Standard Bank to invest about $185 million in OPay before US listing

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  Standard Bank plans to invest about $185 million in Nigeria-focused fintech OPay ahead of its planned New York listing.

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  The investment will be made through a private placement alongside OPay’s initial public offering.

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  OPay’s filing puts the possible investment at up to $200 million, while the final amount depends on several factors.

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  Standard Bank’s stake will not exceed 4.99%, and the shares will be locked up for 12 months.

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  The companies also plan to work together on merchant payments, foreign exchange and wealth products.

Who

Standard Bank and OPay, a Nigeria-focused fintech backed by SoftBank.

What

Standard Bank plans to invest about $185 million in OPay through a private placement alongside its IPO.

When

OPay’s filing and the report of the investment were published on Friday; the exact date is not stated.

Where

OPay plans to list American depositary shares on the New York Stock Exchange.

Why

OPay is raising capital ahead of its listing, while Standard Bank seeks exposure to the fintech and plans business collaboration with it.

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