OPay Digital Services, a fintech focused on Nigeria, is reportedly preparing for a potential US stock market listing.
According to a Bloomberg report, the company is working with Citigroup, Deutsche Bank, and JPMorgan Chase & Co. on an initial public offering (IPO).
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The SoftBank Group-backed firm is seeking a valuation of about $4bn, people with knowledge of the matter told the publication.
The company can sell shares later this year, the report added.
According to its website, OPay was established in 2018 with a licence from the Central Bank of Nigeria (CBN). It is insured by the Nigeria Deposit Insurance Corporation (NDIC).
The company operates a financial services platform offering payments, transfers, savings and loans. It also provides point-of-sale (POS) services for agents and acquiring services for merchants.
The Chinese tycoon Yahui Zhou-founded company raised $400m in 2021 at a valuation of $2bn. It was backed by SoftBank Vision Fund and Sequoia Capital, as well as Long-Z Capital, the venture arm of Meituan.
OPay has more than 40 million users and serves tens of millions of users, agents and merchants in Nigeria.
By 2031, it aims to serve 1 billion users and ten million merchants, the website states.
The report comes amid broader IPO activity linked to SoftBank-backed companies. Earlier this year, SoftBank-backed PayPay raised $879.8m in its US IPO. Based on outstanding shares listed in its filings, the closing price valued PayPay at around $12.1bn.
