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Nigeria’s fintech OPay hits $2Billion valuation after latest $400 million funding round

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Nigerian mobile-payments platform, OPay has closed a $400 million funding round led by SoftBank putting the company’s valuation at $2 billion. Sequoia Capital China, DragonBall Capital, the venture arm of Chinese food-delivery giant Meituan, Redpoint China, Source Code Capital, SoftBank Ventures Asia and 3W Capital, according to OPay also particpated in the round.

OPay’s fundraise is the largest of the lot in terms of size and value, making it the second African fintech unicorn after Flutterwave and the third African unicorn after e-commerce giant Jumia. The three make up the five billion-dollar tech companies on the continent, which includes Interswitch and Fawry.

“We want to be the power that helps emerging markets reach a faster economic development,”

OPay Chief Executive Officer, Yahui Zhou said in an emailed statement.

OPay previously counted ride-hailing and logistics services as part of its offerings. Last year, OPay closed its ride-hailing and bike-sharing businesses following a government ban and the rise of the Covid-19 pandemic.

The company’s mobile money and payment arm that thrives the most by simply allowing unbanked and underbanked users in Nigeria to send and receive money and pay bills through a network of thousands of agents, OPay has grown at an exponential rate.

The company’s technology is designed to replace cash and other legacy payment methods, helping local governments “improve financial and information security,” according to OPay. Founded in 2018, the company’s monthly transaction volumes exceed $3 billion. In addition to expanding in other African countries, OPay is focused on the Middle East as well.\

Source: Bloomberg, TechCrunch

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