Standard Bank commits up to $200m to fintech OPay
OPay is preparing a roughly $4 billion New York listing, and lending has overtaken payments in its revenue mix as first-half sales more than doubled.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Standard Bank plans to invest up to $200 million in the fintech firm OPay, with payments and lending tie-ups also being explored. OPay is readying a New York IPO of about $4 billion, and its lending business has now overtaken payments.
Why it matters
The bank says the tie-up would widen its reach and improve access to financial services.
Timeline
- Oct 11, 10:25 AM ET: Standard Bank announced it would bet up to $200 million on OPay, saying the partnership would expand its reach.
- Oct 12, 7:13 AM ET: OPay was reported to be readying a $4 billion New York IPO, with lending overtaking payments as its revenue more than doubled in the first half of the year.
- Oct 12, 8:00 AM ET: Payments and lending tie-ups between Standard Bank and OPay were reported to be under exploration alongside the IPO-linked investment.
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