Lagos, Nigeria – Africa-focused fintech giant OPay has seen its valuation rise to $2.75 billion, even amid a global downturn in venture funding and a broader slowdown across the fintech sector. The new valuation, revealed through regulatory filings from minority investor Opera Limited, reflects modest investor optimism in contrast to declining valuations elsewhere in the industry.
Opera, which holds a 9.4% stake in OPay, reported that its investment is now worth $258.3 million in 2024, up from $253.3 million in 2023. However, the filings also showed a sharp drop in unrealised fair value gains—from $89.8 million in 2023 to just $5 million in 2024—indicating a deceleration in OPay’s valuation growth.
This trend mirrors wider challenges faced by global fintechs. Swedish payments firm Klarna, for instance, saw its valuation slashed by 85%—from $45.6 billion to $6.7 billion in 2023—as investors reeled from rising interest rates and global economic uncertainty.
Despite such headwinds, OPay has demonstrated resilience. The company, which raised $400 million in 2021 from top-tier investors like SoftBank and Sequoia, has seen its valuation climb from $2 billion at the time of that round to the current $2.75 billion. With a user base now reportedly exceeding 50 million across Africa and continued expansion into sectors such as payments, loans, and insurance, OPay’s diversified growth strategy appears to be paying off.
The fintech’s ability to maintain investor confidence in an environment of tightened funding reflects not just the strength of its product ecosystem but also the growing importance of digital financial services across Africa. The continent now holds over half of the world’s 1.1 billion registered mobile money accounts, underlining the massive potential for fintech innovation and adoption.
Other players in Africa’s fintech landscape are also attracting investment. South Africa’s Stitch has secured $55 million to enhance its end-to-end payment solutions, while Happy Pay has partnered with Peach Payments to launch interest-free, deposit-free Buy Now, Pay Later (BNPL) options for thousands of South African online merchants.
In Kenya, digital bank Umba raised $5 million from Star Strong Capital to grow its loan book, backed by a sixfold increase in revenue driven by vehicle and SME financing.
As the global fintech ecosystem cools, Africa’s digital economy may offer a silver lining. OPay’s valuation stability and continued expansion position it as one of the continent’s more stable and promising players—potentially setting the pace for others navigating the new normal in venture funding.