in 2024 is kind of challenging because, while other organizations operate as a public limited company, OPAY maintain its status as a privately held company.
Meanwhile, you should know that publicly held businesses/companies can depends on market capitalization for readily accessable valuation. As a publicly listed company, all your leadership framework, fundraising history and advance, financial goals and others will be disclosed to the general public.
In a nutshell, I'm not say OPAY valuation cannot be estimated. Yes, we can only valuate OPAY market capitalization from the last year value. This is because, we just got into 2024 and not really much has been recorded by the company.
Fundings and Investment that boost Valuation
In June 2019, OPay raised its first funding. The Chinese-backed, African-focused payment platform fundraised $50 million for mobile financing in Africa-largest market, Nigeria. This investment was led by Sequoia China, IDG Capital, Source Code Capital and Opera - its parent company.
In the same year, November, OPAY raised $120 million from the same Chinese investors, making it a series B fundraising.
In 2021, OPAY raised approximately $400 million in new financing led by SoftBank Vision Fund 2, valuing the company at $2 billion. This funding round was led by existing investors like Sequoia Capital China, Redpoint China, Source Code Capital and Softbank Ventures Asia.
Other investors that participated in the funding round including DragonBall Capital and 3W Capital. According to report, the 2021 investment valued OPAY at $2 billion.
However, three months before the company successfully raised $400 million in $2 billion valuation, it's reported that OPay was in talks with some Chinese investors to raised the $400 million in $1.5 billion valuation.
Overall, OPay has raised a total funding of $570M over 3 rounds, series A fundings in June 2019, series B fundings in November 2019 and the latest series C fundings which valued OPAY to $2 billion dollars company in 2021.
OPAY Market Capitalization and Valuation in 2024
In 2021, OPAY market capitalization was boosted to $2 billion by series C fundings which was led by some Chinese investors. In 2023, Bloomberg positioned OPAY's valuation to be between the range from $4 billion to $5 billion, relying on information from the company's insider.
Techcrunch has also positioned OPAY's valuation to be around $10 billion, depending and considering the company's customer base and the trajectory of its development.
In a nutshell, OPAY Market Cap and Valuation in 2024 should be between the range of $4 billion to $10 billion.
Final words
What is OPAY Current Valuation?: As of this year 2024, OPay's most publicly available valuation was $2 billion, established in August 2021 during its Series C funding round led by SoftBank Vision Fund 2.
However, some reports suggest that OPay's valuation could have potentially increased since then, with estimates ranging up to $10 billion. This potential increase could be due to factors like continued user growth, expansion into new markets, or successful execution of its business strategy.
It's important to note that private company valuations are not always publicly disclosed and can fluctuate based on various factors. Therefore, the available information on OPay's valuation may not be the full picture, and its current true value could be higher or lower than the available estimates.
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