Opay Ltd
Functions Related To Depository Banking, NEC, SIC 6099 · Incorporated in the Cayman Islands
Follow- Filed
- Oct 9, 2026
- Pages
- 322
- Underwriters
- 6
Road to listing
239 days from first draft to public filing- Draft submittedFeb 12 · DRSA first draft of the registration statement, sent to the SEC in confidence.0001193125-26-047684
- Draft amendedMar 23 · DRS/A0001193125-26-119288
- Draft amendedMay 1 · DRS/A0001193125-26-201514
- Draft amendedAug 14 · DRS/A0001193125-26-352462
- Filed in publicOct 9 · F-1The registration statement, public for the first time.0001193125-26-418812
- AmendedOct 23 · F-1/AThe registration statement, revised.0001193125-26-430437
- Price range setNot yet · F-1/AAn amendment fills in the price range and the number of shares.
- RoadshowNot yet · FWPA company that filed drafts in confidence must file in public at least 15 days before its roadshow begins.
- EffectiveNot yet · EFFECTThe SEC declares the registration statement effective, and the shares can be sold.
- PricedNot yet · 424B4The final prospectus, with the price the shares sold at.
- First tradeNot yet · OPAYThe shares open on the exchange, and the desk covers the company in full.
The company sent the SEC 4 drafts in confidence over 239 days, then filed in public on October 9, 2026. The dashed stops are still to come.
Revenue
FY 2025p. F-5+160.7% on FY 2024
Operating income
FY 2025p. F-5from $35.10M in FY 2024
Net income
FY 2025p. F-5from $50.83M in FY 2024
Cash
Jun 30, 2026p. F-42
Total assets
Jun 30, 2026p. F-42Liabilities $1.53B
Reading
Thaler Agent, each line on its passageRevenue and its largest cost
In FY 2025, the company made its first operating profit.
Each dollar of revenue took $0.35 of loan financing services in FY 2024 and $0.49 in FY 2025.
Total revenuesLoan financing services
FY 2024FY 2025
Operating (loss) income$35.10M$107.10M
Loan financing services per $1 of revenueᵈ$0.35$0.49
From the prospectus, page F-5.
Statement of operations
143 of 143 checks passedAs filed, in the prospectus’s own lines.
| Line | FY 2024 | FY 2025 |
|---|---|---|
| Transaction-based services | ||
| Loan financing services | ||
| Loan facilitation services | ||
| Interest income from short-term investments | ||
| Others | ||
| Total revenues | ||
| Transaction-based expenses | ||
| Provision for expected credit loss | ||
| Interest and financial expenses | ||
| Technology and development expenses | ||
| Selling and marketing expenses | ||
| General and administrative expenses | ||
| Customer support and operations | ||
| Depreciation and amortization | ||
| Hardware cost | ||
| Others | — | |
| Total operating expenses | ||
| Operating (loss) income | ||
| Interest income | ||
| Interest expense | ||
| Foreign exchange (loss) gain, net | ||
| Others, net | ||
| (Loss) income before income taxes | ||
| Income tax expense | ||
| Net (loss) income |
Balance sheet
As filed, in the prospectus’s own lines.
| Line | Dec 31, 2024 | Dec 31, 2025 | Jun 30, 2026 |
|---|---|---|---|
| Cash and cash equivalents | |||
| Restricted cash | |||
| Short-term investments | |||
| Funds receivable and customer accounts | |||
| Accounts receivable and contract assets, net | |||
| Loans and interest receivable | |||
| Accounts receivable and contract assets, net of allowance of US$43 and US$84 as of December 31, 2025 and June 30, 2026, respectively | — | ||
| Loans and interest receivable, net of allowance of US$77,545 and US$90,420 as of December 31, 2025 and June 30, 2026, respectively | — | ||
| Accounts receivable and contract assets, net of allowance of US$877 and US$43 as of December 31, 2024 and 2025, respectively | — | ||
| Loans and interest receivable, net of allowance of US$15,012 and US$77,545 as of December 31, 2024 and 2025, respectively | — | ||
| Inventories | |||
| Prepaid expenses and other current assets | |||
| Total current assets | |||
| Property and equipment, net | |||
| Intangible assets | |||
| Goodwill | |||
| Operating lease right-of-use assets | |||
| Total non-current assets | |||
| TOTAL ASSETS | |||
| Accounts payable and accrued liabilities | |||
| Fixed rate notes | — | — | |
| Funds payable and amounts due to customers | |||
| Interest-bearing deposits by customers, current | |||
| Amounts due to related parties | — | — | |
| Operating lease liabilities, current | |||
| Total current liabilities | |||
| Interest-bearing deposits by customers, non-current | |||
| Operating lease liabilities, non-current | |||
| Other non-current liabilities | |||
| Deferred tax liabilities | |||
| Total non-current liabilities | |||
| TOTAL LIABILITIES | |||
| Series Seed redeemable convertible preferred shares | |||
| Series Seed+ redeemable convertible preferred shares | |||
| Series A redeemable convertible preferred shares | |||
| Series B redeemable convertible preferred shares | |||
| Series C redeemable convertible preferred shares | |||
| TOTAL MEZZANINE EQUITY | |||
| Ordinary shares | |||
| Additional paid-in capital | — | — | — |
| Accumulated other comprehensive income | |||
| Accumulated deficit | |||
| TOTAL SHAREHOLDERS’ DEFICIT | |||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT |
Read from the prospectus’s tables, merged into one statement: the audited financial statements first, every other table checked against them.
Among its industry
By its latest year’s revenue, it would be the 3rd largest of 4 companies filed under SIC 6099.
Functions Related To Depository Banking, NEC. Its revenue is $536.25M (FY 2025); each peer stands at its latest fiscal year.
Peers are the covered companies the SEC files under the same code.
From SEC EDGAR · Form F-1/A · 0001193125-26-430437 · filed October 23, 2026