Africa: Africa's Biggest Bank Targets Stake in OPay Ahead of IPO
The amount and stake remain undisclosed as OPay targets a $4 billion valuation and works with banks on its New York listing.
- Standard Bank Group, Africa's largest bank by assets, is negotiating a potential investment in Nigerian fintech OPay ahead of the company's planned United States initial public offering.
- Since its 2018 founding, OPay has grown into one of Nigeria's largest digital financial platforms, expanding into emerging markets across Africa and Asia, including Egypt, Indonesia, and Pakistan.
- To facilitate the listing in New York, OPay is working with Citigroup, Deutsche Bank AG, and JPMorgan Chase & Co, targeting a $4 billion valuation backed by SoftBank Group Corp and Sequoia Capital.
- The potential investment follows Standard Bank Group's disclosure that it plans to deploy $15.4 billion across the continent to tap opportunities in Nigeria and other key markets.
- OPay joins other prominent Nigerian fintechs, including Moniepoint and Flutterwave, that have secured foreign funding to finance growth and expand operations beyond the continent.
11 Articles
11 Articles
Africa's biggest bank targets stake in OPay ahead of IPO
The potential investment in OPay followed Standard Bank Group’s disclosure that it plans to increase its investments in companies across Africa in June. The post Africa’s biggest bank targets stake in OPay ahead of IPO – Report appeared first on Premium Times Nigeria.
Standard Bank Considers SoftBank-Backed OPay Stake Before US IPO
Standard Bank Group Ltd. is in talks to buy a stake in Opay Digital Services Ltd., as the Nigeria-focused financial technology firm prepares for an initial public offering in the US, according to people with knowledge of the matter.
Standard Bank Group is in discussions to acquire a stake in OPay Digital Services, while fintech is preparing a possible introduction to the New York Stock Exchange, according to people close to the file cited by Moneyweb. OPay works with Citigroup, Deutsche Bank and JPMorgan Chase on its listing project. Supported notably by SoftBank and...
Coverage Details
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
