Fintech Firm OPay Cancels $304M US IPO Amid Regulatory Inquiry

The SoftBank-backed African fintech giant has scrapped its US public listing following a regulatory probe.

African fintech company OPay, backed by Japanese investment giant SoftBank, has cancelled its planned $304 million initial public offering in the United States, Investing.com reported, citing Bloomberg. According to the report, the decision to scrap the IPO was prompted by a regulatory inquiry.

Meanwhile, tech news outlet WeeTracker noted that the shelved listing underscores the growing gap between the hype surrounding African fintech ventures and the realities of public financial markets.

Further details regarding the specific nature of the regulatory probe and its broader impact on the company have not yet been released.