Standard Bank Group is reportedly in early-stage talks to acquire a pre-IPO strategic stake in Nigerian payments giant OPay.
Ahead of its planned U.S. initial public offering (IPO), Nigerian fintech platform OPay Digital Services is in talks with South Africa’s Standard Bank Group regarding a potential stake acquisition according to a Bloomberg report.
People familiar with the matter revealed that the proposed investment would allow Africa’s largest lender by assets to secure a position in OPay before the fintech advances with its planned U.S. listing.
In May, reports surfaced that OPay was targeting a valuation of roughly $4 billion for its planned U.S. initial public offering, tapping Citigroup, Deutsche Bank and JPMorgan Chase to lead the deal. The share sale is slated for later this year.
According to Bloomberg, OPay declined to comment on the reported deal, while Standard Bank stated it does not comment on market speculation, adding that it remains committed to creating value for clients across its markets.
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The report indicated that no agreement has been reached and there is no guarantee the proposed transaction will close, according to people familiar with the matter. Both the investment amount and the exact size of the stake Standard Bank is seeking remain undisclosed.
OPay, one of Africa’s premier unicorns has grown as a leading digital financial platform in Nigeria delivering mobile-first payment, savings, credit and other fintech solutions.
