Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa
Lagos-headquartered fintech Opay has sealed $120 million in a series B financing round from a host of high-profile Chinese investors.
Founded in 2018 by web browser developer Opera, OPay — which focuses on developing digital payments solutions to promote financial inclusion — had previously raised $50 million in June of this year.
Opera’s OPay reportedly intends to use the new Series B $120 million round to scale and extend its digital payments solution beyond Nigeria to Kenya, Ghana and South Africa.
The round reportedly included big-name venture capital investors Sequoia China and Softbank Asia, IDG Capital, alongside Meituan-Dianping, GaoRong, Source Code Capital, BAI, Redpoint and GSR Ventures.
Since its Series A $50 million round, OPay’s business in Nigeria has grown to 140,000 active agents and hit $10 million in daily transaction volume.
In terms of the increasingly vibrant fintech and cross-border payments space, Nigeria-based Interswitch recently hit unicorn status following an equity investment from Visa and plans to go public in the future.