OPay withdraws planned $304m US IPO over foreign regulatory inquiry

OPay, a Nigeria-focused digital financial services company, has withdrawn its planned $304 million US initial public offering on Friday over a regulatory inquiry by a foreign jurisdiction it did not identify.

The SoftBank-backed digital-payments company described the inquiry as relating to a jurisdiction immaterial to its core operations, Reuters reported.

The company had earlier disclosed that it was raising $304 million in its initial public offering (IPO) and aimed to secure a market capitalisation of more than $4 billion.

The company had planned to list on the NYSE under the ticker symbol “OPay.”

OPay withdrew its planned US initial public offering later on Friday, but it did not identify the regulator or the nature of the inquiry.

OPay said it expected the matter to be resolved satisfactorily in the near future and that the probe should not be misconstrued as a reflection of the company’s business performance, financial condition, operational integrity or regulatory standing.

It explained that the inquiry would not affect its operations, regulatory standing or customer service in Nigeria or its other markets.

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Founded in 2018, OPay provides digital financial services across emerging markets, including Nigeria and Indonesia.

Its app offers payments, money transfers, savings and loans in economies where limited access to traditional banking can make everyday transactions difficult.

The company had reached a $1 billion revenue run rate in the second quarter of 2026, recording 137 per cent year-on-year growth and a 19 per cent net margin in the first six months of the year.

The fintech company raised $400 million in 2021 at a valuation of $2 billion. It had about 50 million monthly active users as of 31 July, according to its IPO prospectus.

Citigroup, Deutsche ⁠Bank, Standard Bank, and CICC were among the underwriters.