OPay’s valuation rises to $2.75 billion, defying the global slowdown in venture capital funding.

Africa-focused fintech company OPay has seen its valuation climb to $2.75 billion, according to recent regulatory filings from minority shareholder Opera Limited. While this increase is noteworthy, the filings also highlight a significant drop in unrealized fair value gains.

Opera Limited, an early investor holding a 9.4% stake in OPay, valued its interest at $258.3 million in 2024, up slightly from $253.3 million in 2023. However, the company’s unrealized gains from this investment fell sharply—from $89.8 million in 2023 to just $5 million in 2024—indicating a notable slowdown in the pace of OPay’s valuation growth.

This trend reflects broader challenges facing the global fintech sector amid a downturn in venture capital funding. For instance, major fintech players like Klarna have seen drastic reductions in valuation, with Klarna’s dropping by 85% from a peak of $45.6 billion to $6.7 billion in 2023, as rising interest rates and economic uncertainties prompt investors to become more risk-averse.

Despite these global pressures, OPay has not only maintained but modestly increased its valuation since its last funding round in 2021, where it raised $400 million from investors such as SoftBank and Sequoia, reaching a valuation of $2 billion at the time. The company now reportedly serves 50 million users across several African markets and has expanded into additional financial service verticals including payments, lending, and insurance.

OPay’s steady performance amidst global volatility suggests strong investor confidence in its long-term strategy and its role in Africa’s growing digital economy. While the pace of growth may have slowed, the fintech’s ability to retain investor trust and build a diversified service offering points to resilience and potential for sustained success.

Whether OPay can continue to outperform global trends remains uncertain, but its solid user base, strategic expansion, and market position make it one of the more stable players in today’s fintech landscape.