Africa-focused fintech OPay has increased its valuation to $2.75 billion, according to new filings from its minority investor, Opera Limited. This modest growth, up from a $2 billion valuation in 2021, comes even as the broader fintech industry grapples with reduced venture capital and significant valuation drops.
Opera, which holds a 9.4% stake in OPay, valued its share at $258.3 million in 2024—an uptick from $253.3 million the year before. However, Opera’s unrealized fair value gains from its investment dropped sharply from $89.8 million in 2023 to just $5 million in 2024, reflecting a slowdown in OPay’s market value growth.
This deceleration aligns with global fintech trends, where rising interest rates and investor caution have led to massive valuation cuts. High-profile cases such as Klarna, whose valuation fell from $45.6 billion to $6.7 billion, highlight the challenges facing the sector.
In contrast, OPay’s ability to hold and slightly increase its valuation demonstrates strong investor confidence in the company’s strategy and market position. Since its $400 million funding round in 2021, which brought on major backers like SoftBank and Sequoia.
OPay has grown to serve over 50 million users across several African countries. Its expansion into services like payments, loans, and insurance has helped sustain its relevance despite global headwinds.
As international venture funding continues to tighten, OPay’s resilience offers a rare sign of stability in the fintech landscape. Whether it can continue this momentum remains uncertain, but its large user base and diversified offerings suggest it is well-positioned to weather future storms in Africa’s digital economy.
