OPay Targets $4.4B Valuation in US IPO

Hey FinTech Fanatic!

African FinTech is heading back to Wall Street. OPay, the SoftBank-backed payments company focused on Nigeria, is targeting a valuation of up to $4.42 billion in its US IPO, aiming to raise as much as $366 million.

Founded in 2018, OPay offers digital payments and financial services and has expanded beyond Nigeria into Egypt, Indonesia, and Pakistan. It reported around 50 million monthly active users as of July 2026.

There’s already strong investor interest. Existing backers and other investors have indicated interest in buying up to $270 million in shares, while Stanbic Africa Holdings has separately agreed to invest up to $200 million through a private placement.

OPay plans to use the proceeds to invest in technology, expand into new markets, develop products and explore acquisitions. The big question is whether it can turn its huge user base into the next stage of growth as a publicly listed company.

And speaking of payment security, Incognia explores how banks can use real-time device and location data to catch scams before the money is gone. 

Anyway, plenty more happened in FinTech today.

Let’s dive in, and I’ll be back in your inbox tomorrow!

Cheers,

Marcel

INSIGHTS

💡 Incognia: A new way to prevent payment scams in real time. What happens when someone willingly sends money to a scammer without realising they’re being tricked? From the bank’s perspective, everything might look legitimate because the customer authorised the payment themselves. That’s what makes these scams so difficult to catch. Incognia looks at how real-time device and location intelligence could help banks spot warning signs and intervene before the money is gone.

FINTECH NEWS

🇺🇸 OPay targets a $4.42B US IPO valuation, aiming to raise up to $366M. The Nigeria-focused company plans to list on the NYSE as OPAY. Stanbic Africa Holdings agreed to invest up to $200M in a private placement.

🇺🇸 RedotPay prepares a confidential US IPO filing, targeting a $5B valuation. Bloomberg reports it could submit the SEC filing before the year ends. The Hong Kong stablecoin firm has 9M+ customers and $180M+ annualized run rate revenue.

🇮🇱 Fireblocks plans to cut about 7% of its workforce, including dozens in Israel. This follows reports saying that Visa was weighing a $2.5B Fireblocks deal, which the latter denied. Affected employees will receive enhanced severance and transition support.

🇦🇪 Alpaca secures in-principle approval from ADGM's FSRA to expand brokerage infrastructure in the UAE. Alpaca Middle East plans to offer brokerage and virtual asset custody after final permission, with the company supporting partners in over 50 countries.

PAYMENTS NEWS

🇺🇸 Klarna is now available as a payment option on Adorama.com, with Scuba.com and SunnySports.com to follow. Shoppers can split a new lens into four interest free payments or finance bigger purchases. Adorama serves photographers and filmmakers.

🇳🇱 EPI launches Wero for online payments in the Netherlands, starting the migration from iDEAL. Customers of 11 Dutch banks, including ING, Rabobank and bunq, can now use Wero for webshop purchases. EPI aims to complete the migration before the end of 2027, with subscriptions and pay on delivery added in Q2 2027.

DIGITAL BANKING NEWS

🇬🇧 Revolut launches personal loans in the UK, taking on major banks. Loans range from £2,000 to £25,000 with rates of 6.9% to 29.3%. Revolut will first offer them to selected customers among its 14 million UK users.

🇵🇭 Revolut is in active talks with the Philippine central bank for a digital banking license. The Bangko Sentral ng Pilipinas said Revolut must pass its assessment, including requirements for a foreign bank presence. Revolut began operating its Manila Global Technology Hub in July 2025.

🇪🇬 MIDBANK secures FRA approval to launch a digital finance company for SMEs. The new unit, MIDBANK Digital Finance for Small and Medium Enterprises, will develop financing solutions tailored to the needs of SMEs. The bank will announce further details of its services and operating mechanisms later.

