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In Brief: Lagos-based Payment Startup OPay Raises US$120M Series B Round

Opay - Oride - Founder360

Funding

In Brief: Lagos-based Payment Startup OPay Raises US$120M Series B Round

OPay, a payment startup focused on Africa has raised US$200 million in a Series B round led by backed by Chinese investors.

The round was led by several investors including included Meituan-Dianping,  GaoRong, Source Code Capital, Softbank Asia, BAI, Redpoint, IDG Capital, Sequoia China and GSR Ventures.

The Lagos-based FinTech startup founded by Norwegian browser company Opera will use the funds to scale in Nigeria and expand its payments product to Kenya, Ghana and South Africa. The round came after the startup raised US$50 million in June this year.

Read: Global Payment Firm Visa Plans US$200M Stake in Nigeria’s Interswitch

Opay which is Chinese owned launched in 2018 providing mobile payment services and has since launched motorcycle ride-hail app ORide and OFood, a food delivery service; hence positioning Opera, the parent company towards becoming a multi-service commercial internet platform in Africa.

According to the company, OPay has 140,000 active payment agents in Nigeria processing daily transactions worth more than US$10 million positioning it as the largest mobile transaction provider in the country.

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