OPay Raised $120 million Series B Funding

OPay is a mobile-based payment platform for transportation, food and grocery delivery in Nigeria.

OPay App Demo.

OPay is not the only mobile money and payment platform in the Nigeria, but it has managed to carve out a significant share of the mobile money market in country for itself in less than a year of operations, Dignited stated. The platform is owned by Opera, which is listed on Nasdaq under the Opera ticker symbol.

What’s different about OPay in Nigeria?

OPay plans to use the new fund to speed up its expansion across its multiple verticals, as well as entering new African markets.

“OPay will facilitate the people in Nigeria, Ghana, South Africa, Kenya and other African countries with the best fintech ecosystem that Africa has ever seen, paired with the inclusion of daily use services such as transportation and delivery. We see ourselves as a key contributor to expanding financial inclusion in Africa, and helping local businesses and workforces to thrive from opportunities created by new, digital business models. The capital raised will be allocated to African countries where local regulation is supportive of scientific and technological entrepreneurship in the fintech space,” commented Mr. Yahui Zhou, CEO of OPay.

OPay Series B investors

Meituan-Dianping, DragonBall Capital (The Investment fund backed by Meituan-Dianping), GaoRong Capital, Source Code Capital, SoftBank Ventures Asia, Bertelsmann Asia Investments (BAI), Redpoint China, IDG Capital, Sequoia Capital China and GSR Ventures are the Series B investors.

 

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