🇨🇦 Vancity selects Temenos SaaS to modernize its core banking platform. Canada's largest credit union, with CAD $42.4 billion in assets, will introduce new digital banking capabilities while progressively modernizing operations. The program covers Temenos Core, Payments Hub and Data Hub on Microsoft Azure.

BLOCKCHAIN/CRYPTO NEWS

🇭🇰 Hong Kong starts the world's first nonstop trading of tokenized money market funds. Two approved tokenized MMFs now trade around the clock on licensed virtual asset exchanges. The SFC and HKMA will use Project Ensemble to streamline settlement.

🇭🇰 Hong Kong names Solana Company a strategic enterprise to support blockchain infrastructure. The company is the only blockchain infrastructure firm selected for the program this year. It gains administrative support and help hiring overseas specialists.

🇳🇱 MEXC is ending services in the Netherlands after failing to secure MiCA authorization. The exchange said it does not currently hold a license as a crypto asset service provider in the EU and EEA. The final shutdown process is set to be completed on November 16.

🇮🇹 Bank of Italy urges banks to invest in digital asset technologies despite uncertainty. Deputy Governor Chiara Scotti encouraged lenders to start with small-scale experiments and gradual investments, warning that delaying adoption could limit learning and future business opportunities.

🇺🇸 Wells Fargo, Intuit and others object to their shares being tokenized. According to a regulatory document reviewed by Reuters, 22 companies have opposed plans by OKX and Intercontinental Exchange to offer tokenized versions of their stocks. Under the SEC's new exemption, platforms cannot list tokenized shares if the issuing company objects.

STABLECOINS NEWS

🌎 MAJORITY launches cross-border stablecoin payments to Latin America with zerohash. US senders pay in dollars while recipients receive USDC in their MAJORITY Global Wallet. Eligible members can send money 24/7, including weekends and holidays.

PARTNERSHIPS

🌐 Mastercard and Beast Industries partner on creator card programs and education. Offerings include exclusive benefits and Priceless experiences for MrBeast fans. The partnership will also expand access to practical financial education.

🇮🇳 Tech Mahindra and Mastercard partner to accelerate embedded B2B payments. The deal embeds virtual card capabilities into enterprise ERP and procurement platforms. It aims to help enterprises optimize working capital and automate payments.

🇪🇹 Dashen Bank and ShebaMiles launch a Platinum Mastercard debit card in Ethiopia. Cardholders get airport lounge access, fast track, and data roaming. Customers can access the virtual card in the Dashen Bank Super App.

🇦🇪 Checkout.com enhances payment infrastructure for UAE platform PRYPCO. The partnership helped PRYPCO lift payment acceptance rates by 20%. It now also covers processing for PRYPCO Mint, its real estate tokenization platform. Read more

🇬🇧 Chelsea FC announces a multi-year sleeve partnership with Sokin. Sokin's logo will appear on the men's, women's and academy kits from the 2026/27 season. The company will also support Chelsea's international payments and foreign exchange operations, building on its existing business payments activity of more than $11 billion annually.

🌏 Adyen marks ten years as a payments partner to Agoda, with the two exploring issuing and payouts. Adyen is Agoda's acquirer across APAC, Europe and the US and routes its transactions to improve authorization rates. Its work also covers local payment methods and streamlined authentication at checkout.

🇪🇺 Revolut launches Revolut Ventures in collaboration with Carne Group. The platform will connect selected investors with unlisted tech companies directly in the Revolut app. It follows the launch of Private Markets in select EEA markets in July 2026.

🇿🇦 Paymentology expands its Mukuru partnership, powering a new Account & Card in South Africa. Offered with Bank Zero as sponsor bank, the card lets customers receive salaries, pay local bank accounts and send money abroad. Around 500,000 existing Mukuru prepaid cardholders can move onto the new proposition.

🇺🇸 Apex FinTech Solutions partners with EDX Markets to support digital markets expansion. Apex will integrate EDX's trading and clearing technology into its infrastructure. EDX combines a trading venue for institutions only with a central clearinghouse.

