OPay Raises $400m at $2bn Valuation


Nigeria based mobile payment company, OPay has secured $400 million in a new funding round led by SoftBank Vision Fund, the venture capital arm of Japanese conglomerate, SoftBank.

Picture showing Opay agent holding POS Machine. | Source: techcrunch.com

The latest funding brings investments to date in OPay to $570 million and values the Nigerian mobile payments platform at $2 billion. It also marks the first investment in an Africa-based startup by the SoftBank Vision Fund.

Other participants in the round are mainly Asian investors, who are increasingly betting big on African startups. They include Sequoia Capital China, DragonBall Capital, Redpoint China, Source Code Capital, SoftBank Ventures Asia, and 3W Capital. 

“We want to be the power that helps emerging markets reach faster economic development,” OPay’s Chief Executive Officer, Yahui Zhou, said.

OPay operates in a competitive fintech space, where others like Paga and TeamApt are equally working to increase their market share as they aim to bring financial services to the millions of unbanked Nigerians.

Founded in 2018, OPay raised two investments in 2019; $50 million in June and a $120 million Series B in November. 

OPay previously offered ride-hailing and logistics services as well but shut down the former last year due to a government ban on motorcycles in Lagos.

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