In a global fintech climate marred by declining valuations and tightening investor wallets, Africa-focused fintech unicorn OPay has charted a different course, with its valuation climbing to $2.75 billion in 2024, according to recent regulatory filings by minority investor Opera Limited.
This modest but significant bump from its 2021 peak valuation of $2 billion underscores sustained investor belief in OPay’s long-term market play across Africa.
Investor Snapshot: Modest Gains, Steady Confidence
Opera Limited, which holds a 9.4% stake in OPay, disclosed that its share was worth $258.3 million in 2024, a small increase from $253.3 million in 2023. However, the filings also revealed a sharp decline in unrealised fair value gains: from $89.8 million in 2023 to just $5 million in 2024.
This dip aligns with global trends. Venture capital pullbacks, high interest rates, and economic volatility have led to deep valuation cuts across major fintechs. Case in point: Klarna, which saw its valuation plummet by 85%, from $45.6 billion to $6.7 billion.
In that context, OPay’s ability to increase its valuation, even slightly, is no small feat.
User Growth and Market Expansion: The Real Engine
Since its last funding round in 2021, where it raised $400 million from a high-profile group of investors including SoftBank and Sequoia, OPay has focused on solidifying its user base and expanding its product verticals.
Today, the company reportedly serves over 50 million users across multiple African markets. Its suite of services has grown from basic mobile payments to now include digital lending, insurance, and merchant services, positioning it as a comprehensive financial services ecosystem for underserved populations.
This approach appears to be working, not just in terms of reach but also in brand strength and retention.
Related: OPay Expands ₦1.2 Billion Scholarship Initiative to Obafemi Awolowo University
Brand Spotlight Insight: Stability Over Hype
OPay’s steady valuation in 2024 sends a message that resonates deeply with brand managers and financial strategists alike: stability is the new growth.
While many fintechs rose fast and fell hard on inflated projections, OPay has managed to hold ground through measured expansion, user-centric innovation, and local market intelligence. Its strategy seems anchored not in hype but in solving real problems, like access to affordable financial services for individuals and SMEs in emerging markets.
Looking Ahead: Is OPay Africa’s Fintech Benchmark?
Whether OPay can maintain its valuation trajectory remains to be seen, but the signs are cautiously optimistic. With continued growth in transaction volume, expanding verticals, and a robust user base, OPay may be positioning itself not just as a unicorn but as Africa’s fintech benchmark.
For investors and brand leaders watching the continent’s digital transformation, OPay’s resilience offers a rare case study in scaling with discipline.
Editor’s Note:
As fintechs across the globe rethink their strategies, OPay’s Africa-first, user-led model might just be the blueprint for fintech resilience in the next decade.
