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Thursday, September 23, 2021

Nigeria Opay raises N20billion in new investment fund

Nigeria-based fintech OPay has gotten 20billion naira during a new funding round left by SoftBank Vision Fund, Japanese conglomerate SoftBank’s venture capital arm

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According to Tech Cabal, this new funding  brings total investments into OPay to $570-million and sees the payment platform’s value surge to $2-billion.
OPay’s newest funding and the capital amassed marks the single largest investment round gotten by an African-based startup and marks the first investment in a startup on the continent by SoftBank Vision Fund.

This newest round by OPay was populated by Asian investors – who have been increasingly looking to invest in African startups. These 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,” says Yahui Zhou, CEO of OPay”, quoted by Bloomberg.

OPay operates in an extremely competitive fintech space in Africa, where other giants like Paga and TeamApt are seeking to increase their market share as they aspire to bring financial services to millions of unbanked populace Currently, monthly transaction volumes  on Opay exceeds $3-billion, which is driven by its strong network of 300,000 agents and 5-million registered app users. The company has shifted his attention on expansions into other African markets in the future, as well as the Middle East. Previous forays into South Africa and Kenya have proved unsuccessful, although the company  presence has been felt in the North African market with brick and mortar in Egypt. OPay, which was founded in 2018, created two investments in 2019 – $50-million in June and $120-million in a Series B round in November. OPay had to shrink its business’ scope last year as the company shut down its ride-hailing and logistics arms due to the decision of the Lagos State’s government  okada ban.

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