🇨🇦 Brim Financial partners with Manulife Bank to modernize its credit cards and payments. Manulife Bank will move its credit card portfolio to Brim's platform, which brings issuing, processing, servicing and loyalty together. The platform sits within Manulife Bank's digital banking experience.

🇺🇸 Elavon to deliver embedded payments across SAP applications, joining the SAP PartnerEdge program. The planned integration will streamline payments across SAP finance, commerce and supply chain applications.

🇺🇸 NBA partners with Kalshi and Polymarket amid regulation fight. The deal creates an integrity framework with a CFTC memorandum of understanding. Both become preferred platforms with access to official league data and logos.

DONEDEAL FUNDING NEWS

🇨🇦 Neo Financial secures a $185M facility to boost credit platform funding. The Calgary company closed a syndicated warehouse facility to expand funding capacity with Canadian credit unions. Participants include Vancouver City Savings Credit Union and Beem Credit Union, with ATB Financial as lead arranger.

🇺🇸 Nevis, a startup founded by former Revolut executives, raises $70M in a Series B round. The New York company builds AI software that takes paperwork and routine tasks off advisors' plates. The round values Nevis at $500M, according to a person familiar with the matter.

🇺🇸 Miami startup BOB raises $5.5M to build an AI banking platform. The seed round was led by Mischief, from Plaid founder Zak Perret. BOB will use the capital to expand its product and grow its Miami team.

M&A

🇸🇦 Arab Sea agrees to sell SeaPay to PayTabs Group for SAR 35 million. Arab Sea Information Systems Company signed an MoU on October 22 to transfer its entire 100% stake in Arab Sea Financial Company. The deal still requires due diligence, a binding SPA and regulatory approvals.

🌏 Tech Mahindra acquires three cash management products from Finastra. The deal covers Fusion Cash Management, Fusion Virtual Accounts and Fusion Liquidity Management, including their IP. It expands Tech Mahindra's banking software portfolio, and financial terms were not disclosed.

🇧🇷 Itaú Unibanco acquires Brazilian AI startup NeoSpace in a $580M cash deal. The acquisition will help the bank build its own AI models. NeoSpace keeps its autonomous management, with founder Bruno Pierobon remaining CEO.

AI DEVELOPMENTS

🇸🇬 Aspire launches AI accounting tool AspireBooks in Singapore. The product uses AI agents to classify transactions and match payments to invoices and bills. It combines bookkeeping, reconciliation and multicurrency financial reporting within Aspire's financial platform.

MOVERS AND SHAKERS

🇱🇺 Broadridge names Ervin Zaljević Director of Regulatory Solutions in Luxembourg. He will strengthen Broadridge's engagement with Luxembourg's investment funds and asset management community. Zaljević previously served as Head of Legal at BlackRock Luxembourg.

🇷🇴 Salt Bank names Roxana Cristea as Chief Business Officer, pending regulatory approval. She will oversee product development, commercial operations and customer service, drawing on her experience launching digital loans, virtual credit cards and mortgage solutions.

🇸🇦 Paymentology appoints Sultan Alabdullatif as Country Manager for Saudi Arabia. Alabdullatif will lead Paymentology's continued growth in the Kingdom after serving as Head of Acceptance Solutions at Visa in Saudi Arabia. He was previously Country Manager at Amazon Payment Services.

🇸🇪 Westpay appoints Jens Ålander as interim CFO. He will cover for CFO Pernilla Ullsten during her temporary absence for personal reasons, starting 1 November 2026. Ålander has served as CFO of listed companies including Seamless Distribution Systems and Imint. Read more

🇬🇧 Lloyds names Javier Rodríguez de Colmenares as group chief risk officer. He takes over the bank's risk function from Stephen Shelley, who retired after 15 years. He joins from Santander, where he was global chief risk officer for three years.

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