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OPay Swings to $72M Profit Ahead of NYSE IPO
OPay has swung to a $72 million profit on $536 million in revenue, adding a confirmed profitability figure to the financial picture first disclosed on August 14. The Nigerian-founded fintech is advancing toward a reported $4 billion NYSE listing that would be Africa's largest fintech public offering to date.
OPay's Numbers: profitable is real, but the listing still leaves Nigeria behind
A $72 million profit on $536 million in revenue isn't a rounding error — OPay has genuinely built a business that works.
But profitability doesn't change the question yesterday's filing raised: the Nigerian users who powered those numbers won't get to own shares on the Nigerian Exchange. The value gets priced in New York, captured by whoever buys in there.
Profit makes the IPO more attractive. It doesn't make the venue less telling.
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- OPay Swings to $72M Profit Ahead of Planned IPO · innovation-village.com · T2